The global Breast Imaging Market in terms of revenue was estimated to be worth $4.4 billion in 2023 and is poised to reach $6.6 billion by 2028, growing at a CAGR of 8.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include rising awareness campaigns, increasing public-private investments, and lucrative opportunities in emerging markets.
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Non-ionizing breast imaging technologies segment to register significant growth rate over the forecast period of 2023-2028
Based on the technology, the global breast imaging market is segmented into ionizing breast imaging technologies and non-ionizing breast imaging technologies. The non-ionizing breast imaging technologies segment is anticipated to register the highest growth rate over the forecast period. The ionizing breast imaging technologies segment accounted for the highest share of the breast imaging market in 2022.
Software & services segment accounted for the largest share of the breast imaging market, by product in 2022.
Based on product, the global breast imaging market is segmented into breast imaging systems, software & services, and accessories. Software & services segment accounted for the largest share of the market in 2022 and is expected to grow at the highest CAGR during the forecast period.
Factors such as the rising installation in end user facilities and introduction of novel software drive the growth of the market.
The hospitals and clinics segment accounted for the largest share of the breast imaging market, by end user, in 2022
Based on end user, the global breast imaging market is segmented into hospitals and clinics, diagnostic imaging centers, breast care centers, and other end users. The hospitals and clinics segment accounted for the largest share of the market in 2022. Consistent rise in the adoption of advanced instruments supporting early detection by different end users are driving the growth of this segment.
The Asia Pacific market to register the highest growth in the market during the forecast period
The Asia Pacific breast imaging market is anticipated to register the highest growth from 2023 to 2028. Major players in the market are focusing on expanding their manufacturing capabilities in the APAC. This region is consistently witnessing a rise in the adoption of high-end equipment, offering significant growth opportunities for the key players.
Breast Imaging Market Dynamics:
Drivers:
- Rising incidence of breast cancer
Restraints:
- High equipment costs
Opportunities:
- Growth potential in emerging countries
Challenges:
- Errors in breast cancer screening
Key Market Players:
As of 2022, prominent players in the breast imaging market are GE Healthcare (US), Hologic, Inc. (US), Siemens Healthcare GmbH (Germany), Koninklijke Philips N.V. (Netherlands), and FUJIFILM Holdings Corporation (Japan).
Recent Developments:
- In 2021, Hologic launched a new ultrasound system, SuperSonic MACH 20. This system enhances diagnostic accuracy as well as efficiency. It provides users with improved image quality along with innovative imaging modes.
- In 2020, GE HealthCare introduced the industry’s first contrast-enhanced guided biopsy solution for breast cancer patients. Serena Bright enables clinicians to access contrast guidance for conducting breast biopsy exams using the same mammography equipment.
- In 2022, Siemens Healthcare GmbH expanded its ultrasound portfolio by launching refreshed Acuson family systems. These systems have enhanced clinical adaptability and can be used for routine purposes.
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During the production cycle of the report, in-depth interviews were conducted with various primary respondents, which include key opinion leaders, subject matter experts, directors, and C-level executives of selected particle counters vendors to obtain and verify critical qualitative and quantitative information. This primary data was collected mainly through questionnaires, mails, and telephonic interviews.
Related News & Atrticls:
https://www.prnewswire.com/news-releases/breast-imaging-market-worth-6-6-billion–marketsandmarkets-301865476.html
https://www.globenewswire.com/en/news-release/2023/07/28/2713184/0/en/Breast-Imaging-Market-is-Expected-to-Reach-6-6-Billion-MarketsandMarkets.html
https://www.marketsandmarkets.com/PressReleases/breast-imaging-technologies.asp
https://www.linkedin.com/pulse/breast-imaging-market-size-share-regional-trends-future-singh–mh6tf/
https://www.linkedin.com/pulse/breast-imaging-market-size-share-future-trends-acgyf/
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Market Scenario
Market Research Future (MRFR) assessed the global breast imaging market 2020 along the review period till 2025. From 2019 to 2025, the global breast imaging market is expected to thrive at 7.5% CAGR. during the forecast period. By 2025, the breast imaging market value can touch USD 4.9 Bn by 2025.
Breast imaging includes tools and technologies for screening, diagnosis, and detection, of breast cancer. Latest imaging technologies aid in the determination of stage and location of cancerous cells. The increase in adoption of breast imaging solutions to determine types of breast cancer and its condition to design effective treatment can underpin the market rise. The involvement of multiple manufacturers in research and development of effective prognosis can promote the global breast imaging market share across the forecast tenure.
However, causes, such as; stringent regulatory policies, and product recall can hamper the rise of the global breast imaging market.
Market Segmentation
The segment study of the global breast imaging market is based on technology and end users.
The technology-based segments of the breast imaging market are ionizing, and non-ionizing among others. The ionizing segment studied mammography, PET-CT, molecular breast-specific gamma imaging (BSGI) or molecular breast imaging (MBI), contrast enhanced spectral mammography (CESM), and cone beam computed tomography. The non-ionizing segment consists of breast ultrasound, breast thermography, breast MRI, electrical impedance imaging (EIT), and optical imaging. MRFR study states that the ionizing segment can secure the largest market share as physicians prefer opting for mammography for precise results.
The end user-based segments of the breast imaging market are specialty centers, and hospitals and clinics among others. The hospitals and clinics segment can register high CAGR, while the specialty centers can rise to acquire substantial profit by 2025. The worldwide market of breast imaging can be largely driven by technological advancements adopted by end-users to treat and contain surging cases of breast cancer. The introduction of symposiums and increase in conferences taken to spreading awareness about periodic screening and early diagnosis of cancer can contribute to the market rise. The favorable reimbursement scenario in hospitals can prompt market rise.
Detailed Regional Study
North America breast imaging market insight is expected to hold decent share of the overall market. The rapid rise in cases of breast cancer creating the need for innovative imaging solutions to offer accurate results are causes that are likely to contribute to the expansion of the regional market.
In Europe, the breast imaging market is presumed to show exponential growth owing to escalation of funding in research and development activities. The U.K., is expected to earn high revenue for the regional market, following Germany. The extensive application of available breast imaging technologies, along with other critical medical devices, can promote expansion of the regional market.
In Asia Pacific, the presence of numerous growth scopes as investors capitalize on the launch of new solutions can bolster APAC breast imaging market. The presence of some renowned companies in Japan, and India can add to the regional breast imaging market rise. The active spreading of awareness about breast cancer and increase in the deployment of modern medical devices for cancer screening are other causes that can favor the breast imaging market in the years to come.
Key Players
Koninklijke Philips N.V. (Netherlands), FUJIFILM Corporation (Japan), GENERAL ELECTRIC COMPANY (US), Siemens Healthcare Private Limited (Germany), Hologic, Inc. (US), Dilon Technologies, Inc. (US), CMR Naviscan (US), SonoCiné (US), Supersonic Imagine (France), KUB Technologies (US), and PLANMED OY (Finland) are some major players in the global breast imaging market that are profiled by MRFR.
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