Global Breast Imaging Market Projected to Reach $6.6 Billion by 2028 with 8.5% CAGR Growth
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.
Breast Imaging Market Advantages:
Early Detection: Breast imaging techniques, such as mammography and advanced technologies like digital breast tomosynthesis, enable the early detection of breast abnormalities, including tumors and lesions. Early detection is crucial for improving treatment outcomes, as it increases the chances of successful intervention and reduces the need for more invasive procedures.
Improved Accuracy: Breast imaging technologies continue to evolve, offering improved accuracy in detecting and characterizing breast abnormalities. This allows healthcare professionals to differentiate between benign and malignant lesions, reducing unnecessary interventions and providing patients with more accurate diagnoses.
Screening and Surveillance: Breast imaging plays a vital role in breast cancer screening and surveillance programs. Regular mammography screenings can help identify breast cancer at its earliest stages, even before symptoms are apparent. This facilitates early intervention and increases the likelihood of successful treatment.
Guided Interventions: Image-guided interventions, such as ultrasound-guided biopsies and stereotactic procedures, provide precise guidance for minimally invasive procedures. These techniques enable accurate tissue sampling, reducing the need for more invasive surgical procedures and improving patient comfort and recovery times.
Personalized Medicine: The breast imaging market is increasingly embracing personalized medicine approaches. Genetic testing and risk assessment tools can help tailor screening protocols and treatment plans based on an individual's risk profile. This approach enhances the effectiveness of breast cancer management and optimizes resource allocation.
Research and Development: The breast imaging market drives continuous research and development efforts. Technological advancements, such as AI integration and 3D printing, are being explored to enhance imaging capabilities, improve accuracy, and provide innovative solutions for personalized patient care. These advancements contribute to the overall progress of breast imaging and the field of breast cancer diagnosis and treatment.
Increased Awareness and Education: The breast imaging market plays a crucial role in raising awareness about breast health and the importance of regular screenings. It also promotes education and training for healthcare professionals, enabling them to stay updated with the latest advancements and best practices in breast imaging.
These advantages highlight the significant role of the breast imaging market in improving breast cancer detection, diagnosis, and treatment, ultimately leading to better patient outcomes and reduced mortality rates.
Breast Imaging Market – Report Highlights:
The study consists of the average selling price (ASP) analysis for different products in the breast imaging market
The research study comprises the patent analysis of technologies used in the breast imaging market
The new market study consists of the trends/disruptions impacting customers' businesses.
The new market study consists of information on key conferences and events in 2023–2024.
The new market study consists of Porter's Five Forces Analysis
The new market study provides details of the strategies of the top 5 players operating in the market.
The competitive landscape chapter has been updated with the market evaluation matrix.
The competitive landscape also includes the market share analysis of major global players (as of 2022), updated competitive leadership mapping, and competitive situations and trends.
The new market study comprises 25 players. These companies have emerged as key market players in recent years due to their products and various strategic investments undertaken in the breast imaging market space.
Updated financial information/product portfolio of players: The new edition of the report provides updated financial information in the context of breast imaging market from January 2020 to May 2023 (depending on availability) for each listed company in graphical representation.
Updated market developments of profiled players: The current report includes the market developments from January 2020 to May 2023.
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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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