April 16, 2024
Breast Imaging Market

Breast Imaging Market Estimated to Witness High Growth Owing to Technological Advancements

The breast imaging market involves the use of ultrasound, X-ray mammography, MRI and other technologies for breast screening and detection of cancer. Advances in digital breast tomosynthesis and contrast-enhanced spectral mammography provide improved imaging specificity and sensitivity. Early detection of breast cancer through regular screening helps improve patient outcomes and survival rates.

The Global Breast Imaging Market is estimated to be valued at US$ 4840.71 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period of 2024 to 2030.

Key Takeaways

Key players operating in the Global Breast Imaging Market Size are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy€TMs Laboratories Ltd., Himalaya Wellness Company, Stemson Therapeutics, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd. The breast imaging market offers opportunities for innovations in artificial intelligence and machine learning applications for improved diagnostic accuracy. Technological advancements in contrast-enhanced spectral mammography, digital breast tomosynthesis and breast MRI are helping provide clearer and more detailed images of breast tissues.

Market Drivers

Rising incidence of breast cancer, growing awareness about early detection, favourable reimbursement policies, and increasing healthcare expenditure are some of the key factors driving the growth of the breast imaging market. According to the WHO, breast cancer is the most common cancer among women worldwide, with an estimated 2.3 million new cases and 685,000 deaths in 2020. Availability of affordable and improvised screening solutions coupled with initiatives by governments and non-profit organizations to spread awareness about breast cancer are augmenting the adoption of breast imaging modalities.
Current Challenges in Breast Imaging Market

The breast imaging market is facing several challenges currently that are hampering its growth prospects. The high cost of advanced imaging technologies like 3D mammography and MRI is restricting their widespread adoption, especially in developing regions where budget constraints are more prominent. Limited reimbursements for breast imaging procedures by both public and private payers is another major roadblock. Lack of skilled radiologists for interpretation of complex imaging studies is leading to reporting delays. Low awareness about the benefits of regular screening is resulting in late-stage breast cancer detections in some parts of the world. Device shortage during the peak season aggravates the situation further.

SWOT Analysis

Strength: Advanced breast imaging modalities provide high sensitivity and specificity for early cancer detection. The growing women population susceptible to breast cancer is expanding patient volume.
Weakness: High dependency on a few global players results in pricing pressures. Stringent regulatory approvals and lengthy evaluation process delay product launches.
Opportunity: Untapped markets in developing countries present huge market potential. Ongoing research on AI-based tools and genetic testing can improve clinical outcomes.
Threats: Alternative non-ionizing imaging methods gaining popularity poses competition. Economic slowdowns can negatively impact the healthcare spending on breast screening.

Geographical Regions

North America currently dominates the breast imaging market and accounts for the largest share, both in terms of value and volume. This is attributed to the early adoption of advanced technologies, high screening rates, and presence of leading manufacturers. Asia Pacific is poised to be the fastest-growing regional market during the forecast period, owing to rise in breast cancer incidence, improving access to diagnosis, and increasing healthcare expenditures in countries like China and India.

Another geographical region where the breast imaging market holds significant value concentration is Western Europe. This is due to factors such as favorable reimbursement policies, standardized clinical guidelines recommending screening, and advanced diagnostic infrastructure across major countries. On the other hand, Latin America and Middle East & Africa represent the smaller shares but provide latent opportunities for equipment suppliers and service providers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it