May 22, 2024
Breast Imaging Market

The Global Breast Imaging Market Growth Is Driven By Increasing Breast Cancer Prevalence

The breast imaging market consists of various types of imaging modalities used for breast screening, including mammography systems, breast ultrasound systems, and MRI systems. Mammography provides great detail of the internal structure of the breasts and remains the gold standard for breast cancer screening, enabling early detection of tumors when they are small and most treatable. Advances in digital mammography technology have improved image quality while reducing radiation exposure. Ultrasound systems serve as a low-cost supplemental tool to mammography by distinguishing between solid masses and fluid-filled cysts. In recent years, breast MRI has gained prominence for its ability to image the breasts in multiple planes and detect cancers that may be overlooked on mammography. However, it is more expensive and involves use of contrast agents.

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 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

One of the major trends in the breast imaging market is the growing adoption of 3D mammography systems. 3D mammography, also known as digital breast tomosynthesis, involves capturing multiple low-dose X-ray images of the breasts from different angles and uses advanced computer algorithms to reconstruct them into a 3D image. This technology provides radiologists with clearer images of the breasts by eliminating structural overlaps, thereby improving detection rates, especially for women with dense breasts. According to studies, 3D mammography can detect up to 40% more invasive breast cancers compared to traditional 2D mammography. Leading players are focusing on launching upgraded 3D mammography solutions with improved imaging capabilities.

Porter’s Analysis

Threat of new entrants: Low barriers to entry given the growing need for breast cancer detection and diagnosis. However, established brands and patented technologies make it difficult for new players to gain market share.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, customized solutions by key players reduce their ability to negotiate on price.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the differentiated technologies used. This gives them control over pricing but established manufacturers can source materials from different suppliers to reduce dependence.
Threat of new substitutes: Threat of substitutes is moderate as new non-invasive diagnostic methods continue to emerge. However, established modalities are effective with proven safety records and patient familiarity.
Competitive rivalry: High as major players compete on technology, pricing and geographic expansion.

Key Takeaways

The global Breast Imaging Market Demand is expected to witness high growth. 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 2024 to 2031.

Regional analysis: North America dominates the market currently due to advanced healthcare systems and rising awareness. Asia Pacific is expected to grow at the fastest pace due to improving access to care and rising healthcare expenditure in countries like China and India.

Key players: Key players operating in the Breast Imaging market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy’s 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 major players are focused on commercializing novel solutions and expanding geographically into high growth regions.