Breast Imaging Market

Breast Imaging Market Size (2023 to 2028)

As per our report, the size of the global breast imaging market is anticipated to grow at an 8.58% CAGR from 2023 to 2028. The global market was valued at USD 4.12 billion in 2023 and is forecasted to be worth USD 6.22 billion by 2028.

Breast Imaging Market Share Insights:

• Based on technology, the Flow Ionizing technology segment led the market in 2022.
• Based on End users, the Hospitals segment was the biggest segment in the breast imaging market in 2022.
• Based on region, North America dominated the breast imaging market in 2022.

In medicine, breast imaging represents or reproduces a breast's form. There are various methods of breast imaging. For example, Scintimammography is a breast imaging test that involves detecting cancer cells in some women who have had abnormal mammograms or those who have dense breast tissue, post-operative scar tissue, or breast implants. Still, it is not used for screening or in place of a mammogram.

Impact of COVID-19 on the global breast imaging market:

Breast imaging is a type of diagnostic radiology. Various imaging techniques are used in it. Numerous healthcare facilities throughout the world have been impacted by COVID-19. To increase hospital capacity for COVID-19 patients, several clinics and hospitals underwent renovations. There was a decrease in the number of patients visiting for other illnesses, like cancer and diabetes, throughout the epidemic. The breast imaging market experienced a decline as a result of COVID-19. Due to COVID-19's spread, many patients postponed or missed their diagnostic tests. Only a few nations have chosen to treat patients who are in urgent need of therapy rather than forego breast screening and diagnosis.

According to the Eurasian Journal of Medical Investigation (EJMI), the number of breast imaging procedures decreased by 41.7%-64.4% from April to July 2020. The mammography method experienced the biggest drop, with 64% of patients declining it. Additionally, the ongoing rise in COVID-19 cases in developed breast imaging markets like North America and Europe has completely prohibited people from moving, delaying routine breast exams related to cancer detection and potentially having some impact on the breast imaging market.

MARKET DRIVERS:

The expansion of the breast imaging market is mainly due to the increase in breast cancer cases around the world and the rising prevalence of early detection of the disease. Breast cancer is one of the most frequently diagnosed diseases in England, according to a UNICEF survey. Every year in England, 41,000 women are given the diagnosis of breast cancer. Breast cancer is the second most common type of cancer, according to the National Cancer Foundation. It also stated that both men and women are affected by cancer to a degree of 10.9%. They added that each year, men are diagnosed with around 17000 cases of breast cancer.

Additionally, the increase in the geriatric population leads to the initiative of the government in spending awareness over treatment procedures for breast cancer in rural areas. This is leading to the growth of the breast imaging market.

The constant research and development in the field have provided a few advanced techniques that will help in the growth of the market. The demand for various technologies in combination to detect breast cancer has increased to a great extent. PET scans, MRIs, and CT scans are used in combination to understand the details of anatomy. Because of a combination of using different technologies together, the detection quality has increased. The increased investments from both government and non-government organizations, and the growing urbanized population, lead to the emergence of featured products. This causes growth of the breast imaging market.

MARKET RESTRAINTS:

Breast imaging is critical for the early detection of breast cancer. However, ionizing radiation is used for diagnosis in several breast imaging modalities. Ionizing radiation is used in digital mammography and digital breast chemosynthesis, as well as potentially new breast screening techniques such as contrast-enhanced mammography, whole-breast CT, breast-specific gamma imaging, molecular breast imaging, and positron emission mammography. As a result, the increased danger of radiation exposure will pose new challenges to the breast imaging market.

The cost of equipment is a major factor that influences market growth. Technological innovation in imaging equipment is likely to boost the prices of breast imaging equipment. Thus, the high cost of breast imaging equipment results in a hamper growth of the market. In addition, the lack of skilled persons in monitoring the systems effectively is slowly restraining the demand in the breast imaging market. The rise in the complexity of real-time applications and system failures is inhibiting the growth rate of this market. Frequent changes in the technologies may also decline the demand for the breast imaging market.

REPORT COVERAGE:

This research report on the global breast imaging market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2027.

Breast Imaging Market - By Technology:

• Ionizing Technologies
  • Mammography
  • Digital Mammography
  • 3D Mammography
  • Molecular Breast-Specific Gamma Imaging (MBI/BSGI)
  • Positron Emission Tomography and Computed Tomography (PET-CT)
  • Cone-Beam Computed Tomography (CBCT)
  • Positron Emission Mammography (PEM)
• Non-ionizing Technologies
  • Breast MRI
  • Breast Ultrasound
  • Automated Whole-Breast Ultrasound (AWBU)
  • Breast Thermography
  • Optical Imaging

The Ionizing technology segment showed dominance in the breast imaging market with the largest market share of around 63.2% in 2022. It is expected to witness the fastest growth over the forecast period. This is due to the result of the introduction of new ionizing technology-based breast imaging technologies. Additionally, advancements in currently available ionization-based technologies are likely to receive significant funding, contributing to the market's expansion over the forecast period. With the numerous efforts made for breast cancer early detection; the mammography segment of the global breast imaging market is expanding. For instance, in July 2020 the United States Preventive Services Task Force created standards for mammography screening. A cross-sectional study was conducted on the most accurate techniques for breast cancer diagnosis. According to the study, mammography gave more accurate results of worrisome breast masses. These benefits led to the growth of the mammography segment of the breast imaging market.

Breast Imaging Market - By End User:

• Hospitals
• Diagnostic Imaging Centres
• Ambulatory Surgical Centres
• Breast care centres

The Hospital segment has dominated the market in the past with the highest share in terms of revenue. Among these, the hospital segment is expected to have the largest market share. As there has been an increase in the investments made in the healthcare structure across the world this development will help in the growth of the market in the coming years. Increased investments have made it possible to have better infrastructure and diagnostic equipment. These are the key factors that will help in the growth of the hospital segment.

Breast Imaging Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Regionally, North America dominates the breast imaging market. This is due to the increased investments in development and also because of the increasing awareness among patients. The presence of key market players and the presence of advanced healthcare leads to an increase in the growth rate of this segment. The large number of breast cancer patients in the U.S. drives the growth of the breast imaging market in the region.

The European breast imaging market is expected to have the second-largest share in the market. Emerging markets such as Germany, the UK, Italy, France, and Spain contribute to the regional market growth of this segment. The UK accounts for a significant market share over the forecast period.

In the Asia Pacific region, it is expected to show the highest CAGR in the breast imaging market over the forecasting period. New product development and acquisition in the growing economies of India and China are expected to increase the growth of the breast imaging market. In this region, China holds the highest market share.

Latin America and the Middle East and Africa are also expected to show increased growth over the forecast period. This is because improved healthcare infrastructure, increased investment, increased multinational industrial growth within the region, and increased government initiative to spread awareness drives the growth of the breast imaging market.

KEY MARKET PARTICIPANTS:

Notable companies dominating the global breast imaging market are Hologic, Inc., GE Healthcare, Siemens Healthcare, Philips Healthcare, Fujifilm Holdings Corporation, Gamma Medica, Inc., Toshiba Corporation, Sonocine, Inc., Aurora Imaging Technology, Inc., and Dilon Technologies, Inc.

RECENT HAPPENINGS IN THIS MARKET:

• In November 2020, Densitas Partnered with Mammography Educators to Launch the First Telehealth Solution Powered by AI.

• In June 2022, GE Healthcare, and National Cancer Centre Singapore to collaborate on new AI cancer care solutions

• In March 2022, University of Notre Dame electrical engineering doctoral students Roy Stillwell and Vince Kitsmiller is developing a handheld imaging device that uses near-infrared spectroscopy, or laser lights, instead of X-rays to detect breast cancer.