Breast Imaging Market

Breast Imaging Market Size (2022 to 2027)

As per our report, the size of the global breast imaging market is anticipated to grow at an 8.58% CAGR from 2022 to 2027. The global market was valued at USD 3.8 billion in 2022 and is forecasted to be worth USD 5.74 billion by 2027.

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:

COVID-19 has been named a pandemic by the WHO and has affected many healthcare applications worldwide. The pandemic has negatively impacted the breast imaging market. Many women postponed or canceled their diagnostics and examinations due to the spread of COVID 19. The activities were resumed in the last months of 2020 by taking certain precautions in the laboratories and diagnostic centers. Mammography departments in the hospitals are facing new challenges. Few centers have launched new diagnosis methods such as tele-mammography consultations. The impact of COVID-19 has got an immense effect on the breast imaging market. Few countries have canceled breast screening and diagnosis and decided to treat the patients in emergency need of treatment.

Restrictions on non-urgent medical treatment and suspension of elective procedures, along with the fear of catching the virus, led to a decrease in the demand for breast imaging services. For example, according to breast cancer research, approximately 9,86,000 women from the UK skipped their pre-screening appointments in September 2020 due to the Covid pandemic. Additionally, due to Covid-19, 64% of people declined mammography. Furthermore, according to the Eurasian Journal of medical investigation, there was a decrease of 41.7% in breast MRI cases and a 47.7% decrease in breast ultrasound among the people in Turkey. Furthermore, shut down of trade exports, lack of medical staff for the treatment of cancer, and reduction in the manufacturing of medical equipment are some of the reasons affecting the growth of the global breast emerging market.

MARKET DRIVERS:

Rising incidences of breast cancer worldwide and the growing prevalence of early diagnosis of the disease are majorly propelling the growth of the global breast imaging market.

According to a report by UNICEF, breast cancer is one of the most common diseases observed in women in England. Approximately 41,000 breast cancer cases are diagnosed in women every year in England. Breast cancer is also said to be the second most common type of cancer, which is found worldwide among people, according to the National Cancer Foundation (NBCF). NBCF also stated that around 10.9% of cancer is found in men and women. They also mentioned that approximately 17,000 cases of male breast cancer are recorded every year. There were around 16,51,326 cases of breast cancer in the year 2012, which increased to 20,88,849 cases in the year 2018, according to the Global Cancer Observatory (GLOBOCAN). Therefore, the number of breast cancer cases is predicted to increase to 24,07,748 cases by the end of 2025 and reach 28,53,857 instances by 2035. Furthermore, the number of deaths caused due to breast cancer is also predicted to increase by 44%, that is 9,04,805 deaths to be caused due to breast cancer by the end of the year 2035. 

Besides the rise in the geriatric population, increasing initiative steps by the government in spreading awareness over the treatment procedures for breast cancer in rural areas are featuring to expand the growth of the breast imaging market. Also, the rise in the focus on determining dense breast tissue with these imaging techniques spurs the market's demand.

The emergence of the latest technological developments in the medical sector is solely to surge growth opportunities for the market. The rise in investments from both government and non-government organizations, the growing urbanized population, and the rising number of research and development institutes introducing highly featured products are ascribed to bolster the demand of the breast imaging market. In addition, a rise in healthcare spending and increasing the construction activities of hospitals with advanced equipment to improve diagnosis and therapeutics procedures are positively impacting the market growth.

MARKET RESTRAINTS:

The cost of installing and maintaining the devices is a bit expensive, and this has been a major challenging factor for the market developers. 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. These devices' exposure to high radiation, which shows adverse effects on the patients, also impedes the market's growth.

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 mammography segment accounted for a significant market share based on technology due to the technological advancements in mammography instruments. For instance, the introduction of portable and digital mammography instruments is expected to aid market growth further. In addition, digital mammography equipment provides advantages such as reduced examination times and space requirements for data storage, leading the tomography segment to witness lucrative growth compared to other imaging systems.

Breast Imaging Market - By Region:

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

Regionally, North America held the largest market share due to the increased expenditure on developing futuristic technologies coupled with the rising awareness amongst patients. In addition, the presence of key market players and the availability of advanced healthcare infrastructure are further anticipated to boost the growth rate of the North American breast imaging market. With the advanced healthcare infrastructure and high healthcare, the United States accounted for the largest share in the region during the forecast period.

The European breast imaging market is expected to have the second-largest share during the forecast period in the global market. Emerging markets like Germany, the UK, Italy, France, and Spain significantly contribute to the European regional market growth. In addition, the UK accounts for a significant market share over the forecast period. 

The breast imaging market in the Asia Pacific is expected to register the highest CAGR in the coming years. Acquisitions and new product development endeavors in the growing economies of India and China are expected to boost further the growth of the breast imaging market over the forecast period. China holds the highest share of regional market growth. 

In addition to the growth in mature markets, emerging economies such as MEA and Latin America are also expected to witness lucrative growth over the forecast period. Factors such as improvements in the healthcare infrastructure, the rising investment, the multi-national industrial development within this region, and the increase in government initiatives to raise awareness drive the market growth in the developing areas.

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 2018, Hologic Inc. made innovations on the 3dimensional mammography system, for which it has received approval from the food and drug administration.
• In 2017, Gamma medical molecular breast imaging (MBI) technology gained assets and intellectual property to expand breast PET imaging (BPI) solutions, and it was acquired by CMR Naviscan Corporation (US).
• In 2017, the Yokohama development center in Tsurumi Ward, Yokohama, was established by Canon Inc. (Japan), before elaborating its operation and business opportunities.