San Francisco, 10 October 2018 – According to a report by Grand View Research, Inc., global breast imaging market is projected to value USD 7.3 billion by 2024. Growing requirement for advanced machines to better diagnose breast cancer and other breast related infections in women and men can fuel demand for breast imaging. Breast imaging is expected to be an advanced technique that can support doctors in diagnosing presence of breast cancer.
Rising cases of breast cancer among women and men attributed to increasing changes in lifestyle and decreasing time of breast feeding can surge demand for breast imaging. According to national cancer foundation (NBCF), breast cancer is expected to be the second most common type of cancer globally. It can account for 10.9% of cancer incidences in both women and men. Annually, around 1700 cases of male breast cancer are recorded, which can fuel growth of market over next few years. Supportive initiatives from governments worldwide such as awareness programs and funding for R&D in the field of breast cancer can influence growth of market. Continual technological advancements such as optical imaging, digital mammogram, molecular breast imaging, electrical impedance imaging, and tomosynthesis can drive market growth during the forecast period (2013 to 2024).
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The breast imaging market can be segregated on the basis of technology and region. Based on technology, the market can be categorized into ionizing and non-ionizing. Ionizing technology can be sub-segmented as analog mammography, full-field digital mammography, electric impedance tomography, cone-beam computed tomography, position emission mammography position emission tomography & computed tomography (PET-CT), 3D breast tomosynthesis and molecular breast specific gamma imaging. Whereas, the non-ionizing technology segment can be sub-segmented as breast ultrasound, breast MRI, optical imaging breast thermography, and automated whole-breast ultrasound.
Mammography based device dominated the market and accounted for 50.8% in past years. However, tomosynthesis is likely to witness significant growth over the forecast period attributed to reliability and accuracy. In addition, tomosynthesis can take multiple images of breast at same time as compared to mammograph.
Regional segmentation includes Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. In 2015, North America dominated the market and accounted for 32.4% market share. Availability of superior healthcare facilities in the region coupled with prevalence of reimbursement facility over medical treatments facilitated can fuel market growth. High prevalence of chronic diseases in this region as compared to other regions is likely to propel demand for breast imaging equipment. The region is predicted to dominate throughout the forecast period accounting for revenue share of 30% by 2024. Supportive initiatives from local governments to promote development of personalized medicine can fuel market growth.
Similarly in Asia Pacific, the market is expected to witness significant growth over the forecast period attributed to favorable government policies to improve healthcare system in the region. In addition, growing investments in healthcare sector coupled with rising awareness of breast cancer and other associated conditions can propel growth of market in the region. Moreover, growing awareness regarding breast cancer and increasing investments in healthcare sector can fuel growth of market at CAGR of 12% over the forecast period.
In Europe, the market is expected to grow well over the forecast period attributed to rising cases of breast cancer in England. According to UNICEF, breast cancer is predicted to be the most communal cancer observed in women living in England. Annually, around 41000 new cases of women are diagnosed with breast cancer in the country. This, in turn, is likely to surge demand for breast imaging over next few years.
Some of the leading companies offering breast imaging are Fujifilms Holdings Corp., GE Healthcare, Philips Healthcare, Toshiba Corporation, and Siemens Healthcare. The market is predicted to be competitive in nature owing to prevalence of numerous market players striving to maintain their market share. Increasing competition attributed to technological advancements and development of new products can lead to decrease in cost of products. This, in turn, can boost growth of market over next few years.
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Grand View Research has segmented the global breast imaging market on the basis of technology and region:
Breast Imaging Technology Outlook (Revenue, USD Million; 2013 – 2024)
- Full-Field Digital Mammography
- Analog Mammography
- Positron Emission Mammography
- Electric Impedance Tomography
- Cone-Beam Computed Tomography
- Positron Emission Tomography & Computed Tomography
- 3D Breast Tomosynthesis
- Non Ionizing
- Optical Imaging
- Automated Whole-Breast Ultrasound
Breast Imaging Regional Outlook (Revenue, USD Million; 2013 – 2024)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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