Breast imaging is the radiological technique which uses various technologies for the screening and diagnosing breast cancer and other breast-related diseases in both male and female. These include both non-ionizing and ionizing breast imaging technologies. The rise in the market of breast imaging is mainly driven by the prevalence of the breast cancer in women, investments by the government and others for breast cancer treatment and related research, and the technological advancements in the breast imaging modalities. In addition to this, the rise in the awareness about the breast cancer among the individuals and the companies are helping to spread consciousness about breast cancer and its treatment as a part of Corporate Social Responsibility is aiding in boosting the market growth of the breast imaging market.
The breast imaging market is well-diversified and competitive that had key players dominating the market on account of their core competencies. Some of the players of the breast imaging market include Trivitron Healthcare, CapeRay, Candelis, Inc., Telerad Tech, Hologic, Inc., Koninklijke Philips N.V., Hitachi, Ltd., General Electric Company, Siemens Healthcare Private Limited. The breast imaging market is projected to grow at a CAGR of 8.93% to reach US$10.818 billion by 2025, from US$6.475 billion in 2019.
Advanced technologies are boosting the market growth
Breast imaging market by procedure has been segmented as Screening Mammography, Diagnostic Mammography, Breast Tomosynthesis, Breast Ultrasound, Brest MRIS’s and Others
New innovations in the breast imaging market are propelling the market and are anticipated to show lucrative growth over the forecasted period. Technological advances include digital mammograms, optical imaging, tomosynthesis, electrical impedance imaging, and molecular breast imaging. Government interventions include funding for research and development and awareness programs in the field of breast cancer which are expected the market growth of breast imaging. Besides investment by the government, even foundations are funding in the research and development of the breast cancer. For instance, The National Cancer Institute of the USA had invested approximately $559 million on the breast cancer research in 2013. While in United Kingdom, the government had launched a campaign ‘Be clear on cancer’ in 2013 with an objective of spreading awareness regarding early diagnosis of cancer, preventive measure and risk factors.
New techniques innovated for the breast imaging market are molecular breast imaging (MBI) which is also popularly known as breast-specific gamma imaging (BSGI). The innovation and offerings of new techniques are providing an opportunity for the market players of the breast imaging market to upgrade their product portfolio and offer enhanced machines. These factors are contributing to the market growth of the breast imaging market over the forecasted period.
The breast imaging market by region is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to hold a major share in the market during the forecasted period on account of the rising prevalence of breast cancer and the rising death rate due to the breast cancer in both men and women which is encouraging the market players to increase their investment in research and development for better imaging solutions and to make the consumers regarding the breast cancer, In addition to this, the high adoption of the advanced diagnostic technologies due to the significant per capita annual healthcare expenditure in countries such as USA and Canada, the presence of favorable reimbursement scenario and rapidly expanding geriatric population in the North America with higher prevalence of chronic disorder than the global average are acting as the key factors that is contributing to the growth of the breast imaging market in North America. Whereas, Asia Pacific region is anticipated to witness the fastest growth in the market share in the forecasted period on account on government initiatives and policies to improve the healthcare system and the state of the diagnostic facilities and center which is the governing factors for the market growth of the breast imaging market.
The outbreak of covid-19 pandemic has affected every industry including the healthcare industry. The pandemic has severely impacted the healthcare industry including breast imaging market as many patients postponed or cancelled their examinations or diagnostics and were only visiting the hospitals when it was absolute necessity due to the fear of getting infected by the coronavirus. Few countries had cancelled breast diagnosis and screening and were only focusing on treating the patients that required more attention. The lockdown was lifted during the last months of 2020 and the activities were resumed then. The laboratories and diagnostic centers had resumed their work with precautions and safety. However, the mammography department are still facing challenges and few centers have launched new diagnosis methods such as tele-mammography consultations. Thus, the outbreak of covid-19 had an immense effect on the breast imaging market.