Breast Imaging Market by Technology (Ionizing, Non-ionizing), Product (Breast Imaging Systems, Software and Services, Accessories), End User (Hospitals and Clinics, Diagnostic Imaging Centers, Breast Care Centers) - Global Forecast to 2028
The global breast imaging market in terms of revenue was estimated to be worth $4.4 billion in 2023 and is poised to reach $6.6 billion by 2028, growing at a CAGR of 7.7% from 2023 to 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The increasing number of research grants, rising focus on contrast-based diagnostic solutions, and rising awareness in developing economies are expected to drive the market during the forecast period.
Global Breast Imaging Market
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e- Estimated; p- Projected
Breast Imaging Market Dynamics
Driver: Rising incidence of breast cancer
The incidence of breast cancer is consistently increasing in developed as well as developing countries. This rising incident has increased a demand for technologically advanced instruments that focuses on early detection. The increasing number of breast cancer cases has forced governments across the globe to raise awareness regarding the importance of the early detection of breast cancer. According to the American Cancer Society, breast cancer is the second-leading cause of cancer-related deaths in women across the globe. Approximately 2,261,419 new cases of breast cancer were diagnosed in women, and 684,996 women died due to breast cancer across the world in the year 2020. Due to consistent rise in breast cancer cases each year, the demand for advanced breast imaging equipment is expected to grow in the coming years.
Restraint: High equipment costs
Recent technological advancements and newly added features have increased the cost of beast imaging equipment. There is a consistent rise in the cost of these systems with the introduction of automation with the help of AI. The new state-of-the-art equipment reduces reading time and provides users with accurate results but is often costly. In addition, there are recurrent expenses in the form of maintenance costs, which ultimately drive up the overall cost of ownership. Small-scale users such as diagnostic centers and breast care centers find it difficult to afford such equipment due to restricted budgets. This high cost has left users reliant on government and private research funding, which restricts market growth to a certain extent.
Opportunity: Growth potential in emerging countries
Developing economies offers high growth opportunities for key players operating in the breast imaging market. Countries such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa has large population base and offers a sustainable market for diagnostic imaging devices. The demand for diagnostic imaging has significantly increased in emerging economies due to the rising prevalence and growing awareness of breast cancer. The Indian government is focusing on providing the insurance scheme under the Ayushman Bharat program. The growth in the emerging economies is accompanied by favorable government and private policies to enhance access to diagnostic imaging, including the provision of reimbursement.
Challenge: Errors in breast cancer screening
Lower sensitivity, low reliability, painful compressions, and low patient tolerance are some of the potential limitations of various breast imaging modalities. some invasive breast tumors detected by traditional mammography stop growing at certain stages. These tumors are considered non-life-threatening, and their detection through mammography leads to unnecessary need for overtreatment. X-ray mammography is a superior technology to avoid all these limitations and to obtain accurate results. However, in some countries like US the further testings are required to confirm the results. Hence, the accuracy of mammography in women with dense breasts becomes lower, leading to diagnosis errors. The limitations of the above mentioned imaging modalities are expected to hamper the adoption of these technologies.
By technology, the ionizing breast imaging technologies segment accounted for the largest share of the breast imaging industry in 2022
Based on technology, the global breast imaging market is segmented into ionizing breast imaging technologies and non-ionizing breast imaging technologies. In 2022, the ionizing breast imaging technologies segment accounted for the largest market share. The rising use of advanced instruments in cancer research and the need for better sensitivity and early detection is driving the segment growth.
By product, the segment of the breast imaging industry to register significant growth in the near future
Based on product, the global breast imaging market is segmented into breast imaging systems, software & services, and accessories. Software & services to register the highest growth rate during the forecast period. The major factors responsible for the highest growth rate of this segment are the incorporation of new and advanced features in the software modules supporting accurate detection.
By end user, the segment accounted for the largest share of the breast imaging industry in 2022
Based on end user, the global breast imaging market is segmented into hospitals and clinics, diagnostic imaging centers, breast care centers, and other end users. In 2022, hospitals and clinics segment accounted for the largest market share. The highest share of this segment is attributed to the rising awareness and significant use of breast imaging equipment for the breast cancer detection. This is primarily attributed to the increasing number of breast diagnostic procedures performed in hospitals, growing inclination of hospitals toward automation and digitization of radiology patient workflow, and the rising adoption of technologically advanced systems in hospitals to improve the quality of patient care.
By region, North America is expected to be the largest market of the breast imaging industry during the forecast period
North America, comprising the US and Canada, accounted for the largest market share of the breast imaging market in 2022. Factors such as growing funding for research, and increasing applications in the healthcare sector, and the presence of major players in the region are driving market growth in North America. According to GLOBOCAN 2020, 281,591 new breast cancer cases were diagnosed in North America in 2020, and this number is expected to increase by 43,927 by 2030. Rapid growth in the geriatric population in the region is also resulting in an increasing number of breast cancer cases.
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As of 2022, prominent players in the market are GE Healthcare (US), Hologic, Inc. (US), Siemens Healthcare GmbH (Germany), Koninklijke Philips N.V. (Netherlands), FUJIFILM Holdings Corporation (Japan).
Scope of the Breast Imaging Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$4.4 billion |
|
Projected Revenue by 2028 |
$6.6 billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 7.7% |
|
Market Driver |
Rising incidence of breast cancer |
|
Market Opportunity |
Growth potential in emerging countries |
This report has segmented the global breast imaging market to forecast revenue and analyze trends in each of the following submarkets
By Technology
-
Ionizing Breast Imaging Technologies
- Full-Field Digital Mammography (FFDM)
- Analog Mammography
- 3D Breast Tomosynthesis
- Contrast-Enhanced Mammography (CEM)
- Positron Emission Mammography (PEM)
- Positron Emission Tomography and Computed Tomography (PET-CT)
- Molecular Breast Imaging/Breast-Specific Gamma Imaging (MBI/BSGI)
- Cone-Beam Computed Tomography (CBCT)
-
Non-Ionizing Breast Imaging Technologies
- Breast Ultrasound
- Breast MRI
- Automated Whole-Breast Ultrasound (AWBU)
- Breast Thermography
- Electric Impedance Tomography
- Optical Imaging
By Product
- Breast Imaging Systems
- Software & Services
- Accessories
By End User
- Hospitals and Clinics
- Diagnostic Imaging Centers
- Breast Care Centers
- Other End Users
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
-
Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
Recent Developments of Breast Imaging Industry
- In 2021, Hologic launched a new ultrasound system, SuperSonic MACH 20. This system enhances diagnostic accuracy as well as efficiency. It provides users with improved image quality along with innovative imaging modes.
- In 2020, GE HealthCare introduced the industry’s first contrast-enhanced guided biopsy solution for breast cancer patients. Serena Bright enables clinicians to access contrast guidance for conducting breast biopsy exams using the same mammography equipment.
- In 2022, Siemens Healthcare GmbH expanded its ultrasound portfolio by launching refreshed Acuson family systems. These systems have enhanced clinical adaptability and can be used for routine purposes.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global breast imaging market?
The global breast imaging market boasts a total revenue value of $6.6 billion by 2028.
What is the estimated growth rate (CAGR) of the global breast imaging market?
The global breast imaging market has an estimated compound annual growth rate (CAGR) of 7.7% and a revenue size in the region of $4.4 billion in 2023.
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The study involved four major activities in estimating the current size of the breast imaging market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial breast imaging market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the breast imaging market. The primary sources from the demand side include medical OEMs, CDMOs, and service providers. Primary research was conducted to validate the market segmentation, identify key players, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2021, Tier 1 = >USD 1,000 million, Tier 2 = USD 500–1,000 million, and Tier 3 = <USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
Market Estimation Methodology
In this report, the breast imaging market’s size was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the market business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
Segmental revenues were calculated based on the revenue mapping of major solution/service providers to calculate the global market value. This process involved the following steps:
- Generating a list of major global players operating in the breast imaging market.
- Mapping annual revenues generated by major global players from the technology segment (or nearest reported business unit/product category)
- Revenue mapping of major players to cover a major share of the global market share, as of 2021
- Extrapolating the global value of the breast imaging market industry
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global breast imaging market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the breast imaging market was validated using top-down and bottom-up approaches.
Market Definition
Breast imaging plays a vital role in the early detection and screening of breast cancer. This market addresses the industry focusing on various technologies used for the detection, monitoring, and diagnosis of breast cancer-related complications. Technologies such as mammography, magnetic resonance imaging (MRI), ultrasound, molecular breast imaging (MBI), and positron emission tomography (PET) help healthcare professionals to visualize the internal structure of breasts and other surrounding tissues. Breast imaging equipment is primarily used in hospitals & clinics, diagnostic imaging centers, and breast care centers.
Key Stakeholders
- Senior Management
- End Users
- R&D Department
- Finance/Procurement Department
Objectives of the Study
- To define, describe, and forecast the size of the breast imaging market based on technology, product, end user, and region
- To provide detailed information regarding the major factors influencing the growth potential of the global breast imaging market (drivers, restraints, opportunities, challenges, and trends)
- To analyze the micro markets with respect to individual growth trends, prospects, and contributions to the global breast imaging market.
- To analyze key growth opportunities in the global breast imaging market for key stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of market segments and/or subsegments with respect to five major regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and the RoE), Asia Pacific (Japan, China, India, Australia, South Korea, and the RoAPAC), Latin America (Brazil, Mexico, and the RoLA), and the Middle East & Africa
- To profile the key players in the breast imaging market and comprehensively analyze their market shares and core competencies
- To track and analyze the competitive developments undertaken in the global breast imaging market, such as product launches; agreements; expansions; and mergers & acquisitions
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the present global breast imaging market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top five companies
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Geographic Analysis
- Further breakdown of the Rest of Europe breast imaging market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal, among others
- Further breakdown of the Rest of Asia Pacific breast imaging market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
- Further breakdown of the Latin American breast imaging market into Colombia, Chile, Argentina, and Peru, among others
Generating Response ...
Growth opportunities and latent adjacency in Breast Imaging Market