The global breast imaging market is projected to reach USD 4.6 billion by 2023 from USD 3.1 billion in 2018, at a CAGR of 8.0%. Growth in the breast imaging market can be attributed to factors such as the growing global prevalence of breast cancer, technological advancements, emerging markets, and growing government & private investments to improve breast cancer care. On the other hand, high costs of breast imaging systems and an unfavorable reimbursement scenario are expected to limit market growth to a certain extent. Errors in breast cancer screening and diagnosis and the side-effects of radiation exposure may also pose challenges to market growth in the coming years.
The major players operating in the breast imaging market include Hologic, Inc. (US), GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), FUJIFILM Holdings Corporation (Japan), Aurora Imaging Technology, Inc. (US), Canon Inc. (Japan), CMR Naviscan Corporation (US), Delphinus Medical Technologies, Inc. (US), Dilon Technologies, Inc. (US), KUB Technologies Inc. (Kubtec) (US), Micrima Limited (UK), Planmed Oy (Finland), SonoCiné, Inc. (US), and SuperSonic Imagine (France). An analysis of the market developments between 2016 and 2018 revealed that several growth strategies such as product launches and enhancements, partnerships, agreements, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the breast imaging market. Among these business strategies, partnerships and agreements were the most widely adopted growth strategies by market players.
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Hologic, Inc. (US) is one of the leading players in the global breast imaging market. Its broad portfolio of breast imaging products is a major factor accounting for its large share in this market. The company focuses on both organic and inorganic growth strategies to enhance its footprint in the global market. It introduced a number of novel breast imaging products in the past three years, such as the new Viera portable breast ultrasound system (February 2018), Brevera Breast Biopsy System with CorLumina Imaging Technology (January 2018), and 3Dimensions Mammography System in Europe (September 2017). Additionally, Hologic also strengthened its customer base and expanded its product portfolio through inorganic growth strategies, such as acquisitions and partnerships. With its strong product portfolio and wide geographic presence, Hologic is expected to witness significant growth in the breast imaging market during the forecast period.
GE Healthcare (US) offers an extensive range of products, including molecular imaging, ultrasound, and magnetic resonance imaging technologies. It has a strong presence and wide industry coverage in North America, South America, Europe, Australia, and Asia. The company has a sound custom services support setup, which helps it to strengthen its customer relationships and presence in the market. During the last three years, the company has significantly invested in R&D activities. GE Healthcare focuses on both organic and inorganic growth strategies to enhance its footprint in the global breast imaging market. The high quality of products offered by the company is also leading to an increase in installations across the globe. With its broad product portfolio and strong R&D capabilities, GE Healthcare is expected to grow at a high rate in the global breast imaging market during the forecast period.
Breast Imaging Market by Type (Ionizing Technologies (Mammography, Digital Mammography, 3D Mammography, MBI, PET-CT, CBCT, PEM), Non-ionizing Technologies (Breast MRI, Breast Ultrasound, AWBU, Breast Thermography, Optical Imaging)) - Forecast to 2021
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