NEWARK, Del, Aug. 15, 2024 (GLOBE NEWSWIRE) -- The global breast imaging market is set for remarkable expansion, with projections indicating a surge from USD 4,934.9 million in 2024 to USD 9,263.4 million by 2034. This substantial growth reflects an anticipated Compound Annual Growth Rate (CAGR) of 6.5% throughout the forecast period.
In 2023, the breast imaging market generated a revenue of USD 4,633.70 million, highlighting a robust foundation for future growth. As technological advancements continue to enhance diagnostic accuracy and patient outcomes, the sector is expected to experience significant advancements and increasing demand.
The rising prevalence and incidence of breast cancer, growing awareness for early detection of breast cancer and other related diseases, technological innovations and the launch of advanced breast imaging equipment and software, increased investment and funding in R&D for breast cancer treatment, and an ageing female population are all driving growth in the breast imaging market and breast imaging market opportunities.
Furthermore, considerable research in the development of hybrid imaging systems provides substantial potential prospects for competitors in the global breast imaging market.
High-tech medical tools called breast imaging devices are crucial for the early identification and diagnosis of breast cancer. The equipment is made up of ultrasound scanners that utilize sound waves to look for lumps or cysts, and mammography machines that employ detailed X-ray images to spot barriers within the breast tissue.
These technological advancements facilitate prompt disease diagnosis and efficient breast health monitoring. The overall integrative management of breast care and survival rates have significantly increased as a result of their regular use. The market for breast imaging is expected to expand at a 6.5% annual rate because hospitals frequently employ it because of its additional benefits for diagnosing diseases.
Full Report URL: https://www.futuremarketinsights.com/reports/breast-imaging-market
Key Takeaways:
- Significant Market Expansion: The global breast imaging market is set to grow from USD 4,934.9 million in 2024 to USD 9,263.4 million by 2034, reflecting a CAGR of 6.5%.
- Strong 2023 Performance: The market generated USD 4,633.70 million in revenue in 2023, highlighting its current size and potential for growth.
- Technological Advancements: Continued innovations in imaging technologies are expected to drive market growth, enhancing diagnostic accuracy and improving patient outcomes.
- Rising Awareness: Increasing awareness about breast health and the prevalence of breast cancer are key factors contributing to the growing demand for advanced breast imaging solutions.
As the market evolves, ongoing investments in research and development are crucial for meeting the needs of healthcare professionals and patients. The anticipated growth of the breast imaging market reflects the sector’s critical role in advancing healthcare and diagnostic practices.
“The surge in demand for breast imaging technologies is primarily driven by their critical role in the early detection of breast conditions, including cancer. Leveraging sophisticated technologies such as digital mammography, MRI, ultrasound, and tomosynthesis, these systems offer precise and detailed imaging of breast tissue” Says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
What is Propelling the Breast Imaging Market?
The global breast imaging market is growing due to an increase in the prevalence of breast cancer, an increase in demand for early diagnosis, an increase in funding from private and government organizations for the development of healthcare infrastructure, and an increase in the number of women in the population.
The increased number of approvals for breast imaging technology drives the growth of the breast imaging market.
Furthermore, technological advancements in the medical device sector to produce superior breast imaging technology are likely to give breast imaging market expansion and breast imaging market opportunities in the breast imaging market during the forecast period.
Furthermore, an increase in the number of screening technologies and an increase in the need for early diagnosis drive breast imaging market key trends and opportunities.
Government and private sector initiatives to boost the medical device industry fuel the growth of the breast imaging market future trends. However, the high cost of identifying breast cancer and tight regulatory clearance procedures limit breast imaging market growth throughout the projection period for breast imaging technologies.
What Restraints the Breast Imaging Market?
Breast imaging is critical for the early detection of breast cancer. However, ionizing radiation is used for diagnosis in several breast imaging modalities.
Ionizing radiation is used in digital mammography (DM) and digital breast chemosynthesis (DBT), as well as potentially new breast screening techniques such as contrast-enhanced mammography (CEM), whole-breast CT (WBCT), breast-specific gamma imaging (BSGI), molecular breast imaging (MBI), and positron emission mammography (PEM) (PEM).
As a result, the increased danger of radiation exposure will pose new challenges to the breast imaging market.
On the other side, the high cost of imaging systems or technology will stymie the breast imaging market growth. In addition, the unfavourable reimbursement picture in emerging and undeveloped nations would be a significant hurdle for the breast imaging market.
However, tight regulatory clearance processes and the advent of unfavourable conditions as a result of the COVID-19 outbreak would serve as a restraint and hamper the breast imaging market’s growth rate during the projected period.
What are the Trends in the Breast Imaging Market?
Imaging technology advancements in recent years have transformed the element of therapy and approach to it. The use of imaging technologies like CT scans, MRIs, PET scans, and others to see metabolic information and anatomic characteristics of organs has become increasingly significant.
Furthermore, these combined imaging modalities have increased breast picture quality, patient comfort, and patient dosage. Due to these advantages, manufacturers all over the world are focusing more on new product introductions in order to improve the sensitivity and accuracy of breast cancer diagnostics.
The breast imaging market size has grown dramatically over the last decade, owing to reasons such as growing awareness of the benefits of early breast cancer diagnosis and the high prevalence of breast cancer.
What is the Lucrative Opportunities Witnessed in the Breast Imaging Market?
AI and machine learning provide lucrative opportunities for early detection of lesions in the breast imaging market.
AI (Artificial Intelligence) and ML (Machine Learning) are permeating nearly every industry, including healthcare.
These technologies provide new potential for organisations in the breast imaging market.
The worrying number of women in the United States who are at risk of developing breast cancer over their lifetime has prompted the use of AI and ML to enhance patient quality of life.
The breast imaging market in the United States, one of North America's main economies, is expected to earn the most revenue and increase at an exponential rate. In the breast imaging market, there is an increasing demand for breast imaging, early detection, and enhanced patient awareness.
The use of AI and ML to detect lesions early has helped to enhance clinical statistics. This phenomenon is being amplified by enhanced screening mammography, which is gaining worldwide reputation as one of the most effective procedures for identifying early breast cancer. This explains why ionizing breast imaging commands the biggest revenue in the breast imaging market.
Which is the Leading Segment in the Breast Imaging Market by Technology?
The ionizing breast imaging in the technology category is expected to account for the majority of the breast imaging market.
The continuous launch of breast imaging systems with ionizing technology, ongoing technological advancements in ionising technology, and the growing focus and investments of key players in the development and improvement of this technology are the major factors driving the adoption of breast imaging and the demand for breast imaging.
Competitive Landscape
Key players in the breast imaging market are focusing on the development of cutting-edge and highly efficient products to enhance reliability and performance. Many leading companies are also pursuing strategic partnerships and acquisitions to broaden their geographical reach and bolster their market share.
Recent Industry Developments in Breast Imaging
- April 2024: Hologic, Inc. entered into a definitive agreement to acquire Endomagnetics Ltd (Endomag), a private firm specializing in breast cancer surgery technologies. This acquisition aims to enhance Hologic’s geographical footprint.
- September 2023: Siemens Healthineers AG introduced the Mammomat B.brilliant, a new mammography system unveiled at the European Society of Breast Imaging annual congress. This system features a unique 50° wide-angle capabilities, the largest available in the market.
- November 2023: GE HealthCare launched the MyBreastAI Suite, an integrated platform designed to streamline the breast imaging workflow. This new offering enhances GE HealthCare’s product lineup and strengthens its market position.
Leading Companies in the Breast Imaging Market:
- HOLOGIC, INC.
- GE HEALTHCARE
- SIEMENS HEALTHCARE
- KONINKLIJKE PHILIPS N.V.
- FUJIFILM HOLDINGS CORPORATION
- CANON INC.
Key Segments of the Breast Imaging Market:
By Technology:
In terms of Technology, the industry is divided into ionizing breast imaging (mammography, positron emission tomography-computed tomography (PET-CT), molecular breast imaging (MBI), positron emission mammography (PEM), and cone-beam computed tomography (CBCT)) and non-ionizing breast imaging (breast ultrasound, breast MRI, automated whole-breast ultrasound (AWBU), breast thermography, electric impedance tomography and optical imaging)
By End User:
In terms of end user, the industry is segregated into hospitals & clinics, diagnostic imaging centers, breast care centers, and other end users
By Region:
Key countries of North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been covered in the report.
Old Source of - Breast Imaging Market to reach USD 8.5 Billion by 2032 - Future Market Insights, Inc.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Have a Look at the Related Report from the Breast Imaging Market:
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