May 27, 2024
Breast Imaging Market

Breast Imaging Market Is Expected To Experience Rapid Growth Driven By Rising Breast Cancer Cases Globally

Breast imaging refers to various techniques used for early detection and diagnosis of breast cancer and other abnormalities in the breasts. Some commonly used breast imaging modalities include mammography, ultrasound, MRI, PET, and thermography. Mammography employs low-dose x-rays of the breasts to detect breast abnormalities not felt by hand. It remains the standard breast screening test for early detection of breast cancer. Ultrasound uses high-frequency sound waves to examine the breasts and is often used in addition to mammograms to better evaluate breast abnormalities seen on mammograms. MRI uses powerful magnetic fields and radio waves to produce detailed pictures of the inside of the breasts and is highly sensitive for screening women at high risk of breast cancer.

The global Breast Imaging Market is estimated to be valued at US$ 4840.71 Mn  in 2023 and is expected to exhibit a CAGR of 5.6%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Rising Breast Cancer Cases – Breast cancer remains the most common type of cancer and second leading cause of cancer death among women globally. According to WHO, over 2 million new breast cancer cases were diagnosed in 2020. This high disease prevalence is driving increased adoption of breast imaging modalities for early diagnosis and screening. Growing awareness about importance of early detection and screening for better treatment outcomes is also fueling demand for breast imaging.

Advancements in Breast Imaging Technologies – Continuous innovation and technological advancements are bringing new breast imaging solutions with better functionality. 3D mammography and contrast-enhanced digital mammography provide enhanced visualization for improved diagnostic accuracy over conventional mammography. Whole breast ultrasound has emerged as an effective adjunct to mammography. New techniques like breast-specific gamma imaging (BSGI) and magnetic resonance spectroscopy (MRS) hold promise. These advancements are expected to support market growth over the forecast period.

Segment Analysis

The breast Breast Imaging Market Demand  is dominated by the diagnostic segment which holds more than 65% market share. Rising incidences of breast cancer and increased awareness about early detection has driven the growth of this segment. Within diagnostics, mammography sub segment dominates owing to its ability to detect small breast tumors that cannot be felt.

PEST Analysis

Political: Governments across regions are focusing on increasing cancer screening through awareness programs which is promoting the adoption of breast imaging solutions. Various policies encourage research in cancer diagnostics and treatment.
Economic: Growing healthcare spending coupled with increasing per capita income is allowing more women to opt for regular breast cancer screenings. This is driving demand for breast imaging systems.
Social: Non-government organizations are actively involved in educating women about breast cancer and importance of early detection. This has led to reduced social stigma and higher acceptance of diagnostic scans.
Technological: Advancements in digital imaging technology, AI and development of newer radiotracers are helping improve accuracy of scans. 3D tomosynthesis provides more detailed images and reduced radiation dose.

Key Takeaways

The global breast imaging market is expected to witness high growth. The global Breast Imaging Market is estimated to be valued at US$ 4840.71 Mn  in 2024 and is expected to exhibit a CAGR of 5.6%  over the forecast period 2024 to 2031.

North America currently dominates due to early adoption and rising incidence. Asia Pacific is expected to see fastest growth led by countries like China and India due to growing healthcare infrastructure, rising awareness and increasing healthcare spend.

Key players operating in the breast imaging market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy€TMs Laboratories Ltd., Himalaya Wellness Company, Stemson Therapeutics, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd.

Research is ongoing in developing newer imaging agents and radiotracers for accurate diagnosis. Companies are also focusing on launching affordable breast cancer screening solutions to expand access in developing countries. Partnerships with medical institutions and local distribution networks will be key in market penetration.