April 18, 2024
Breast Imaging Market

Breast Imaging Market Is Evolving Rapidly With Regenerative Medicine Trends

The breast imaging market is evolving rapidly driven by the emergence of regenerative medicine trends. Breast imaging enables visualization and diagnosis of the breast for conditions like breast cancer through techniquest like mammography, breast MRI, and breast ultrasound. The growing prevalence of breast cancer along with technological advancements in breast imaging equipments is fueling the growth of the market.

The Global Breast Imaging Market Size is estimated to be valued at US$ 4840.71 million in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2030.

Breast imaging helps detect abnormalities in breast tissues at an early stage and guide treatment decisions. Mammography remains the gold standard for breast cancer screening however MRI and ultrasound provide additional information to clinicians.

Key Takeaways

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.

The growing incidence of breast cancer worldwide is fueling demand for accurate screening and diagnosis solutions. Mammography screening rates need to increase globally to achieve earlier detection targets. Various initiates by governments and cancer institutions to spread awareness and improve access to screening are supporting market growth.

Major players are focusing on developing economical and portable breast imaging devices to increase availability in remote and rural locations worldwide. Partnerships with hospitals and diagnostic centers in emerging countries will help expand the global footprint of breast cancer screening programs.

Market key trends

The breast imaging market is witnessing the trend of combinational imaging where multiple modalities are used together to get a comprehensive view of breast health. Mammography combined with breast MRI or ultrasound provides complementary clinical information to the radiologist. Integrating artificial intelligence capabilities in breast imaging solutions is another ongoing trend. AI tools can automate analysis of medical images and flag abnormalities to reduce diagnostic errors and variability. This will help manage increasing volume of scans especially in b rest cancer early detection programs.

Porter’s Analysis

Threat of new entrants: High costs of manufacturing, technology equipment and marketing pose barriers to entry.

Bargaining power of buyers: Many clinics offer breast imaging and many insurance providers exist so buyers have some power.

Bargaining power of suppliers: Suppliers of MRI and mammogram equipment can exert some pressure due to differentiated products and technologies required.

Threat of new substitutes: Some substitutes exist such as ultrasound but none provide the full diagnostic value of mammograms and MRI for breast cancer screening and diagnosis.

Competitive rivalry: Fierce competition exists between numerous global and regional manufacturers of breast imaging equipment and between clinics/hospitals performing exams.

Geographical Regions

North America accounts for the largest share of the global breast imaging market in terms of value due to supportive reimbursement policies, awareness programs, and recent technological advancements in breast cancer diagnostics and treatment.

The Asia Pacific region is expected to grow the fastest during the forecast period owing to increasing healthcare expenditure, large patient pool, and rising awareness about early detection of breast cancer.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it