Acumen research and consulting estimates the global breast imaging market is anticipated to reach market size of around US$ 6,000 Mn by 2027 and anticipated to grow at a CAGR of around 9% in terms of revenue during the forecast period.
The diagnosis and treatment of breast cancer and other disorders rely largely on the breast imaging system. The advancement of emerging imaging techniques such as optical breast tomosynthesis, full-field optical mammography, etc, technical developments played a significant part. Additionally, awareness campaigns, through research and development grants, have contributed to demand increases and scientific advancements in breast imaging.
The breast imaging market is mainly influenced by rising prevalence of breast cancer, breast imaging technology advances, and investment in breast cancer screening programs by different organizations. It is projected that in 2019, Breast Cancer Care WA screened 19,371 Australian women with breast cancer, or about 53 per day, accounting for nearly 14% of all new cancer patients diagnosed in 2019. The recipients are, subjected to several radiation sets for medical uses in breast imaging procedures is not necessarily healthy. Therefore, breast-screening errors and side impacts are a significant restriction for studied market growth.
Increasing costs for the development of new technology along with increasing awareness of patients led North America to hold the largest market share. In the next five years, Asia Pacific is expected to post the fastest CAGR. The growth of the breast imaging market over the projected period will be further enhanced by acquisitions and new product development activities in the growing economies of India and China. Increased prevalence of breast cancer and healthcare costs and a greater emphasis on increasing awareness about early diagnosis of breast cancer have strong commercial opportunities for breast cancer imaging. For instance, Australia in the Asia-Pacific region has average occurrence rates. Therefore, it is expected that the geriatric population would rise from 2.8 million in 2007 to 7.5 million by 2050 as estimated by the Australian Bureau of Statistics, raising the incidence of breast cancer among aged women. Although low breast cancer prevalence (ASR 25.8 in 2012) has been reported in India, the number of deaths (ASR 12.7) is similar to the global average. It is attributed to people's less understanding of early breast cancer diagnosis. Consequently, the above factors are projected to cumulatively increase the market for breast imaging technology in the region.
Impact of COVID-19 on the Breast Imaging Market
As a result of the recent Novel Coronavirus (COVID-19) outbreak, hospitals have minimal funding and manpower. It is the primary explanation for suspending such surgeries and other surgical procedures. The influx of COVID-19 patients requiring constant control and ventilation is rapidly increasing in severely affected regions leading to the overloading of hospital treatment systems that disrupt cancer patients' routine treatments, whose conditions can be worsened if standard care is postponed. Furthermore, increasingly growing cases of COVID-19 has completely prohibited the movement of people in big markets in North America and Europe, leading to delays in regular cancer screenings linked to cancer diagnosis. Furthermore, decreased visits because of patient issues about COVID-19 and the sequestering of pediatric oncologists contributed to a substitution of ambulatory visits via telephone consultation.
Therefore, the number of medical personnel is decreased dramatically by elevated levels of health care employees due to COVID-19. in the US, the number of health workers reporting for coronavirus positively is estimated to be much higher than the 9,200 estimate. This rise increases the number of medical personnel for treating cancer that negatively impacts the demand of breast imaging. Therefore, the procurement of new equipment and its services is now completely impeded, and would also have an effect on the industry by 2020. Furthermore, most of the parts and materials used in the manufacturing of medical equipment come from China and total shut-down from the medical equipment production from those countries have limited the growth of that industry.
Major players included in this report are Gamma Medica, Inc., Dilon Technologies, Inc., FUJIFILM Holdings Corporation, General Electric Company, Hologic, Inc., Koning Corporation, Siemens AG, Koninklijke Philips N.V., Sonocin, Inc., Toshiba Corporation, and others. Breast imaging market, consisting of many large players, is extremely competitive. Some of the big players are still leading the industry in terms of market share. Nevertheless, the mid-size of small businesses improves their business position with technical advancements and product developments by launching new goods and reducing the side effects of the process.
The global breast imaging market is segmented as below:
Breast Imaging Market By Type of Imaging Technique
Positron Emission Mammography
Image-guided breast biopsy
Other Imaging Techniques
Breast Imaging Market By End Users
Breast Imaging Market By Geography
Middle East & Africa
The market value of breast imaging is anticipated to be around US$ 6,000 Mn in 2027.
It is anticipated to grow around 9% CAGR amid the forecast period.2020-2027
North America held maximum share in 2019.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Mammography held the largest share in 2019.
Investments and Initiatives from Various Organizations in Breast Cancer Screening Campaigns is expected to drive the growth of the breast imaging market.
Risk of Adverse Effects from Radiation Exposure is a major factor expected to restraint the growth of the market.