The breast imaging market is expected to grow at a CAGR of 9% from 2020 to 2027 to reach $7.08 billion by 2027. Breast imaging is a subspecialty of diagnostic radiology, which utilizes ionizing or non-ionizing radiation to detect tumor lesion in the breast. This technique enables the clinicians to conduct early diagnosis before the actual symptoms appear. The growth in this market is majorly driven by the rising prevalence and incidence of breast cancer, growing awareness for early detection of breast cancer and other related diseases, technological innovations and launch of advanced breast imaging equipment & software, increasing investment and funding in R&D for breast cancer treatment, and rising aging population of women. Further, the extensive research in the development of hybrid imaging systems offers significant growth opportunities for the players operating in the global breast imaging market.
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Impact of COVID-19 on the Breast Imaging Market
Due to recent outbreak of Novel Corona Virus (COVID-19), hospitals have limited resources and staff, which is the major reason for delay in some surgeries and other medical procedures. In severely affected regions, the influx of COVID-19 patients requiring continuous monitoring and ventilation is increasing rapidly, leading to overloading of hospital systems disrupting the routine treatment of cancer patients, whose conditions likely to be worsened if usual standard care is delayed. Moreover, in major markets, such as North America and Europe, continuous rise in COVID-19 cases has completely prohibited the movement of people, which led to delays in routine breast examinations related to cancer diagnosis and hence can impact the market to a certain extent. Further, reduced visits due to patient concerns related to COVID-19 and sequestering of oncology medical staff have resulted into replacement of outpatient visits with telephone consultation.
Rising prevalence and incidence of breast cancer is propelling the growth of the breast imaging Market
In recent years, widespread use of hormone replacement therapy (HRT) following menopause, various reproductive disorders, and hormonal imbalances have significantly increased the risks of breast cancer. According to the Global Cancer Observatory (GLOBOCAN), the number of new breast cancer cases was reported to be 1,651,326 in 2012, which increased by 26.5%, reaching 2,088,849 in 2018. Further, these numbers are expected to increase to 2,407,748 and 2,853,857 new cases by 2025 and 2035 respectively. Similarly, deaths due to breast cancer are also expected to increase by more than 44% from 626,679 in 2018 to 904,805 by 2035. Owing to the increasing prevalence of breast cancer and associated mortalities, breast cancer detection and diagnosis is garnering significant attraction, globally.
Extensive research in the development of hybrid imaging systems offer high growth opportunities and supports the market growth
Advances in imaging technologies in recent years have revolutionized the aspect of treatment and approach towards it. The combination of imaging technologies such as CT scans, MRIs, PET, and others have become increasingly important to visualize the metabolic information and anatomic details of the organs. Also, these integrated imaging modalities have improved the quality of breast images, patient comfort, and reduced the patient dose. Due to these benefits, manufacturers across the globe are focusing more on new product launches to increase the sensitivity and accuracy in breast cancer diagnostics.
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Key Findings in the Global Breast Imaging Market Study:
Ionizing technology generated large proportion of revenue compared to other non-ionizing technologies
The ionizing technology segment is estimated to command the largest share of the overall breast imaging market in 2020. Incessant launches of breast imaging systems with ionizing technology, ongoing technological advancements in ionizing technology, and growing focus and investments of key players in development and improvement of this technology are the major factors increasing the adoption and demand for ionizing technology.
3D breast tomosynthesis to register the fastest growth in the breast imaging market for ionizing technology by 2027
The 3D breast tomosynthesis segment is slated to grow with the fastest CAGR during the forecast period. This growth is mainly due to the sharp image outcomes and decreased recall rates with this technology. Also, 3D breast tomosynthesis overcomes the limitation of standard mammography by aiding in detection of all lesion types.
Breast ultrasound to dominate the global breast imaging market for non-ionizing technology in 2020
Breast ultrasound is estimated to command the largest share of the overall breast imaging market for non-ionizing technology in 2020. Low risk of radiation exposure, higher sensitivity, and low-cost diagnosis are the key factors driving the growth of the breast ultrasound market.
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On the basis of end user, hospitals to dominate the overall break imaging market in 2020
Hospitals are estimated to command the largest share of the overall breast imaging market in 2020. Increasing investments on healthcare infrastructure development, higher purchasing power, availability of well-equipped operating & diagnostic rooms, and better health coverage for hospital-based healthcare services are the key factors supporting the dominance of hospitals.
Asia-Pacific: The fastest growing regional market
North America is estimated to command the largest share of the global breast imaging market in 2020, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific region will be the fastest growing regional market due to the accelerated economic growth of many countries in this region; increasing prevalence of breast cancer; and growing government focus towards improvement of healthcare sector. In addition, frequent breast screening programs to spread awareness related to importance of early diagnosis in the region is the other key factor propelling the growth of the Asia-Pacific breast imaging market.
The report includes competitive landscape based on extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2020). The key players profiled in the global breast imaging market report are Hologic, Inc. (U.S.), GE Healthcare (U.S.), Canon Inc. (Japan), Siemens AG (Germany), Koninklijke Philips N.V. (Netherlands), Carestream Health, Inc (U.S.), Planmed Oy (Finland), Hitachi, Ltd. (Japan), Dilon Technologies Inc. (U.S.), CMR Naviscan Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), Aurora Healthcare US Corp (U.S.), and SonoCine Inc. (U.S.).
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