The global breast imaging market size was valued at USD 2.6 billion in 2015. The rising incidences of breast cancer, the increasing awareness about the early diagnosis of breast cancer, and the growing number of investments to introduce technology upgrades in the present imaging systems are the preliminary factors that are anticipated to drive the market growth over the forecast period.
Lung cancer forms the leading cause of deaths globally, followed by breast cancer. According to the online database, Globocan of the International Agency for Research on Cancer (IARC), every year around 4.5 million deaths occur due to breast cancer and about 1.4 million new cases are diagnosed; hence, driving the breast imaging market growth.
Technological improvements in the breast imaging devices are being introduced in emerging countries of the Asia-Pacific region, which are expected to generate high growth opportunities for the existent market players. Additionally, acquisitions and new product development endeavors in the growing economies of India and China are expected to further boost the growth of the breast imaging market over the forecast period.
For instance, the development of Digital Breast Tomosynthesis (DBT), a technology that provides a 3D image and is used for the detection of minute tumors is expected to enhance the identification of tumors and eliminate the possibility of diagnostic errors.
However, the constraints of this market are stringent regulatory approval procedures, high system installation costs, health risks due to radiation exposure from the mammography machines, and an unfavorable reimbursement scenario in the developing countries.
Research efforts targeted at upgrading the present technology used in the imaging systems are estimated to render screening devices cost-efficient. For instance, the ETRI (Electronics and Telecommunication Research Institute) in South Korea are working on developing a novel breast cancer imaging tool based on a new imaging technology, Microwave Tomography Imaging (MTI), which is less-expensive in comparison to other existent technologies. In addition to it being cost-effective, this technology provides 80% accuracy in its results in comparison to mammography, thus negating additional expenditures and the need for a repeat diagnosis.
North America breast imaging market, by technology, 2013-2024, (USD Million)
On the basis of technology; the breast imaging market has been segmented into ionizing and non-ionizing technologies. Ionizing technologies have been further sub-segmented into 3D breast tomosynthesis, Positron Emission Tomography (PET) and Computed tomography (CT), cone beam tomography, electrical impedance tomography, analog mammography, Positron Emission Mammography (PEM), full-field digital mammography, and breast-specific gamma imaging.
Non-ionizing technology is further sub-segmented into breast ultrasound, automated whole-breast ultrasound, breast MRI, optical imaging, and breast thermography. The breast imaging market is expected to be dominated by the mammography segment.
In 2015,the mammography segment accounted for over 50.0% of the market share. This was facilitated by the technological advancements in the mammography instruments; for instance, introduction of the portable and digital mammography instruments are identified as the high impact rendering drivers for this segment.
The digital mammography equipment provides advantages such as reduced examination times and space requirement for data storage. As a result of these advantages, in the U.S, annually, around 45.0million women undergo breast imaging using the mammography technology. Thus, the tomography segment is expected to witness lucrative growth owing to its higher accuracy as compared to other imaging systems.
In 2015, North America held the largest market share of over 32.0%. Increased expenditure in the development of futuristic technologies coupled with the rising awareness amongst patients has contributed to the high revenue generation of this region.
In addition to the growth in mature markets, the emerging economies such as MEA and Asia-Pacific are also expected to witness lucrative growth over the forecast period. The vital impact rendering drivers responsible for this growth are the improvements in the healthcare infrastructure, the rising investment, and the multi-national industrial growth within this region along with the increase in number of government initiatives to raise awareness.
Competitive Market Share Insights
Some key players of the breast imaging market are GE Healthcare, Hologic, Inc., Philips Healthcare, Gamma Medica, Inc., Siemens Healthcare, Fujifilms Holdings Corp., SonoCine, Inc., Toshiba Corporation, Dilon Technologies, Inc., and Aurora Imaging Technology, Inc.
In 2013, Hologic, Inc. secured a strong position in the global market due to its strategic agreements and partnerships coupled with the new product development launches. In order to fuel the competition, key players are vigorously involved in introducing new and improved technology aspects to their products. For instance, the development of NM750b Molecular Breast Imaging System, by GE
Healthcare proved to be a revolutionary development as it can detect tumors of extremely small sizes.
Hence, over the forecast period, the improvements in the imaging systems and the introduction of new products are the common trends that are expected to be implemented by the market players to outshine their competitors.
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