Breast Imaging Market Poised to Witness High Growth Due to Rising Incidence of Breast Cancer

Market Overview

It helps in early detection of breast cancer which significantly improves treatment outcomes and prognosis. Common breast imaging modalities used are mammography, breast ultrasound, breast MRI and molecular breast imaging. Mammography uses X-rays to screen for breast cancer in women without symptoms and detect breast cancers at an early stage. It is useful for screening women over 40 years of age. Breast ultrasound uses sound waves to create images of the breast tissue and is useful in investigating breast lumps or abnormalities detected during self or clinical breast examination or on a mammogram. Breast MRI uses magnetic fields and radio waves to produce very detailed images of breasts and is mainly used for high risk women, screening women with dense breasts, pre-operative staging of known breast cancer and monitoring of treatment response.

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 2030.

Key Takeaways

Key players operating in the Global Breast Imaging Market Size 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. Increasing awareness about early detection of breast cancer is expected to offer lucrative opportunities for key players in the market. They are focusing on development of advanced breast cancer diagnostics and screening tests to gain competitive edge.

The global breast imaging market is expected to witness high growth owing to rising geriatric population, increasing emphasis on early screening for breast cancer, and growing awareness initiatives by government and NGOs. Key players are expanding their presence in developing regions of Asia Pacific, Latin America, and Middle East & Africa to tap the potential opportunities offered in these emerging markets.

Market Drivers

Rising incidence of breast cancer is a major market driver. According to WHO, breast cancer is now the leading cause of cancer death among women in developing countries too. Early diagnosis plays a key role in improving survival rates associated with breast cancer. This is bolstering demand for breast cancer diagnostic tests including various breast imaging modalities.

Market Restraints

High cost of advanced breast imaging systems like breast MRI is a major market challenge. This limits widespread adoption, especially in price sensitive developing regions. Shortage of skilled radiologists for interpretation of breast imaging scans is another issue confronted by key players in this market.

Key players: Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy’s Laboratories Ltd., Himalaya Wellness Company, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd.

Segment Analysis

The mammography sub segment currently dominates the breast imaging market and is expected to continue its dominance over the forecast period. Mammography is considered the gold standard for breast cancer screening and its high accuracy in detecting micro-calcifications and abnormalities in breast tissue makes it the preferred choice for physicians and healthcare providers. Consequently, increasing awareness initiatives regarding early detection have further boosted the uptake of mammography exams.

Global Analysis

North America currently accounts for the largest share in the global breast imaging market and is anticipated to continue leading over the forecast period. Factors such as increasing prevalence of breast cancer, growing geriatric population, favorable reimbursement policies, and technological advancements in diagnostic techniques are supporting market growth. The Asia Pacific region is projected to witness the fastest growth during the forecast period. Rising medical tourism, increasing healthcare expenditure, growing awareness regarding early detection, and expanding base of private hospitals and diagnostic centers are expected to drive the breast imaging market in the Asia Pacific region.

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