Urgent Need To Monitor The Rising Breast Cancer Cases To Drive Growth In The Breast Imaging Market
Mammography remains the gold standard for breast cancer screening. However, advance breast imaging modalities such as Breast Ultrasound, Breast MRI, Automated Whole Breast Ultrasound etc. are gaining popularity due to improved accuracy in breast cancer diagnosis compared to mammography alone. These advanced modalities provide crucial physiological and morphological information about breast lesions that help radiologists better characterize abnormalities seen on mammograms.
The global Breast Imaging Market is estimated to be valued at US$ 4,202 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the breast imaging market is the rising adoption of 3D mammography systems. 3D mammography, also known as digital breast tomosynthesis, uses an X-ray machine to get multiple images of the breast from different angles and combines them into a 3D picture. This technology has been shown to significantly improve detection of invasive breast cancers compared to 2D mammography alone. Growing evidence of its superiority over 2D mammography is expected to further increase adoption rates of this advanced breast imaging modality globally. Another major trend is development of AI and machine learning technologies for breast cancer screening. Many companies are actively working on AI algorithms that can analyze medical images and potentially help radiologists better detect tumors, reducing misses and improving diagnostic accuracy of screening exams. This has potential to lower healthcare costs through improved efficiency of screening.
Porter’s Analysis
Threat of new entrants: The breast imaging market requires huge capital investment for R&D and manufacturing. In addition, established companies enjoy brand loyalty from customers, creating entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and price sensitivity of breast imaging systems.
Bargaining power of suppliers: A few large suppliers exist for key components like detectors and other imaging modules. This gives them significant influence over pricing.
Threat of new substitutes: Alternatives like MRI offer capability for functional and molecular imaging. However, mammography remains the gold standard for screening due to cost and workflow benefits.
Competitive rivalry: The market is fairly consolidated with key global players. Product differentiation and customization attract customers while price competition remains moderate.
Key Takeaways
The Global Breast Imaging Market Demand is expected to witness high growth, exhibiting a CAGR of 7.6% over the forecast period, due to increasing prevalence of breast cancer and growing awareness about early detection.
Regional analysis
North America dominates the breast imaging market owing to the advanced healthcare infrastructure and high adoption of advanced medical technologies in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period due to large population, increasing healthcare expenditures and growing awareness about breast cancer screening.
Key players
Key players operating in the breast imaging market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY.
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https://www.marketwebjournal.com/breast-imaging-market-growth-market-size-share-analysis/
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