Breast imaging products are medical imaging methods used for the early detection, diagnosis, and screening of breast diseases including breast cancer. Mammography, breast MRI, and breast ultrasound are some commonly used breast imaging techniques. Mammography provides high-resolution images of breast tissues and is considered as the gold standard for breast cancer screening. However, breast MRI and ultrasound offer additional information and have better performance in women with dense breasts.
The global Breast Imaging Market is estimated to be valued at US$ 4840.71 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The increasing need for early detection of breast cancer has been a major factor driving the growth of breast imaging market over the past few years. Breast cancer screening through mammography and other techniques enables early detection when the disease is most treatable. According to the WHO, around 1 in 8 women worldwide are diagnosed with breast cancer during their lifetime. Moreover, breast cancer is the leading cause of cancer death among women. Regular breast screening helps reduce breast cancer mortality by finding cancers early when they are most treatable. This has significantly increased the adoption of breast imaging technologies globally in recent years. Various awareness campaigns by governments and cancer organizations have also emphasized on the importance of routine breast screening through breast imaging.
Segment Analysis
Mammography dominates the breast imaging market currently due to its effectiveness in early detection of breast cancer owing to improved imaging technology. It holds around 60% of the total market share. Digital mammography is gaining higher adoption compared to analog mammography as it uses lower radiation dose and produces clearer images.
Key Takeaways
The global Breast Imaging Market Demand is expected to witness high growth. The global Breast Imaging Market is estimated to be valued at US$ 4840.71 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2031.
Regional analysis shows that North America region currently dominates the market due to early adoption of advanced breast imaging technologies and higher healthcare spending. Asia Pacific is expected to be the fastest growing region due to increasing awareness about breast cancer, large patient population and rising healthcare expenditure. Several initiatives taken by governments and non-profit organizations to spread awareness and improved access to screening and diagnostic services are aiding early detection in the region.
Key players operating in the Breast Imaging market 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.
Key players operating in the Breast Imaging market are focusing on new product launches, collaborations and geographic expansions to strengthen their market position. For instance, Stemson Therapeutics launched various clinical trials to evaluate its stem cell therapy candidates for breast cancer. OliX Pharmaceuticals, Inc signed partnerships to develop novel oligonucleotide therapies for breast cancer.
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