(PharmaNewsWire.Com, February 12, 2020 ) Market growth is largely driven by factors such as technological advancements, the rising prevalence of breast cancer, the increasing number of screening programs as well as rising number of conferences and symposiums focusing on spreading awareness about the benefits of early screening and diagnosis. The emerging markets, growing government and private investments to meet the increasing demand for breast cancer screening, and the improving reimbursement scenario are expected to present a wide range of growth opportunities for market players.
The breast imaging market is projected to grow from an estimated USD 3.1 billion in 2018 to USD 4.6 billion by 2023, at a CAGR of 8.0% during the forecast period.
The breast imaging market is primarily driven by the rising prevalence of breast cancer. This, in turn, is attributed to the growth in the geriatric population (as age contributes to the risk of breast cancer) and changing lifestyles, which have increased the overall possibility of cancer occurrence. In addition, technological advancements in breast imaging modalities have allowed for quicker, more accurate, and convenient functionalities, while favorable government investments and the availability of funding have increased access to breast imaging modalities. However, factors such as errors in screening and misdiagnosis, the side-effects of radiation exposure, and the growing adoption of refurbished imaging systems—mainly due to the high costs of new products—are expected to hinder the growth of the breast imaging market during the forecast period.
Breast cancer is among the most common cancers affecting women in developed as well as developing countries. According to the American Cancer Society, breast cancer is the second-leading cause of cancer-related deaths in women across the globe. In the US, one in eight women develops invasive breast cancer over the course of her lifetime. Similarly, on an average, 72 Canadian women were diagnosed with breast cancer every day. The growing incidence of breast cancer cases leads to an increased burden on governments to raise awareness about the importance of early detection of breast cancer. Thus, with the sharp rise in breast cancer cases, the demand for breast imaging solutions is expected to grow considerably in the coming years.
High Cost of Breast Imaging Systems
Breast imaging systems are priced at a premium and require high investments for installations, which increases the procedural cost for patients as well. This affects the adoption rate of new systems, especially in emerging countries; most healthcare facilities in these countries, consequently, cannot afford such systems. Healthcare facilities that purchase such costly systems often depend on third-party payers for reimbursements for costs incurred in screening and diagnostic procedures performed with these systems. Due to the high cost of these systems and budget constraints, healthcare facilities are reluctant to invest in new or technologically advanced systems.
Geographically, the breast imaging market is segmented into four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World (RoW). The Asia Pacific is one of the major high growth revenue-generating regions in the breast imaging market. China, India, and Japan are the major countries responsible for the high growth of this regional market owing to factors such as the increasing per capita income, improving healthcare infrastructure, and supportive government activities in these emerging countries focusing on the improvement of breast health. Furthermore, the increasing geriatric population and the growing incidence of breast cancer are also driving the growth of this regional market.
Leading Companies
Hologic, Inc. (US), GE Healthcare (US), Siemens Healthineers (Germany), and Philips Healthcare (Netherlands) dominated the breast imaging market.
Other players in this market include Fujifilm Holdings Corporation (Japan), Aurora Imaging Technology, Inc. (US), Canon Inc. (Japan), CMR Naviscan Corporation (US), Delphinus Medical Technologies, Inc. (US), Dilon Technologies, Inc. (US), KUB Technologies Inc. (Kubtec) (US), Micrima Limited (UK), Planmed Oy (Finland), SonoCiné, Inc. (US), and SuperSonic Imagine (France), among others.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
