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Breast Imaging Market to Exceed Valuation of USD 6.72 Billion by 2028 | Reports and Data

Reports And Data

Reports And Data

The global breast imaging market size is expected to reach USD 6.72 Billion in 2028 and register a CAGR of 7.6% during the forecast period

NEW YORK CITY, NY, UNITED STATES, September 26, 2022 /EINPresswire.com/ -- The global breast imaging market size is expected to reach USD 6.72 Billion in 2028 and register a CAGR of 7.6% during the forecast period, according to the latest report by Reports and Data. Rapid integration of AI in breast imaging to enhance efficiency of imaging and reduce the rate of false positives is expected to drive market revenue growth over the forecast period. In addition, increasing prevalence of breast cancer worldwide, rapid advancements in breast imaging modalities, and rising number of diagnostic centers across the globe to cater to high demand for early detection and screening of breast cancer are other key factors driving market revenue growth over the forecast period.

Breast cancer is one of the most prevalent type of cancers in women across the globe and accounts for 14% of the newly diagnosed cancers in the United States. Breast cancer risk increases with age and is majorly diagnosed in women over 55 years of age. Increasing prevalence of breast cancer, coupled with high risk of this cancer is leading to development of advanced techniques and modalities for early detection for increasing survival rate in patients and reducing morbidity associated with treatment approaches. Over the last few decades, advancements in full field digital mammography, breast MRI, ultrasound, and nuclear medicine has revolutionized breast imaging with enhancements in specificity in terms of cancer detection and lesion characterization. Technological upgrades in breast MRI such as development of contrast enhanced MRI with high sensitivity and proton spectroscopy offer new perspectives in providing important information regarding breast abnormalities. Increasing focus on expanding the application scope of new MRI technologies is another key factor expected to drive market growth over the forecast period.

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AI-based screening and computer aided detection have significantly improved cancer detection and minimized false positive reads, which has further enhanced quality of predictions of imaging models. Development of specific AI-computer aided detection systems has helped clinicians detect breast cancer and improve patient outcomes and these are some other factors expected to boost growth of the market going ahead. However, high costs associated with breast MRI, increasing risk of radiation exposure, and lack of availability of skilled professionals are some factors expected to restrain market growth to a certain extent going ahead.

Some Key Highlights from the Report:

Mammography segment is expected to account for largest revenue share over the forecast period, attributable to increasing preference for this type of screening across the globe to understand breast health and breast cancer risks. Mammography is the gold standard screening tool for breast cancer and has significantly reduced its burden and mortality, as well as minimized morbidity associated with treatments.

Hospitals and clinics segment is expected to register significant revenue share over the forecast period, owing to increasing pool of breast cancer patients, availability of top-of-the-line medical and diagnostic equipment, favorable reimbursement policies, and availability of a wide range of advanced breast imaging techniques such as breast MRI, ultrasound, and mammography in such settings.

North America is expected to account for largest revenue share over the forecast period, attributable to growing prevalence of breast cancer, establishment of state-of-the-art healthcare and research facilities, rapid advancements in breast imaging techniques, higher focus on personalized medicine, and presence of key market players in the region.

In October 2021, Penn Medicine announced a collaboration with Siemens Healthineers to offer free breast cancer screening to women above 40 years of age using a mobile mammography unit developed by Siemens. Under the partnership, Penn Medicine aims to offer breast cancer screening services to women in minority and underserved communities.

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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.

The growing popularity of over-the-counter medications driving market growth

Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.

Restriction on product launches and R&D activities to hamper the market growth

The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.

Competitive Landscape:

The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.

Top Companies Profiled in the Report:

Canon Inc., Philips Healthcare, Aurora Imaging Technology Inc., Hologic Inc., GE Healthcare, Dilon Technologies Inc., Siemens Healthineers, CMR Naviscan, Fujifilm Holdings Corporation, and Delphinus Medical Technologies Inc.

Breast Imaging Market Segmentation:

Technology Outlook (Revenue, USD Billion, 2018-2028)

Mammography
Breast Ultrasound
MRI
CBCT
MBI
PET-CT
Optical Imaging
ABUS

End-use Outlook (Revenue, USD Billion; 2018-2028)

Hospitals & Clinics
Diagnostic Imaging Centers
Breast Care Centers

Regional Outlook:

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)

Frequently asked questions addressed in the report:

What is the revenue growth rate of the global Breast Imaging market over the forecast period?
What are the major factors driving the growth of the Global Breast Imaging Market?
What are the key challenges impacting the global Breast Imaging market growth?
What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?

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Thank you for reading our report. For more details please connect with us and our team will ensure the report is customized to meet all the needs of clients. The report also offers a comprehensive regional analysis and specific countries can be included in the report according to the requirements.

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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Reports and Data
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