Breast Imaging Market Overview
Breast Imaging Market size was valued at $3.42Bn by 2019, and is anticipated to grow at a CAGR of 7.63% during the forecast period 2020-2025. The Breast Imaging Market growth rate is attributed to increase in incidence of breast cancer worldwide and proactive initiatives by healthcare organizations to raise awareness about early breast cancer detection. Breast Imaging is the basic representation or reproduction of a breast’s form. This technique is used in the diagnosis of breast-related abnormalities such as fibrocystic breast changes, fibro adenomas, blocked milk ducts, intraductal papilloma’s, cysts and others. Breast imaging is a subspecialty of diagnostic radiology. It includes technologies and tools used for screening, detection, and diagnosis of breast cancer. If cancer is detected, these technologies also help to determine the stage and location of the cancerous cells. The types of breast cancer are invasive ductal carcinoma, ductal carcinoma in situ, metastatic breast cancer, and inflammatory breast cancer. Thus, the advent of breast imaging technologies is crucial to curtail the chances of breast cancer and its associated risk factors. Therefore, increase in prevalence of breast cancer is set to increase the breast imaging technologies market share.
Breast imaging technologies are used to obtain high-resolution images of breast tissues. These imaging modalities, such as ionizing and non-ionizing imaging technologies, aid in the early detection and diagnosis of breast diseases, especially breast cancer in women. Hence, improved reimbursement scenario for breast imaging modalities such as breast ultrasound and 3D tomosynthesis which helps in the detection of breast cancer in women with dense breast tissue is anticipated to elucidate the imminent investment pockets. In addition, launch of technological advanced modalities such as automated whole breast ultrasound system (AWBU) and MBI/BSGI) fuel the market growth. From high cost of these modalities and stringent regulatory approval processes to growing investments by market players and government interventions such as awareness programs and funding for R&D in the field of breast cancer is anticipated to propel the Breast Imaging Market during the forecast period 2020-2025. For instance, the innovation of complimentary products such as the breast pad designed by GE Healthcare to provide comfort to a woman undergoing screening is set to catalyze the market growth further. According to a report published by the National Cancer Foundation (NBCF), breast cancer is the second most common type of cancer worldwide, which accounts for around 10.9% of cancer incidences in both women and men. It also stated that that around 1,700 cases of male breast cancer are recorded annually.
North America dominated the Breast Imaging Market with a share of 33.4% in the year 2019.
The factors such as rising cases of breast diseases and increasing awareness about the early screening and diagnosis are amongst the major factor projected to impel growth of Breast Imaging Market.
Increasing incidence of breast cancer, growth in the aging population and growing awareness on early detection of breast cancer are the key factors owing to the growth in the segment during forecast period 2020-2025.
By Imaging Type – Segment Analysis
On the basis of Imaging Type, mammography segment held the major share of the market in terms of revenue and is estimated to grow with a CAGR of 7.55%. The reason is attributed to technological advancements in this segment and increasing awareness which has in turn, resulted in the hike in demand for Breast Imaging’s. In addition, there have been a number of advancements in the field that prevent over-diagnosis and provide better sensitivity to detect smaller carcinomas. These continuous advancements in this field are estimated to augment the mammography segment.
Apart from this, many initiatives were taken for the early detection of breast cancer, for instance, the United States Preventive Services Task Force has developed guidelines for mammography screening. Since mammography is the standard technique used to screen breast cancer, governments and other healthcare organizations around the world are taking initiatives to provide women, between the ages of 50 and 75, access to mammography screening. This is increasing the global demand for mammography. For instance, according to a report published by National Ambulatory Medical Care Survey (NAMCS), in 2016, 17,329 individuals visited a physician for a mammography examination.
By Imaging Technology – Segment Analysis
Ionizing breast imaging segment of the imaging technology held the largest share in the market over other type owing to the wide adoption of these imaging technologies for the screening of breast cancer which can be attributed to higher incidence of breast cancer. Furthermore, the segmental growth is driven by technological advancements have led to the upsurge in the demand for these devices. Also, enhanced efficiency and higher diagnostic accuracy in comparison to other available technologies is set to bolster the growth prospects of this segment during the forecast period 2020-2025. For instance, digital breast tomosynthesis, a new technology is used as an adjunct to address concerns related to mammography, such as missed cancers and false positive or negative results. In addition, the ability of 3D tomosynthesis devices to generate 3D images of the breast tissue, which increases the detection rate of breast tumors, also contributed to their increased demand in the forecast period 2020-2025.
By Geography – Segment Analysis
North America dominated the Breast Imaging Market with a share of 33.4% in 2019. The application of Breast Imaging has grown rapidly over the last few years owing to the sophisticated healthcare facilities in this region as well presence of reimbursement facility over medical treatments facilitated the usage of this equipment. Moreover, the prevalence of the chronic disorder in this region is substantially higher than the global average, thus contributing towards the growth of this region significantly. As per report published by breastcancer.org, on January 2019, there were more than 3.1 million women with a history of breast cancer in the United States and the death rates were higher for breast cancer than any other cancer. Prostate and breast cancer are the most prevalent forms of cancer in the region. Furthermore, The American Cancer Society is playing a vital role in early research to demonstrate the feasibility of mass screening for breast cancer, joining hands with the National Cancer Institute on the nationwide Breast Cancer Detection Demonstration Project. There are initiatives, such as the United States Preventive Services Task Force (USPSTF), made up of doctors and specialists who are researching ways to prevent diseases or detect them early. These societies are spreading awareness among people regarding the benefits of early breast cancer diagnosis and treatment. These factors, as well as the growing innovations in breast cancer imaging techniques, are anticipated to propel the Breast Imaging Market during the forecast period 2020-2025.
Drivers – Breast Imaging Market
Rising awareness of the early detection of the disease
With increasing prevalence of breast cancer, along with the rising awareness of the early detection of the disease, there has been an increase in various technological advancements in the imaging equipment have enabled improved diagnosis of dense breast tissues. Patients are increasingly opting for digital mammography systems that offer high detection rates in comparison to traditionally used analog devices is estimated to boost growth of the global Breast Imaging market. Furthermore, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products and reducing the side effects of the procedures, providing a lucrative support to the Breast Imaging market globally.
Challenges – Breast Imaging Market
High cost of installation and maintenance
The major challenge for the market is the high cost of installation and maintenance required for new production plant, R&D cost required adds additional cost for production of various Breast Imaging and compliance of these Breast Imaging products in a vast and heterogeneous market. The poor compliance is attributed to stringent government regulations which are anticipated to hamper growth of the global Breast Imaging market as the devices undergo rigorous clinical trials prior to a PMA (premarket approval), which causes a significant rise in the costs incurred by the manufacturers; the main obstacle being the dearth of skilled professionals.
Breast Imaging Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Breast Imaging Market. In 2019, Breast Imaging Market share is fragmented by the top ten players present in the market. Breast Imaging Market top 10 companies are Hologic Inc., General Electric Company, Siemens AG, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Gamma Medica Inc., TOSHIBA CORPORATION, Sonocine Inc., Aurora Imaging Technology, Inc., Dilon Technologies Inc., Testo AG and others.
In October 2018, The Society of Breast Imaging announced its acquisition with the Oxford University Press in spreading awareness amongst patients about various breast diseases its imaging and its future trends thereby, publishing a journal for the same.
In September 2018, Soil Mammography, a Texas-based company launched Smart Curve breast imaging technology, offering higher patient comfort as it provides curved compression similar to the shape of the breast in more than 50 centers across U.S.