Global Breast Imaging Market Size To Grow USD 11.8 Billion By 2032 | CAGR of 9.6%
SPHERICAL INSIGHTS LLP
9 min read
SPHERICAL INSIGHTS LLP
The Global Breast Imaging Market Size was valued at USD 4.7 billion in 2022 and the worldwide breast imaging market size is expected to reach USD 11.8 billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: GE Healthcare, Hologic, Inc., Philips Healthcare, Gamma Medica, Inc., Siemens Healthcare, Fujifilm Holdings Corp., SonoCine, Inc., Toshiba Corporation, Dilon Technologies, Inc., Aurora Imaging Technology, Inc. and among others.
New York, United States , June 28, 2023 (GLOBE NEWSWIRE) -- The Global Breast Imaging Market Size is to grow from USD 4.7 billion in 2022 to USD 11.8 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 9.6% during the forecast period.
This research report categorizes the global breast imaging market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global breast imaging market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global breast imaging market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.
Breast imaging is a type of medical technology used to find or diagnose breast cancer in female patients. Breast imaging technology makes use of radiological pictures of women's breasts to help in the diagnosis of several breast-related disorders. Breast imaging techniques include mammography, breast ultrasound, MRI, and nuclear imaging. The main goal of this test is to find breast cancer and other problems related to the breast as early as possible, while they are still treatable. By 2030, the World Cancer Research Fund (WCRF) projects that there will likely be 2.1 million new breast cancer cases worldwide. Additionally, more than 2.3 million women globally acquired a diagnosis in 2020, and 685,000 of them died due to the disease's severity, according to a World Health Organization research on the ailment published in March 2021.
Market participants may anticipate a wide range of growth opportunities due to the expanding markets, greater public and private expenditures to address the growing need for breast cancer screening, and the improved reimbursement environment. Additionally, the market is expanding as a result of technological developments, an increase in screening programs, as well as an increase in conferences and symposiums that educate the public about the benefits of early detection and diagnosis. Additionally, the use of various technologies for its detection has increased dramatically along with the incidence of breast cancer in women. Furthermore, the high price of imaging equipment or technologies may restrict the market's ability to expand. The negative reimbursement environment in emerging and undeveloped countries will also provide substantial problems for the breast imaging business. Strict regulatory approval procedures and the emergence of adverse conditions as a result of the COVID-19 outbreak, however, would act as restrictions and further limit the market's development pace throughout the projected period.
Browse key industry insights spread across 220 pages with 136 Market data tables and figures & charts from the report on "Global Breast Imaging Market Size, Share, and COVID-19 Impact Analysis, By Technology (Ionizing Breast Imaging {Mammography, Positron Emission Tomography-Computed Tomography (PET-CT), Molecular Breast Imaging (MBI)}, Non-ionizing Breast Imaging {Ultrasound, MRI, Image-guided breast biopsy}, and Others), By End-users (Hospitals, Breast Care Centers, & Diagnostic Imaging Centers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032" Get Detailed Report Description Here:
The ionizing breast imaging segment is influencing the market share by around 63.2% during the forecast period.
The worldwide breast imaging market is divided into two technology-based categories: non-ionizing breast imaging (ultrasound, MRI, image-guided breast biopsy), and ionizing breast imaging (mammography, positron emission tomography-computed tomography (PET-CT), molecular breast imaging (MBI). During the projected period, the sector with the biggest revenue share among these is ionizing breast imaging, which is currently ruling the market. In the upcoming years, it is anticipated that new ionizing technology-based breast imaging technologies will be introduced, which will increase the market for the product. Funding for upgrades to already-existing ionization-based technologies is anticipated to drive industry expansion. The majority of market companies are also still committed to growing their technological investments to provide clients with superior products.
The hospital segment is dominating the largest market growth over the forecast period.
The global breast imaging market is divided into many sectors based on end users, including hospitals, breast care facilities, and diagnostic imaging facilities. Due to the positive effects that having access to cutting-edge and well-equipped breast imaging equipment inside a hospital has on several factors, including the length of hospital stays, the cost of healthcare as a whole, the quality of care, and accessibility to emergency care, the hospital segment is currently dominating the market in all of these segments. Additionally, thanks to improvements, there is now improved infrastructure and diagnostic equipment accessible. It has also been helpful since it has provided appropriate health coverage for all hospital-based healthcare services. These are the main factors that will support the growth of the hospital industry in the next years.
North America dominates the market with the largest market share revenue of around 37.8% over the forecast period
North America is influencing significant market growth during the forecast period, due to the growth in the usage of highly advanced imaging methods and systems, as well as technological advancements in the diagnosis of breast cancer, which are predicted to support the market's expansion in the North American region. The high degree of public awareness of the presence of cutting-edge diagnostic techniques for breast imaging is partly responsible for the region's rapid market development.
Asia-Pacific is expected the second-largest growing region over the forecast period
Asia-Pacific is anticipated to have the second-fastest growth during the projected period. The market's growth is largely fueled by the increasing prevalence of breast cancer, major R&D investments in its therapies, and improvements in breast imaging technology. In addition, the area has experienced rapid economic growth. As breast cancer incidence increase in this region, there will likely be a greater demand for diagnosis.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Breast Imaging Market include GE Healthcare, Hologic, Inc., Philips Healthcare, Gamma Medica, Inc., Siemens Healthcare, Fujifilm Holdings Corp., SonoCine, Inc., Toshiba Corporation, Dilon Technologies, Inc., Aurora Imaging Technology, Inc., and others.
In November 2022, Google Health, a division of Alphabet Inc., worked with iCAD to incorporate its cutting-edge mammography AI tool into iCAD's breast imaging systems. These collaborations increased product offers in the sizeable market while also improving operational skills.
In March 2022, A unique imaging tool called the NearWave Imager was developed by the University of Notre Dame researchers for the non-invasive diagnosis of breast cancer.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Breast Imaging Market based on the below mentioned segments:
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