Number of pages: 100 | Report Format: PDF | Published date: June 17, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the global breast imaging market was valued at US$ 4.9 billion in 2022 and is expected to register a revenue CAGR of 8.4% to reach US$ 10.12 billion by 2031.
Breast Imaging Market Fundamentals
Breast imaging refers to using various imaging techniques to visualize breast tissue to screen, diagnose, and monitor breast diseases. Some imaging techniques used in breast imaging include mammography, ultrasound, magnetic resonance imaging (MRI), and computed tomography (CT) scans. Mammography is the most commonly used imaging technique for breast cancer screening, while ultrasound is often used to evaluate further suspicious findings detected in mammography. MRI is generally reserved for high-risk patients and in assessing breast implants or difficult-to-diagnose cases. CT scans are not commonly used for breast imaging but may be used in certain situations, such as for evaluating metastatic disease. Breast imaging is an essential tool in the early detection of breast cancer and other breast diseases and can help guide treatment decisions and monitor the effectiveness of treatment.
Breast Imaging Market Dynamics
Breast cancer is one of the most common types of cancer among women worldwide. The increasing incidence and prevalence of breast cancer drive the demand for breast imaging technologies, as early detection is crucial for better treatment outcomes. According to the WHO, in 2020, approximately 2.3 million women were diagnosed with breast cancer, which caused 685,000 deaths globally. There have been significant advancements in breast imaging technologies in recent years, including the development of digital mammography, breast tomosynthesis, and automated breast ultrasound. These technologies improve accuracy, efficiency, and patient comfort, driving their adoption.
Similarly, AI is increasingly used in breast imaging to aid in the interpretation of images and improve the accuracy of breast cancer detection. AI algorithms can help radiologists detect subtle changes in breast tissue that may be indicative of cancer and also help to reduce false positives, increasing the demand for breast imaging. The breast imaging market outlook is positive as governments and healthcare organizations are also implementing breast cancer screening programs and are investing in healthcare infrastructure and technology to improve patient outcomes and reduce healthcare costs. Moreover, the average age of discovery of breast cancer in women is 62 years. Hence the growing geriatric population is boosting the need for breast cancer screening. According to the WHO, around 1 billion people worldwide are 60 or older, thus fueling the breast imaging market growth. The growing importance of breast cancer screening is also driving the demand for breast imaging technologies.
However, the cost of purchasing and maintaining breast imaging equipment can be very high, restricting the growth of the breast imaging market. There is a risk of false negatives, false positives, radiation exposure, and overdiagnosis. Overdiagnosis leads to overtreatment; according to the American Cancer Society, the rate of mammography overdiagnoses is estimated to be between 1% and 10%. The lack of skilled professionals in developing countries also hinders the growth of breast imaging.
Breast Imaging Market Ecosystem
The global breast imaging market is analyzed from three perspectives: technology, end user, and region.
Breast Imaging Market by Technology
Based on the technologies, the global breast imaging market is segmented intoionizing breast imaging and non-ionizing breast imaging.
The ionizing breast imaging segment dominated the breast imaging market with the largest revenue share of around 59.4% in 2022. The ionizing breast imaging segment is further sub-segmented into mammography, molecular breast imaging (MBI), positron emission tomography-computed tomography (PET-CT), and cone-beam computed tomography (CBCT). Mammography has been used for breast cancer screening for several decades and is a well-established technology. This means that it has been tested and refined and has a proven track record of accuracy.Mammography has a high sensitivity for detecting breast cancer. This means they can detect even small tumors, which is essential for early detection and better treatment outcomes. Mammography machines and equipment are widely available in hospitals and imaging centers, making them easily accessible for patients. Many countries have established guidelines for breast cancer screening that recommend regular mammography for specific age groups, which helps promote ionizing breast imaging.
Moreover, there is a rise in regulatory approval related to mammography, boosting segmental growth. For instance, In May 2022, RadNet Inc. got clearance from the FDA for its subsidiary DeepHealth product, Saige-Dx, an AI-based mammography diagnostic software. It identifies suspicious lesions in mammograms and assigns a suspicion level to each case. This AI tool helps explicitly detect and diagnose breast cancer and reduces unnecessary recalls. Mammography is typically covered by insurance and reimbursed by government healthcare programs, which makes them more accessible to a larger population.
The non-ionizing breast imaging segment accounted for a considerable breast imaging market in 2022. The non-ionizing breast imaging segment is further sub-segmented into breast MRI, breast ultrasound, automated whole-breast ultrasound (AWBU), breast thermography, optical imaging, and electric impedance tomography. Non-ionizing breast imaging modalities, such as breast MRI and ultrasound, have high specificity for detecting breast cancer. This means that they are good at distinguishing between cancerous and non-cancerous tissues, which can reduce false-positive results and unnecessary biopsies. Non-ionizing breast imaging modalities can be used with mammography to provide a more complete picture of breast health. Non-ionizing breast imaging modalities are often used to screen women at high risk of developing breast cancer, such as those with a family history of the disease or certain genetic mutations. Non-ionizing breast imaging modalities, such as breast MRI and ultrasound, are constantly improving, with new technologies and techniques being developed to improve their accuracy and efficiency.
Breast Imaging Market by End User
Based on the end users, the global breast imaging market is segmented into hospitals, diagnostic centers, and others.
The hospital’s segment had the highest breast imaging market share in 2022. Hospitals have access to a wide range of resources, including advanced imaging technology and skilled healthcare professionals, which allows them to provide comprehensive breast imaging services. Hospitals can offer a comprehensive approach to breast cancer diagnosis and treatment, with imaging services, biopsies, and surgical options available in one location. Hospitals are held to high accreditation and quality standards, which can provide patients with added reassurance about the accuracy and safety of their breast imaging services. Hospitals typically have established reimbursement agreements with insurance providers and government healthcare programs, which can help to ensure the financial viability of their breast imaging services.
The diagnostic centers segment is anticipated to register a lucrative growth rate from 2023 to 2031. Diagnostic centers offer convenient locations and hours of operation for patients, which can increase patient volume and demand for breast imaging services. Diagnostic centers often specialize in imaging services, allowing them to offer a wide range of breast imaging modalities and advanced technology. Diagnostic centers may offer breast imaging services at a lower cost than hospitals, making them an attractive option for patients.
Breast Imaging Market by Region
Geographically, the global breast imaging market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region has the most prominent breast imaging market size in terms of revenue generation. It accounts for an approximate 36.3% share of the market. Breast cancer is one of North America's most commonly diagnosed cancers, and the increasing incidence of the disease is driving demand for breast imaging services. According to the American Cancer Society, breast cancer accounts for about 30% (or 1 in 3) of all new female cancers annually. Similarly, around 297,790 new cases of invasive breast cancer are expected to be diagnosed in women, and it is anticipated to cause 43,700 deaths in 2023. Advancements in breast imaging technology, including 3D mammography, breast MRI, and ultrasound, are improving the accuracy and efficiency of breast imaging services. Government initiatives, such as the ASTHO Breast Cancer Disparities Online Toolkit, are increasing access to breast imaging services for underserved populations.
Moreover, the governments in the region are collaborating with non-government organizations to create awareness in the region. For instance, CDC works with public, non-profit, and private partners to address breast cancer in women younger than 45 years of age through various activities, including Bring Your Brave campaign, Advisory Committee on Breast Cancer in Young Women, and Cancer Genomics Program. Reimbursement policies for breast imaging services are improving, increasing the financial viability of providing these services.
Asia Pacific has the fastest breast imaging market forecast growth rate. The incidence of breast cancer is increasing in the Asia Pacific region, which is driving demand for breast imaging services. According to the WHO, in 2020, around 1,026,171 new cases were diagnosed in Asia. There is growing awareness among patients and healthcare providers about the importance of breast cancer screening and the benefits of early detection, which is driving demand for breast imaging services. The population in the Asia Pacific region is increasing, driving demand for breast imaging services as breast cancer incidence increases with population growth. As disposable income levels increase in the Asia Pacific region, more people can afford breast imaging services, fueling regional growth.
Breast Imaging Competitive Landscape
The prominent players operating in the global breast imagingmarket are:
Breast Imaging Strategic Developments
Breast imaging refers to using various imaging techniques to visualize breast tissue to screen, diagnose, and monitor breast diseases. Some imaging techniques used in breast imaging include mammography, ultrasound, magnetic resonance imaging (MRI), and computed tomography (CT) scans.
The breast imaging market is expected to reach US$ 10.3 billion by 2031.
The prominent players operating in the global breast imaging market are GE Healthcare, Hologic, Inc., Siemens Healthcare, Koninklijke Philips N.V., and Fujifilm Corporation.
The ionizing breast imaging segment dominated the global breast imaging market.
During the forecast period, the revenue CAGR of the global breast imaging market is estimated to be 8.4% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain