Breast imaging products include ionizing breast imaging technologies such as mammography and non-ionizing breast imaging modalities like breast ultrasound, breast MRI, and optical imaging. Mammography is considered the gold standard for breast cancer screening and diagnosis. However, breast tomosynthesis provides additional 3D rendering and depth perception of breast tissues over conventional mammography. Ionizing technologies remain integral to clinical diagnosis and staging of breast cancer; however, non-ionizing technologies optimize patients’ choice and comfort due to lack of ionizing radiation exposure.
The global Breast Imaging Market is estimated to be valued at US$ 4202 Mn in 2023 and is expected to exhibit a CAGR of 7.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Breast tomosynthesis offers improved cancer detection rates and lowers patient recall rates for additional screening compared to traditional 2D mammography. It provides radiologists with multiple digital images of the breasts taken at different angles and then uses computer processing to reconstruct them into 3D images, which facilitates better visibility of tumors in dense breast tissues. Hence, its superiority over 2D mammography has led to increasing replacement of conventional mammography systems with digital breast tomosynthesis solutions globally. For instance, Hologic, Inc. offers 3DQuorum tomosynthesis systems integrating 2D and 3D capabilities for improved breast cancer screening. Growing awareness about the benefits of 3D imaging for early detection and management of breast cancers is expected to further drive the demand for tomosynthesis systems during the forecast period.
Porter’s Analysis
Threat of new entrants: The breast imaging market requires huge capital investments for R&D and manufacturing which poses significant entry barriers.
Bargaining power of buyers: The presence of several breast imaging equipment manufacturers gives buyers bargaining power in terms of price and quality.
Bargaining power of suppliers: Parts manufacturers have lower bargaining power due to the availability of substitute parts from different suppliers.
Threat of new substitutes: Continuous innovation has introduced new products like contrast-enhanced spectra breast MRI posing threat of substitutes.
Competitive rivalry: The market is highly competitive with major players investing heavily in R&D to launch innovative products giving competitive edge.
SWOT Analysis
Strengths: Advanced technologies, growing awareness about early breast cancer detection, supportive government initiatives.
Weaknesses: High costs of equipment, trained workforce shortages, reimbursement issues in developing nations.
Opportunities: Emerging economies, increasing healthcare spending, portable breast imaging devices.
Threats: Stringent regulations, social stigma, covid-19 impact delaying screening.
Key Takeaways
The Global Breast Imaging Market Demand is expected to witness high growth, exhibiting CAGR of 7.6% over the forecast period, due to increasing awareness about early breast cancer detection. North America dominates the market currently due to supportive government policies and advanced healthcare infrastructure in the region.
The Asia Pacific is poised to be the fastest growing market for breast imaging attributed to growing population, increasing healthcare spending, and rising incidence of breast cancer.
Key players operating in the breast imaging market are GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, PLANMED OY, and Barco.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it