According to a new market research report published by Meticulous Research, the global breast imaging market is expected to grow at a compound annual growth rate (CAGR) of 8.2% from 2019 to 2024. The report states that the market will reach $5.13 billion by 2024.
“Previously, breast imaging was done using X-ray film, analog or other traditional mammograms; however, these products used to come with drawbacks such as inability to examine dense breast tissue, longer procedure for viewing mammogram, ability to capture only two images of each breast, and less allowance to undergo mammographic examination for woman over age 40,” according to a press release. “Thus, to overcome these drawbacks, digital mammography came into existence. These digital systems are able to capture tiny calcium deposits which may lead to cancer or any abnormality, with low dosage. Moreover, digital files can be easily enhanced and shared to clinicians at any locations. Most of the women aged 40 years and above prefer to undergo routine mammographic examinations as it is covered by health insurance in most of the countries. Though, there is emergence of digital mammography, not all systems are able to detect abnormalities in dense breast tissue.”
“Therefore, researchers developed new technology called tomosynthesis, which can accurately determine breast cancer from dense breast tissue. Moreover, this technology reduces the patient recall rate up to 30%. Similarly, this technology has comparatively low cost because of less false positive and false negative errors,” the release adds. “Such advancements in the breast imaging technology and growing awareness about the timely diagnosis of the disease for better care in women are driving the growth of breast imaging market.”
In addition, rising prevalence and incidence of breast cancer, increasing funding in R&D for breast cancer treatments, and an aging population further drives the growth of the overall breast imaging market, according to the report.
The breast imaging market is primarily segmented on the basis of technology, end user and geography. On the basis of technology, the overall breast imaging market is mainly categorized into two segments – ionizing technology and non-ionizing technology.
“On the basis of technology, ionizing technology is estimated to command the largest share of the overall breast imaging market in 2019,” according to the release. “On the other hand, non-ionizing technology is expected to grow at the highest CAGR, owing to advantages such as enhanced safety, accurate detection of breast tumor location and higher sensitivity for smaller breast lesions in dense-breast women.”
Geographically, the global breast imaging market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. With an accelerated economic growth in many countries and a growing government focus on health care, Asia-Pacific breast imaging market is expected to grow at the highest CAGR from 2019 to 2024. In addition, a rising incidence and prevalence of breast tumors, increasing health insurance penetration and an aging population are further expected to drive the growth of the breast imaging market in this region.
The release states that the global breast imaging market is dominated by Hologic Inc., GE Healthcare and Siemens Healthcare GmbH. Some additional companies operating in the global breast imaging market are Carestream Health Inc., Koninklijke Philips N.V., FUJIFILM Holdings America Corporation, Canon Medical Systems Corporation and Hitachi Medical Systems.