Global Breast Imaging Market 2022-2028

Global Breast Imaging Market 2022-2028

The global breast imaging market is estimated to grow at a CAGR of 6.3% during the forecast period from $4.2 billion in 2021. Breast cancer is the most common and widely occurring cancer among women around the globe. It forms in tissues of the breast, usually in the ducts (tubes that carry milk to the nipple) and lobules (glands that make milk). Breast imaging is a subspecialty of diagnostic radiology that involves a range of imaging procedures. A screening mammography is used to detect breast cancer via a low-dose X-ray before the symptoms to be evident. This allows for early treatment and intervention. As per the WHO (World Health Organization), around 2.1 million cases were registered globally related to breast cancer in 2021 which is expected to reach more than 2.4 million cases in 2028. Asia-Pacific had the highest cases of breast cancer with 911,000 cases, whereas 522,000 and 262,000 cases were registered in Europe and North America, respectively, in 2021. The growth in breast cancer is significantly generating the demand for breast imaging across the globe.

Key factors that are driving the growth of the market include cohesive government regulation, increasing awareness such as the advantages of early diagnosis, rising disposable income around the globe, and advancement in the imaging machines. The cohesive government regulation is working in various ways in the market. Governments with various domestic and international NGOs, organize awareness programs for the early diagnosis, treatment, and social stigma related to breast cancer. For instance, every year, October is celebrated as Breast Cancer Awareness month globally. NGOs campaign, volunteer, and raise funds for care, support, and research for women's health across the globe. For instance, Cancer Research GLOBAL and Avon Foundation are working together for Women as part of Avon’s Breast Cancer Promise. This collaboration promises to reach out to 100 million women each year with vital information about breast cancer.

MARKET SEGMENTATION

The global breast imaging market is analyzed by segmenting the market into ionizing breast imaging technologies and non-ionizing breast imaging technologies. Based on ionizing breast imaging technologies, the market is further segmented into analog mammography, 3D breast tomosynthesis, cone beam computed tomography (CB-CT), positron emission mammography (PEM), and molecular breast imaging. Whereas, based on non-ionizing breast imaging technologies, the market is categorized into breast MRI, breast ultrasound, optical imaging, and breast thermography. Moreover, the market is also segmented based on the breast imaging method into symptomatic and asymptomatic imaging.

REGIONAL ANALYSIS

The global breast imaging market is analyzed by dividing into North America, Europe, Asia-Pacific, and the Rest of the World. North America holds the largest market share during the forecast period and is expected to grow at a CAGR of 5.9% during the forecast period. High sales of advanced imaging machines and favorable government regulations are some of the major factors for the growth of the market in North America. Hologic Inc., the largest player in the market generated around 79.0% of its revenue from the US alone in 2021.

Several players are operating in the global breast imaging market. Hologic, Inc., Koninklijke Philips N.V., Canon Medical Systems Corp., Carestream Health, and Siemens Healthcare Ltd. are some of the major players operating in the global breast imaging market. These players focus on providing novel and technically advanced breast imaging solutions for different end-users such as hospitals and clinics to gain a considerable market share. Furthermore, mergers and acquisitions, partnerships, collaborations, and product launches are some crucial strategies that are being adopted by the market players to stay competitive.