The Global Breast Imaging Market is valued to propagate at a CAGR of 8.5% from 2016 to 2021. Although developed regions (such as North America and Europe) held large shares in the breast imaging market in 2015, the Asia-Pacific region is poised to grow at the highest CAGR of 9.5% in the next five years. Factors such as the rising patient population, increasing healthcare expenditure, improving healthcare infrastructure, high government spending in emerging APAC countries on breast cancer research studies, and implementation of several initiatives to create awareness about the early detection of breast cancer are driving the growth of the breast imaging market in this region.
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The growth of the global breast imaging market is driven by factors such as the rising incidence of breast cancer globally, growing government investments and funding for breast cancer treatment and related research, increasing awareness about early detection of breast cancer, rising geriatric population, technological advancements in breast imaging modalities, and launch of advanced breast imaging systems capable of detecting cancer in women with dense breast tissues. In addition, increasing demand for breast imaging in emerging Asian countries and technological innovation in breast cancer detection are expected to offer growth opportunities to market players. However, a number of factors such as the high installation cost of breast imaging systems, side effects of radiation exposure, and errors in breast cancer screening and diagnosis are expected to restrain the growth of the breast imaging market. Besides, stringent regulatory approval procedures and unfavorable reimbursement scenario in developing countries will further restrain the growth of this market in the coming years.
Key Market Drivers of Breast Imaging Industry:
- Growing prevalence of breast cancer
- Government investments and funding for breast cancer treatment and related research
- Increasing awareness about early detection of breast cancer
- Rapidly increasing aging population
- Technological advancements in breast imaging modalities
- Launch of advanced systems capable of detecting cancer in women with dense breast tissue
Market Restraints of Breast Imaging Industry:
- High installation costs of breast imaging systems
- Side effects of radiation exposure
- Errors in breast cancer screening and diagnosis
- Stringent regulatory approval procedures
- Unfavorable reimbursement scenario in developing countries
Opportunities in Breast Imaging Industry:
- Emerging economies offer high growth potential
- Technological innovations in breast cancer detection
In Breast Imaging Industry report, the breast imaging market has been segmented on the basis of type:
- Covering ionizing breast imaging technologies (Analog mammography, full-field digital mammography (FFDM),
- 3D breast tomosynthesis,
- Positron emission tomography/computed tomography (PET/CT),
- Molecular breast imaging/breast-specific gamma imaging (MBI/BSGI),
- Cone-beam computed tomography (CBCT),
- Positron emission mammography (PEM),
- Electric impedance tomography
- Non-ionizing breast imaging technologies (including breast MRI, breast ultrasound, automated whole-breast ultrasound (AWBU), breast thermography, and optical imaging)
The breast imaging market has been segmented on the basis of Region:
- North America (U.S., and Canada)
- Europe (Germany, France, U.K., and Rest of Europe)
- Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
- The Rest of the World
The Top Three Key Players in the Breast Imaging Market:
- Hologic, Inc. (U.S.)
- GE Healthcare (U.K.)
- Siemens Healthcare (Germany)
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These companies together accounted for 74.0% of the global market. Product launches, upgrades, and approvals; and partnerships, agreements, and collaborations are the major strategies adopted by most market players to achieve growth in the breast imaging market.
The ionizing breast imaging technologies segment is estimated to account for the larger share of the global breast imaging market in 2016. However, the non-ionizing breast imaging technologies segment is expected to grow at the highest CAGR during the forecast period. The advantages offered by non-ionizing breast imaging technologies over ionizing breast imaging technologies, such as lower risk of radiation exposure, greater anatomical details for diagnosis, higher sensitivity to small breast lesions in women with dense breast tissues, and lower false positives are driving the growth of this market segment.
Geographically, North America is estimated to command the largest share of 43.8% of the global breast imaging market in 2016, followed by Europe. The large share of the North American region is attributed to the widespread adoption of newer techniques, such as 3D breast tomosythesis, breast MRI, molecular breast imaging, and automated whole-breast ultrasound (AWBU). A number of factors, such as the rising incidence of breast cancer, favorable reimbursement scenario, ongoing technological advancements by market players, implementation of new breast density notification law in the U.S., rapid growth in geriatric population, and growing demand for the use of low levels or negligible radiation doses are further stimulating the growth of the breast imaging market in North America. However, high cost of breast screening and limited availability of some radioactive isotopes are negatively affecting the growth of the breast imaging market in this region.
Reasons to Buy the Breast Imaging Market Report:
From an insight perspective, Breast Imaging industry research report focuses on various levels of analysis— market share analysis of the top players and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of the breast imaging market; and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
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The Breast Imaging Market report provides insights on the following pointers:
- Market Penetration: Comprehensive information on breast imaging offered by the top 10 players in the breast imaging market. The report analyzes the breast imaging market by type across four geographies.
• Product Development/Innovation: Detailed insights on current technologies, research and development activities, and new product launches in the breast imaging industry.
• Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various breast imaging products across four geographies (North America, Europe, Asia-Pacific, and Rest of the World)
• Competitive Assessment: Assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the breast imaging industry.
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