Global Breast Imaging Market Size & CAGR (2021 to 2026)
The global breast imaging market is expected to develop at a CAGR of 8.58% from 2021 to 2026. In 2021, the global market was worth USD 3.8 billion, and by 2026, it is expected to be worth USD 5.74 billion.
Impact of COVID-19 on the global breast imaging market:
Hospitals have limited resources and staff due to the recent outbreak of Novel Coronavirus (COVID-19), which is the primary cause of delays in various surgeries and other medical procedures. The influx of COVID-19 patients requiring continuous monitoring and ventilation is rapidly growing in badly affected areas, causing hospital systems to become overburdened, disturbing the ordinary treatment of cancer patients, whose situations are likely to worsen if standard care is delayed. Because of social distancing measures imposed by governments around the world, the ongoing COVID-19 outbreak impacted the breast imaging business. As a result, hospital and healthcare services were drastically reduced. In addition, the COVID-19 pandemic had a substantial impact on the global economy and the operation of general hospital treatment for non-COVID-19 patients in hospitals around the world. Breast imaging producers are projected to suffer as a result of this, as demand has dropped significantly. Nonetheless, the global breast imaging market is forecasted to eliminate all the hurdles sooner and get back to its growth pace in the near future.
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KEY DRIVING FACTORS:
Rising awareness among people is one of the significant factors promoting the global breast imaging market’s growth rate.
With the rising prevalence of breast cancer and increased awareness of the disease’s early detection, there has been a rise in numerous technological advancements in imaging equipment that have enabled better identification of dense breast tissues. Patients are increasingly choosing digital mammography systems with higher detection rates than traditional analog equipment, which is expected to drive the global breast imaging market forward. In addition, the growing number of screening programs, conferences, and symposiums aim to raise awareness about the benefits of early detection and screening.
RESTRAINING FACTORS:
High costs associated with the installation and maintenance are expected to hamper the growth rate of the global breast imaging market.
The key obstacle for the market is the high cost of installation and maintenance for new production plants and the additional cost of R&D for the development of various breast imaging products and their compliance in a broad and heterogeneous market. In addition, the lack of compliance is attributed to stringent government regulations, which are expected to restrict the global Breast Imaging market’s growth because devices must undergo rigorous clinical trials before receiving a PMA (premarket approval), which drives up costs for manufacturers; the main obstacle is a scarcity of skilled professionals.
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KEY MARKET INSIGHTS:
- Based on the technology, due to the numerous measures conducted for the early detection of breast cancer, the mammography segment of the worldwide breast imaging market is rising. Furthermore, the world’s growing geriatric population and increasing prevalence of breast cancer will drive up demand for mammography. In addition, the National Cancer Institute undertakes and encourages the development of guidelines for various organizations. One of the biggest causes of death among women is breast cancer. Because mammography is the standard for detecting breast cancer, governments and other healthcare organizations worldwide are working to make mammography available to women aged 50 to 75.
- Based on the region, North America is expected to have the most significant share in the global market during the forecast period. It is strongly driven by the increased prevalence of breast cancer, advances in healthcare infrastructure, and rising healthcare expenditure. The United States Preventive Services Task Force (USPSTF) and the Health Resources and Services Administration (HRSA), for instance, are non-profit organizations. As a result, the rising frequency of breast cancer, more awareness, a growing geriatric population, and the presence of well-established healthcare infrastructures are propelling the market in this region forward.
- The global breast imaging market is fiercely competitive, with several prominent companies. A few large corporations presently dominate the market in terms of market share. On the other hand, mid-size to smaller businesses are expanding their market presence by launching new products and lowering the procedures’ adverse effects due to technical improvements and product innovations. Hologic Inc., General Electric Company, Siemens AG, TOSHIBA CORPORATION, Sonocine Inc., Aurora Imaging Technology, Inc., Dilon Technologies Inc., Koninklijke Philips N.V., Fujifilm Holdings Corporation, Gamma Medica Inc., Testo AG, and others are among the leading players in the global breast imaging market.
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RECENT MARKET DEVELOPMENTS:
- Densitas Inc. announced a partnership with Mammography Educators, LLC in November 2020 to offer an artificial intelligence-powered telehealth technologist training platform that will help mammography clinics maintain business continuity.
- In October 2020, Hologic, Inc. will make 3DQuorum Imaging Technology powered by Genius AI commercially available in Europe.
- The SU2C Canada Metastatic Breast Cancer Dream Team was launched in August 2019 by the Canadian Cancer Society, Stand Up to Cancer Canada (SU2C Canada), and the Canadian Institutes of Health Research (CIHR).
- The French government announced the implementation of the “Ma santé 2022” plan in July 2019 to reform the country’s healthcare system.
- The Society of Breast Imaging announced its acquisition with Oxford University Press in October 2018, intending to raise awareness among patients about diverse breast diseases, imaging, and future trends by publishing a journal.
SEGMENTS COVERED IN THIS REPORT:
By Technology:
- Ionizing Technologies
- Mammography
- Digital Mammography
- 3D Mammography
- Molecular Breast-Specific Gamma Imaging (MBI/BSGI)
- Positron Emission Tomography and Computed Tomography (PET-CT)
- Cone-Beam Computed Tomography (CBCT)
- Positron Emission Mammography (PEM)
- Non-ionizing Technologies
- Breast MRI
- Breast Ultrasound
- Automated Whole-Breast Ultrasound (AWBU)
- Breast Thermography
- Optical Imaging
By Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
BROWSE REGIONAL REPORTS:
- North America Breast Imaging Market
- Europe Breast Imaging Market
- APAC Breast Imaging Market
- Latin America Breast Imaging Market
- MEA Breast Imaging Market
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