The global breast imaging market size was valued at US$ 3,150.3 million in 2017, and is expected to witness a CAGR of 9.9% over the forecast period (2018 – 2026).
Breast imaging is a technique used to obtain high resolution visualization of breast tissues and associated diseases. Breast cancer is the leading cause of the breast disease that require immediate screening, which in turn is anticipate to boost growth of the breast imaging market.
Breast cancer can occur both in men and women. Furthermore, it is majorly reported in females as compared to male. The most common breast imaging tests used to determine breast cancer and related disease are ultrasound, mammography, nuclear imaging MRI, and thermography. Furthermore, mammography is the most preferred imaging techniques for breast cancer diagnosis for the women of age 40 and above.
Increasing incidence of breast cancer is expected to be a major factor driving growth of the breast imaging market during the forecast period. According to the breastcancer.org, around 1 in 8 women develop breast cancer over the course of their lifetime. According to the same source, in 2017, an estimated 252,710 new cases of invasive breast cancer are expected to be diagnosed among women in the U.S.
Increasing government initiatives such as awareness programs and funding for research and development to introduce advanced imaging technologies in the market are expected to propel the breast imaging market growth.
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For instance, in 2013, Avon Foundation, in partnership with NCI (National Cancer Institute) and the Center for Advancing Innovation funded US$ 250,000 to launch the Breast Cancer Start-up Challenge aimed at teams of business, engineering, medical/scientific, and computer science students, as well as small sized entrepreneurs to develop and commercialize advanced breast cancer inventions.
However, side effects of radiation and installation cost of breast cancer imaging devices and facilities may hinder growth of the breast imaging market.
Breast Imaging Market- Regional Analysis
Regional segmentation of the global breast imaging market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold dominant position in the global breast imaging market, owing to increasing initiatives by government, presence of major players, and early adoption of advanced medical technologies in economies such as the U.S. and Canada.
Europe is also expected to show significant growth in breast imaging market, owing to increasing prevalence of breast cancer among women in various economies of this region. According to a report by the UNICEF (The United Nations Children’s Fund), around 41,000 new cases of women are diagnosed with breast cancer in England annually and become more common cancer observed in the women in England.
Increasing awareness among the populace in Asia Pacific, along with a large population base is expected to position Asia Pacific as a high growth market in the near future. According to International Association of Cancer Registries, in 2012, over 600,000 new breast cancer cases were reported in Asia, accounting for 39% of all breast cancers diagnosed worldwide.
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