According to the report Breast Imaging Market is projected to reach USD 6.6 billion by 2028 from USD 4.4 billion in 2023, at a CAGR of 8.5% from 2023 to 2028. The rising number of breast cancer cases, increasing number of old-age people, and rising mobile solutions fuel the market growth.
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Opportunity: Growth potential in emerging countries
Developing economies offers high growth opportunities for key players operating in the breast imaging market. Countries such as India, China, Brazil, South Korea, Turkey, Russia, and South Africa has large population base and offers a sustainable market for diagnostic imaging devices. The demand for diagnostic imaging has significantly increased in emerging economies due to the rising prevalence and growing awareness of breast cancer. The Indian government is focusing on providing the insurance scheme under the Ayushman Bharat program. The growth in the emerging economies is accompanied by favorable government and private policies to enhance access to diagnostic imaging, including the provision of reimbursement.
Challenge: Errors in breast cancer screening
Lower sensitivity, low reliability, painful compressions, and low patient tolerance are some of the potential limitations of various breast imaging modalities. some invasive breast tumors detected by traditional mammography stop growing at certain stages. These tumors are considered non-life-threatening, and their detection through mammography leads to unnecessary need for overtreatment. X-ray mammography is a superior technology to avoid all these limitations and to obtain accurate results. However, in some countries like US the further testings are required to confirm the results. Hence, the accuracy of mammography in women with dense breasts becomes lower, leading to diagnosis errors. The limitations of the above mentioned imaging modalities are expected to hamper the adoption of these technologies.
By region, North America is expected to be the largest market of the breast imaging industry during the forecast period
North America, comprising the US and Canada, accounted for the largest market share of the breast imaging market in 2022. Factors such as growing funding for research, and increasing applications in the healthcare sector, and the presence of major players in the region are driving market growth in North America. According to GLOBOCAN 2020, 281,591 new breast cancer cases were diagnosed in North America in 2020, and this number is expected to increase by 43,927 by 2030. Rapid growth in the geriatric population in the region is also resulting in an increasing number of breast cancer cases.
The breast imaging market is moderately competitive, with established companies and upcoming competitors for the same market share. As of 2022, the key players operating in the global breast imaging market are GE Healthcare (US), Hologic, Inc. (US), Siemens Healthcare GmbH (Germany), Koninklijke Philips N.V. (Netherlands), FUJIFILM Holdings Corporation (Japan), Canon Inc. (Japan), Aurora Healthcare US Corp. (US), Planmed Oy (Finland) among others.
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These competitors have utilized various strategies to increase their market share in the global breast imaging market, including acquisitions, agreements, partnerships, and product releases. In 2022, a higher share of the breast imaging market was held by GE Healthcare (US), Hologic, Inc. (US), Siemens Healthcare GmbH (Germany), Koninklijke Philips N.V. (Netherlands), FUJIFILM Holdings Corporation (Japan).
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