Breast MRI Screening Market Emerging Growth Factors and Analysis of Investments by Top Companies

Magnetic resonance imaging (MRI) is an imaging technique that utilizes radio waves and strong magnetic fields for producing precise images of the inside of the body. Breast cancer is considered to be one of the most common cancers in women, worldwide. Breast cancer strikes women of all races, ages, ethnicities, geographical locales and socioeconomic strata. According to the World Cancer Research Fund, there were approximately 2 million incidence cases in 2018, globally. Breast MRI screening is a type of medical technique which evaluates breast cancer in women. However, breast MRI is majorly preferred for breast cancer staging and diagnosis, rather than for screening purposes. Breast MRI screening is often performed to analyze the size of the tumor, and for checking tumors in the opposite breast. Women population with high risk of breast cancer are highly recommended to undergo breast MRI screening. The screening procedure is often used in a combination with mammography for more accurate and precise results.

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Breast MRI Screening Market: Drivers and Restraints-

Incidence of breast cancer has been rising in the lower income countries owing it to the increase in life expectancy, increasing urbanization, and adaption of western lifestyles. This rise in breast cancer cases is expected to propel market growth for breast MRI screening during the forecast period. Several combination screening techniques with mammography and technological advancements in breast MRI screening procedures is also expected to contribute to the growth of the breast MRI screening market. The growth of medical devices industry and increase in healthcare expenditure around the globe could also favor the breast MRI screening market growth over the years. However, high costs associated with breast MRI screening procedures, societal fear, cultural barriers and misconceptions regarding breast cancer and imaging techniques might hamper market growth for breast MRI screening over the forecast period.

Breast MRI Screening Market: Segmentation

On the basis of product type, Breast MRI Screening Market can be segmented as:

Closed Systems

Open Systems

On the basis of magnetic field strength, Breast MRI Screening Market can be segmented as:

Low Field Strength

Mid Field Strength

High Field Strength

On the basis of end user, Breast MRI Screening Market can be segmented as:

Hospitals

Cancer Research Centers

Specialty Clinics

Diagnostic Laboratories

On the basis of geography, Breast MRI Screening Market can be segmented as:

North- America

Eastern Europe

Western Europe

Asia-Pacific excluding China & Japan

China

Japan

Middle East and Africa

Latin America

Breast MRI Screening Market: Overview

Recent studies show that the sensitivity of breast MRI screening for invasive cancer has almost reached upto 100%, proving to being more efficient than mammography for breast cancer screening. Although, breast MRI screening also gives false-positive and thus, is recommended to be combined with mammography. Several results obtained from researches going worldwide indicate that, in high-risk women, mammography is considered to have a sensitivity of 6% for invasive cancer and 0% for DCIS, i.e. ductal carcinoma in situ, whereas, breast MRI screening gives a sensitivity of 90% for invasive cancer and 87% for DCIS. According to the American Cancer Society, it is recommended that all high-risk women population with 20% or more lifetime risk of breast cancer should undergo breast MRI screening with mammogram or ultrasound annually. For majority of these women, combined breast MRI screening with mammography should start at the age of 30. Also, breast MRI screening is not recommended as a screening test for women who have an average risk of breast cancer, as it might lead to unnecessary biopsies or different other tests.

Breast MRI Screening Market: Region-wise Outlook

North America and Europe’s Breast MRI Screening market is expected to fuel the major growth of the market, owing it to the innovations in imaging technologies for breast cancer screening, high prevalence rates of breast cancer and increasing number of breast MRI screening device manufacturers in these regions. MRI has gained popularity as an efficient imaging modality and increase in healthcare expenditure are also expected to contribute to the breast MRI screening market growth in these regions. Asia-pacific market for breast MRI screening, majorly, China, Japan and Korea are expected to increase significantly over the years, owing it to the growing awareness on breast cancer and high incidence rates due to increased lifespan.

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Breast MRI Screening Market: Key Market Participants

Some of the market participants in the Global Breast MRI Screening market identified across the value chain include: Hologic, Siemens AG, Fujifilm Holdings Corporation, General Electric Company, Inc., Koninklijke Philips N.V., Dilon Technologies, Inc., Aurora Imaging Technology, Inc., Sonocine, Inc., Gamma Medica, Inc., and Toshiba Corporation.

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