Breast Imaging Market Worth $7.08 billion by 2027 at a CAGR of 9% from 2020 to 2027
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According to this latest publication from Meticulous Research®, the breast imaging market is expected to grow at a CAGR of 9% from 2020 to 2027 to reach $7.08 billion by 2027. The growth in the breast imaging market is mainly attributed to the rising prevalence and incidence of breast cancer, growing awareness for early detection of breast diseases, technological innovations and launch of advanced breast imaging equipment & software, increasing investment and funding in R&D for breast cancer treatment, and rising women aging population. In addition, the extensive research in the development of hybrid imaging systems supports the growth of this market. However, the high cost of breast imaging equipment, errors associated with breast screening and diagnosis, and stringent regulatory approval procedure are the key factors expected to hinder the adoption of breast imaging.
The global breast imaging market study presents, historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027 - by technology [ionizing (FFDM, analog, 3D mammogram, CT, CBCT), non-ionizing (breast ultrasound, breast MRI, AWBU, breast thermography)], end user (hospital, diagnostic imaging center), and geography. The study also evaluates industry competitors and analyzes their market share at the global and regional level.
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Based on technology, the ionizing technology segment is estimated to account for the largest share of the overall breast imaging market in 2020. However, the non-ionizing technology segment is slated to grow with the fastest CAGR during the analysis period, due to their advantages over ionizing technologies such as high safety as no radiation exposure is required; accurate detection of breast tumor location; and higher sensitivity for smaller breast lesion.
Based on end user, the hospitals segment is estimated to account for the largest share of the overall breast imaging market in 2020. However, the ambulatory surgical centers segment is projected to register the fastest CAGR during the forecast period, mainly due to the factors such as rising preference for outpatient services and quick arrangement of diagnostic examinations for critical breast cancer patient by eliminating the waiting time at hospitals, less treatment cost, and new insurance plans for ASC treatment coverage.
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Geographically, North America is estimated to command the largest share of the global breast imaging market in 2020, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The major share of this region is mainly attributed to the factors such as high prevalence of breast cancer, greater adoption of advanced technologies, growing investments in cancer research activities, and presence of key players in the region. However, Asia-Pacific region is expected to be the fastest growing regional market during the forecast period.
The key players operating in the global breast imaging market are Hologic, Inc. (U.S.), GE Healthcare (U.S.), Canon Inc. (Japan), Siemens AG (Germany), Koninklijke Philips N.V. (Netherlands), Carestream Health, Inc (U.S.), Planmed Oy (Finland), Hitachi, Ltd. (Japan), Dilon Technologies Inc. (U.S.), CMR Naviscan Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), Aurora Healthcare US Corp (U.S.), and SonoCine Inc. (U.S.) among others.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.
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