Global Breast Ultrasound Systems Market: Overview
Breast cancer is the most common form of cancer observed in the global female population. Risk of breast cancer increases with age. The disease is commonly observed among women who are 40 years of age and above. Morbidity rates of breast cancer are increasing more rapidly in developed countries as compared to developing countries. On the other hand, mortality rates of breast cancer are higher in developing countries due to lack of awareness and lack of availability of health care facilities. According to World Health Organization (WHO) statistics published in December 2013, 1.7 million i.e. 11.9% of the world’s female population has been diagnosed with breast cancer globally in 2012. Breast imaging products are used by health care professionals, especially by radiologists and oncology hospital technicians, for the diagnosis of breast cancer and monitoring of breast cancer therapy. Incidence of breast cancer is rapidly increasing with the aging of the population and increased use of hormone replacement therapy (HRT). This has resulted in increased need for breast imaging diagnostic solutions worldwide. Breast ultrasound systems are used to detect cancer or other conditions using sound waves. Transducers, which emit sound waves in the body and collect their echoes, are placed on the skin surface. Echoes thus collected are then converted into black and white images with the help of computer software and displayed on the computer screen. Breast Ultrasound Systems is used along with mammography due to its wide availability and lowe cost as compared to MRI technique.
Global Breast Ultrasound Systems Market: Drivers and Restraints
Breast ultrasound is not independently recommended in breast cancer diagnosis and is commonly used on a specific area of inspection. Sonography enables differentiation of cysts and solid masses. It also enables differentiation between cancerous and non-cancerous (benign) tumors. Ultrasound is also observed to be beneficial in diagnosis among women with very dense breasts. It is sometimes used in breast biopsies as a guiding tool during the procedure. Ultrasound technique is an old and well-established technique. Therefore, awareness about it is higher as compared to other available techniques. Lower cost, high rate of awareness, and wide availability are some of the factors driving the breast ultrasound systems market. The global breast ultrasound systems market is rapidly expanding due to factors such as high incidence of breast cancer, aging demographics, and government initiatives to spread awareness regarding breast cancer and its diagnosis. However, stringent regulatory approval procedures, lack of awareness, and lack of reimbursement coverage restrict the expansion of the global breast ultrasound systems market.
Global Breast Ultrasound Systems Market: Key Segments
The global breast ultrasound systems market can be segmented based on technology, application, end-user, and region. Based on technology, the global breast ultrasound systems market can be categorized into breast sonography and automated whole breast ultra sound. In terms of application, the global breast ultrasound systems market can be divided into screening and diagnostics. Based on end-user, the global breast ultrasound systems market can be classified into hospitals, ambulatory surgical units, and diagnostic centers.
In terms of region, the global breast ultrasound systems market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America currently dominates the global breast ultrasound systems market due to certain advantages such as highly developed health care infrastructure, well- defined government regulations, and high level of awareness about breast cancer among the general population. In addition, rise in awareness about breast cancer in countries of Asia Pacific such as China, India, Japan, and Australia among others is likely to augment the breast ultrasound systems market in the near future.
Global Breast Ultrasound Systems Market: Key Players
Key players operating in the global breast ultrasound systems market include Hologic, Inc., Philips Healthcare, Siemens Healthcare Corporation, and SonoCine, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.