Published On: Oct 26, 2016
Transparency Market Research observes that companies operating in the global breast imaging market will focus on retaining their dominant stance through strategic mergers and acquisitions in the coming years. This move is expected to help players expand their geographical reach and widen their consumer bases. “Product innovation and product launches will also prove to be critical to the success of these companies,” states the lead author of this research report. Some the key companies in the global market are GE Healthcare Ltd., Siemens Healthcare Corporation, SonoCine Inc., FUJIFILM SonoSite, Inc., Aurora Imaging Technologies, Inc., and Philips Healthcare.
Well-equipped Healthcare Infrastructure Keeps North America in Forefront of Global Market
According to the research report, the global breast imaging market is expected to be worth US$4.06 bn by 2019, as the market progresses at a CAGR 12% between the forecast period of 2013 and 2019. The mammography technique of breast imaging will lead the global market as it is the most popularly suggested diagnostic test. Analysts predict that the tomosynthesis technology will also be an emerging technology segment as it surges at a steady CAGR of 18.1% during the forecast period. Geographically, North America dominates the global market due to the adequate development of healthcare infrastructure over the past few years. The region is anticipated to lead with a CAGR of 9.9% during the forecast period.
Initiatives to Raise Awareness about Breast Cancer Boosts Demand for Imaging Technologies
As the morbidity and mortality rate due to breast cancer sprints, several private and public healthcare organizations are taking serious measure to improve diagnostics. Research suggests that female population above the age of 40 years and the ones on hormone replacement therapy (HRT) remain at a higher risk of breast cancer. Thus, both these factors are propelling the demand for breast imaging solutions across the globe. The growing pool of the geriatric female population, rising awareness about the disease, improved life expectancy, and ardent efforts by governments and non-profit organizations to introduce early diagnosis programs are anticipated to pivot the uptake of breast imaging technologies.
Amongst the various technologies being used for breast imaging, mammography is expected to gain an accelerated momentum as the report indicates that about 44 million women opt for this form of breast imaging with each passing year in the U.S. alone. Of these, about 36% are prescribed a second diagnostic test such as an ultrasound breast screening. Presently, ultrasound has been observed as an accurate method of detecting cancer amongst women with heavy breasts. Additionally, breast MRI techniques are also gaining traction as it is used for detecting a wide range of breast conditions. The high rate of the resurgence of breast cancer amongst women has also augmented the demand for positron emission tomography (PET) scan, which is predominantly used for understanding the seriousness of a recurrent breast cancer type.
Geographically, North America and Europe breast imaging market retain their dominant positions through the forecast period due to a strong healthcare infrastructure. The high level of awareness in the regions is also anticipated to make a remarkable difference to the growth of this market in the aforementioned regions. Analysts predict that Asia Pacific will also emerge as a significant region in the global market due to a growing number of breast cancer cases in developing countries of China and India. Thus, the increase in the rate of screening of breast cancer in Asia Pacific and the booming medical tourism industry are both expected to propel the demand for these technologies in the coming few years.
Strict Approval Norms Hamper Market Growth
The global breast imaging market is being hampered due to the stringent regulatory norms that have slowed down the approval procedures. These norms have consistently harped on the fact that imaging procedures must use the lowest possible dosage of radioactive materials to ensure patient safety. Thus, agencies are focused towards approving only those products that meet the set standards of safety and efficacy. The market is also being hampered due to the lack of awareness in developing countries and economically backward countries.
This review is based on Transparency Market Research’s report, titled “Breast Imaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.”
Global Breast Imaging Market, by Technology
- Breast MRI
- Breast Ultrasound
- Nuclear Imaging
- Bioelectric Imaging
- Breast Thermography
Global Breast Imaging Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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