Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Breast Imaging Market – Insights
Breast imaging is a technique used to obtain high resolution visualization of breast tissues and associated diseases. Breast cancer is the leading cause of the breast disease that require immediate screening, which in turn is anticipate to boost growth of the breast imaging market.
Breast cancer can occur both in men and women. Furthermore, it is majorly reported in females as compared to male. The most common breast imaging tests used to determine breast cancer and related disease are ultrasound, mammography, nuclear imaging MRI, and thermography. Furthermore, mammography is the most preferred imaging techniques for breast cancer diagnosis for the women of age 40 and above.
The global breast imaging market size was valued at US$ 3,150.3 million in 2017, and is expected to witness a CAGR of 9.9% over the forecast period (2018 – 2026).
Figure 1. Global Breast Imaging Market Value Analysis and Forecast and Absolute $ Opportunity (US$ Mn)
Source: Coherent Market Insights Analysis (2018)
Increasing number of accidents and growing geriatric population are expected to drive growth of the breast imaging market
Increasing incidence of breast cancer is expected to be a major factor driving growth of the breast imaging market during the forecast period. According to the breastcancer.org, around 1 in 8 women develop breast cancer over the course of their lifetime. According to the same source, in 2017, an estimated 252,710 new cases of invasive breast cancer are expected to be diagnosed among women in the U.S.
Increasing government initiatives such as awareness programs and funding for research and development to introduce advanced imaging technologies in the market are expected to propel the breast imaging market growth.
For instance, in 2013, Avon Foundation, in partnership with NCI (National Cancer Institute) and the Center for Advancing Innovation funded US$ 250,000 to launch the Breast Cancer Start-up Challenge aimed at teams of business, engineering, medical/scientific, and computer science students, as well as small sized entrepreneurs to develop and commercialize advanced breast cancer inventions.
However, side effects of radiation and installation cost of breast cancer imaging devices and facilities may hinder growth of the breast imaging market.
Breast Imaging Market- Regional Analysis
Regional segmentation of the global breast imaging market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold dominant position in the global breast imaging market, owing to increasing initiatives by government, presence of major players, and early adoption of advanced medical technologies in economies such as the U.S. and Canada.
Europe is also expected to show significant growth in breast imaging market, owing to increasing prevalence of breast cancer among women in various economies of this region. According to a report by the UNICEF (The United Nations Children's Fund), around 41,000 new cases of women are diagnosed with breast cancer in England annually and become more common cancer observed in the women in England.
Increasing awareness among the populace in Asia Pacific, along with a large population base is expected to position Asia Pacific as a high growth market in the near future. According to International Association of Cancer Registries, in 2012, over 600,000 new breast cancer cases were reported in Asia, accounting for 39% of all breast cancers diagnosed worldwide.
Figure 2: Global Breast Imaging Market Value (US$ Mn), By Region
Source: Coherent Market Insights Analysis (2018)
Breast Imaging Market- Competitive Landscape
Manufacturers are focused on providing innovative products and solutions for women’s health through partnerships or agreements. For instance, in March 2018, Philips collaborated with the Hologic Inc. to offer combine Hologic’s innovative mammography technologies and Philips’ leading portfolio of ultrasound, MRI, CT, and X-ray systems, advanced informatics, and broad range of services, including maintenance, upgrade, training and operational performance management services for screening, diagnosis, and treatment of women across the world.
Moreover, in April 2016, Fujifilm India Pvt Ltd collaborated with NM Medical, for the installation of Fujifilm’s 50 Micron 3D Mammography machine-a highly advanced breast cancer diagnostic machine used to detect breast cancer among women at an early stage.
Key players operating in the breast imaging market include Hologic, Inc., General Electric Company, Siemens AG, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Gamma Medica, Inc., Toshiba Corporation, Sonocine, Inc., Aurora Imaging Technology, Inc., and Dilon Technologies, Inc.