Breast Imaging Market Worth USD 7 Billion by 2024

The global breast imaging market size was estimated at USD 2.9 billion in 2016 and is expected to reach USD 7.3 billion by 2024, driven by the increasing prevalence of breast cancer and other breast-related diseases such as infections, lesions and fibrocysts, as well as supportive government initiatives to increase awareness.

These are the latest findings of Grand View Research, Inc. (San Francisco, CA, USA), a market research and consulting company.

Breast cancer is anticipated to be the primary driver of the breast imaging market. According to the National Cancer Foundation (NBCF), breast cancer is the second-most common type of cancer in the world, accounting for about 10.9% of cancer incidences in both women and men. The increased prevalence of breast cancer can also be attributed to lifestyle changes and reduced breastfeeding duration, particularly in the developed countries. Hence, the demand for breast imaging is expected to increase during the forecast period.

Government intervention such as awareness programs and funding for R&D in the field of breast cancer are also expected to boost the breast imaging market. For instance, in 2013, the National Cancer Institute of the US invested about USD 559 million in breast cancer research. Similarly, in the same year, the UK government launched a campaign “Be clear on cancer,” to spread awareness about the risk factors, preventive measures, and early diagnosis of cancer. A number of companies are also educating women about breast health and preventive measures as part of their corporate social responsibility activities. For instance, GE Healthcare has launched a commercial on the awareness of breast density and its effect on screening techniques. Thus, increasing awareness is anticipated to drive the demand for breast imaging during the forecast period.

Geographically, North America is expected to dominate the global breast imaging market during the forecast period with a share of over 30.0% by 2024. Sophisticated healthcare facilities and the availability of reimbursement for medical treatments are facilitating the usage of breast imaging equipment in the region. Moreover, the prevalence of breast cancer and breast-related diseases is substantially higher in North America as compared to the global average, thus contributing significantly to the market growth in this region. Additionally, government initiatives, including the precision medicine initiative, for the development of personalized medicine, are also expected to contribute to the growth of the North American breast imaging market. However, the breast imaging market in Asia Pacific is projected to grow at the highest CAGR of 12.0% during the forecast period, driven by increasing investments in the healthcare sector and growing awareness about breast cancer and other associated conditions.

Technological advances, such as molecular breast imaging, digital mammogram, optical imaging, electrical impedance imaging, and tomosynthesis, are also boosting the market growth. Mammography-based devices dominate the breast imaging market with the largest share, whereas the 3D tomosynthesis segment is expected to record the highest growth during the forecast period, due to its higher accuracy and reliability. Moreover, in order to win over the competition, the key players in the market are continuously introducing new and improved technological features in their systems.

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