Breast Imaging Market By Technology (Ionizing, Non-Ionizing), By End -Users (Hospitals & Clinics, Diagnostic Imaging Centers, Cancer Care Centers, and Other), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

Breast Imaging Market size is expected to be worth around USD 11,285 Mn by 2032 from USD 5,094 Mn in 2022, growing at a CAGR of 8.5% during the forecast period from 2023 to 2032.

Request Covid - 19 Impact

Breast imaging is a primarily used method for the diagnosis of a majority of cancer patients globally. The market growth is increased by factors like the rising incidence of breast cancer, advancements in breast imaging technology, and investments from many organizations in breast cancer screening programs.

Driving factors

Increased Prevalence of Breast Cancer

Breast imaging helps in the diagnosis of breast cancer and other relevant problems. As the number of cases of breast cancer rises, the market is expected to surge.

Moreover, the increase in government initiatives to spread awareness about the early detection of breast cancer will be another major factor influencing the growth of the market.

Use of Hybrid Imaging Technology

Advanced techniques have been introduced by constant research and development that will help fuel the market growth. A combination of technologies in order to increase market growth is in great demand. In order to get a detailed view of a given organ, PET scans, CT scans, and MRIs are used in combination. Due to the use of combination technologies, the quality of detection has increased significantly.

Government Initiatives

Awareness and benefits of early diagnosis across the world will be increasing because of the initiatives taken by the government. Investments from the public as well as private sectors are increasing as the geriatric population, especially the female geriatric population, is increasing, which will help to reduce the cases of breast cancer that is expected to be a major driver to surge market growth.

Restraining Factors

Exposure to Radiation

The ionizing radiation used for detection can have adverse effects on the health of the person. These types of radiations are used in many techniques.

Expensive in Nature

One of the major challenges for the breast imaging market is the high cost of technology that hampers the growth of the market.

Technology Analysis

Based on technology, the market for breast imaging market is segmented into ionizing and non-ionizing. In 2022, the ionizing technology sector was estimated to have the fastest growth rate, with a revenue of 62.1% during the forecast period. The development of new ionizing technology used for breast imaging will lead to growth in the market in the coming years.

Also, significant funding is likely to be provided for advancements in currently available ionization-based technologies, which will contribute to the market's expansion over the forecast period. The commitment of the majority of breast imaging market participants to increase technology expenditures in order to provide market-leading products.

End-User Analysis

Based on end-user, the breast imaging market is segmented into hospitals & clinics, Diagnostic imaging centers, Cancer care centers, and other end-users. Among these end-users, the hospital's segment is estimated to be the most lucrative segment in the global breast imaging market, with the largest revenue share of 40.3% during the forecast period. Hospitals are positively impacted due to factors like the setup of advanced and well-established breast imaging facilities. This increases the duration of hospital stay, total healthcare cost, quality of care, and availability of emergency care.

Expenditure for hospital structures and establishments has surged globally over the coming years; this will help in the expansion of the market. These investments have helped to obtain an improved infrastructure and diagnostic equipment. This has also contributed to providing good health coverage in all hospitals based healthcare services. These key factors contribute to the growth of the breast imaging market.

Key Market Segments

Based on Technology

• Ionizing
• Non-Ionizing

Based on End-User

• Hospitals & Clinics
• Diagnostic Imaging Centers
• Cancer Care Centers
• Other End- Users

Growth Opportunity

Research and Development Activities

Various developmental activities and research in this field have been beneficial for the growth of the market, which has led to technological development. Constant research and development will surge the market growth.

Emerging Markets

Lack of awareness of cancer leads to late detection of breast cancer in the early stages, which results in a high mortality rate. The use of this technology in developing countries is increasing. This factor will create new opportunities for key players operating in breast imaging market.

Latest Trends

The aspect of therapy as well as the approach to it, have been hampered by recent advancements in imaging technology. It has become extremely important to use imaging techniques like CT scans, MRI scans, and PET scans to examine organ anatomical characteristics and metabolic data. The quality of breast images, patient comfort, and dosage have all improved as a result of these combined imaging technologies.

In order to increase the sensitivity and accuracy of breast cancer diagnostics, manufacturers all over the world are focusing on the introduction of new products due to these advantages. Rising awareness has helped in the early detection and diagnosis of breast cancer. The high prevalence of breast cancer and the size of the breast imaging market are some factors that surge the market growth.

Regional Analysis

North America dominated the breast imaging market in 2022 with a revenue share of around 36.4% and is expected to show a considerable growth rate in the forecast period. The Breast Imaging market is expanding because of the rising cases of breast cancer in this region. In an article on Breast Cancer Statistics, the American Society of Clinical Oncology estimates that 2,87,850 women in the United States can be diagnosed with invasive breast cancer and 51,400 with non-invasive (in situ) breast cancer during the year 2022.  As a result, the expansion of the breast imaging market in the region is likely to increase by the high incidence of breast cancer in the United States.

The global breast imaging market will expand at the fastest rate in Asia-Pacific. The primary factors surging the expansion of the market are the rising incidence of breast cancer, substantial investments in research and development for breast cancer therapies, and advancements in breast imaging techniques. The Centers for Disease Control and Prevention (CDC) says that irrespective of race or ethnicity, breast cancer is the most common cancer in most Asian countries.

The age-standardized incidence rate of breast cancer in Asia is 34.4 per 100,000 people, according to GLOBOCAN. As a result, the expanding healthcare infrastructure in the region and the rising incidence of breast cancer is likely to drive overall growth. It is anticipated that the presence of developing nations like China, Japan, and India will accelerate market expansion in the Asia-Pacific region. The breast imaging market is expected to grow over the forecast period due to key players constantly attempting to enter emerging markets in Asia-Pacific.

Key Regions and Countries

North America

• US
• Canada
• Mexico

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

Emerging key players are focused on a variety of strategic policies to develop their respective businesses in foreign markets. Several breast imaging market companies are concentrating on expanding their existing operations and R&D facilities. Furthermore, businesses in the bio-based disinfectants market are developing new products and portfolio expansion strategies through investments and mergers, and acquisitions. In addition, several key players are now focusing on different breast imaging marketing strategies, such as spreading awareness about natural ingredients, which is boosting the target products' growth.

Top Key Players in Breast Imaging Market

• GE Healthcare,
• Hologic, Inc.
• Philips Healthcare
• Gamma Medical, Inc.
• Siemens Healthcare
• Fujifilm Holdings Corp.
• SonoCine, Inc.
• Toshiba Corporation,
• Dilon Technologies, Inc.
• Aurora Imaging Technology, Inc.
• Other Key Players

Recent Development

• The Barcelona Supercomputing Centre (BSC) was in charge of leading Quantitative Ultrasound Stochastic Tomography (QUSTom), a brand-new European project, in May 2022. They want to develop a brand-new form of medical imaging that uses supercomputing and ultrasound and might eventually take the place of existing X-ray-based procedures like mammography.
• In March 2022, University of Notre Dame researchers created the NearWave Imager, a cutting-edge imaging tool for non-invasive breast cancer screening.
• GE Healthcare and the National Cancer Centre Singapore (NCCS) partnered in June 2022. By utilizing artificial intelligence and language processing, this cooperation aims to encourage the potential of more personalized cancer treatment choices and provide patients the chance to evaluate clinically important information along the patient journey.

Report Scope: