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Breast Imaging Is Estimated To Witness High Growth Owing To Rising Prevalence Of Breast Cancer

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Ashish Thapa
Breast Imaging Is Estimated To Witness High Growth Owing To Rising Prevalence Of Breast Cancer

Breast imaging refers to the production of visual depictions of the internal structure and/or functioning of the breasts for medical purposes such as screening for and diagnosing breast diseases like cancers or abnormalities. Breast imaging helps in detection, diagnosis, staging, screening, and guiding the treatment of the breast cancers, and plays a very important role during breast cancer management.

The global Breast Imaging Market is estimated to be valued at US$ 4,840.71 million in 2023 and is expected to exhibit a CAGR of 5.6%  over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.


Market Opportunity:


The rising prevalence of breast cancer has been identified as a major factor driving the growth of the breast imaging market. For instance, according to the World Health Organization (WHO), breast cancer is the most common cancer in women worldwide. In 2020, around 2.3 million new cases of breast cancer were diagnosed globally. Moreover, breast cancer is the leading cause of cancer death among women worldwide. Early detection of breast cancer can significantly improve treatment outcomes and survival rates. Breast imaging enables early detection of breast abnormalities and helps in diagnosis of breast cancer at an early stage. This has significantly increased the demand for breast imaging modalities globally, thereby accelerating market growth over the forecast period.


Porter's Analysis


Threat of new entrants: Low capital requirements in diagnostic imaging makes entry easier compared to surgical options. However, the market is dominated by few globally established players


Bargaining power of buyers: Individual patients have low bargaining power but collective bargaining through insurance companies and hospitals raises their influence on pricing.


Bargaining power of suppliers: Suppliers of imaging equipment, contrast materials and other inputs have some bargaining power given patent-protected nature and lack of substitutes.


Threat of new substitutes: Non-invasive imaging continues to improve but so far no perfect substitute for screening and diagnosis.


Competitive rivalry: Intense competition between imaging manufacturers accentuated by technology upgrades and pricing pressures.



SWOT Analysis


Strengths: Non-invasive nature makes it preferred screening option. Continuous technological advancements improving detection rates.


Weaknesses: High equipment and maintenance costs. Chronic shortage of specialized radiologists for reporting. Interpretation dependent on human factors.


Opportunities: Emerging economies with increasing healthcare spends represent growth areas. Untapped rural regions remain opportunities.


Threats: Changing reimbursement policies may squeeze margins. Stringent regulations for new product approvals.


Key Takeaways


The global Breast Imaging Market Demand  is expected to witness high growth over the forecast period of 2024 to 2031. The global breast imaging market is estimated to be valued at US$ 4,840.71 million in 2023 and is expected to exhibit a CAGR of 5.6%  over the forecast period 2024 to 2031.


Regional analysis shows that North America currently dominates the Breast Imaging market due to established healthcare infrastructure and high adoption rates of advanced imaging technologies in the region. However the Asia Pacific region will grow at the highest CAGR during the forecast period.


Key players operating in the Breast Imaging market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy’s Laboratories Ltd., Himalaya Wellness Company, Stemson Therapeutics, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd. Major players are focusing on new product launches, collaborations and geographic expansions to gain higher market shares.

 

 

Explore more related article on this topic: https://www.ukwebwire.com/breast-imaging-market-demand-analysis/

https://techaxen.com/medicine-testing-services-in-the-us-ensuring-product-safety-and-compliance/

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