The breast imaging market involves diagnostic imaging technologies that are used for early detection and diagnosis of breast cancer. Mammography has been the gold standard for breast cancer screening and comprises X-ray examinations conducted to detect early signs of breast abnormalities. Other modalities such as breast ultrasound and breast MRI aid in screening and examining the breast tissues in greater depth.
The Global Breast Imaging Market Size is estimated to be valued at US$ 4840.71 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period of 2024 to 2030.
Key Takeaways
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€TMs 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. The growing demand for breast imaging modalities can be attributed to the rising prevalence of breast cancer worldwide. Technological advancements in devices such as 3D mammography and MRI are further expanding the capabilities of breast screening and diagnosis.
Market trends
Breast imaging market trends include growing adoption of digital breast tomosynthesis also known as 3D mammography. 3D mammography creates a 3D image of the breast and has demonstrated superior detection of invasive breast cancers compared to digital mammography. Another key trend is an increasing focus on developing AI and machine learning algorithms for breast cancer screening and interpretation of scans.
Market Opportunities
Breast cancer screening rates remain low in developing countries representing a major market opportunity. Governments and healthcare providers are working to spread awareness and improve accessibility of breast imaging modalities. Another opportunity lies in leveraging artificial intelligence and big data analytics to develop advanced diagnostic solutions and personalized treatment approaches for breast cancer.
Impact of COVID-19 on Breast Imaging Market
The COVID-19 pandemic has significantly impacted the growth of the breast imaging market. During the initial phase of the pandemic, the demand for breast imaging procedures declined significantly due to lockdowns and movement restrictions imposed across countries. This led to a decline in new patient registrations and procedure volumes. Hospitals diverted resources towards COVID-19 treatment and prioritized urgent cancer cases over routine screening. This period saw deferment of several screening procedures.
However, with gradual lifting of restrictions and resumption of regular healthcare services post lockdowns, the market is witnessing recovery. There is renewed focus on diagnostic screening to clear backlogs and address delayed diagnoses. Various awareness programs are being conducted to emphasize the importance of early detection of breast cancer. Medical facilities are ensuring compliance of safety protocols to instill confidence among patients and encourage them to seek timely screening. Telehealth and virtual consultations are also being leveraged to improve access.
Going forward, continued digitalization of healthcare, expansion of medical infrastructure and resumption of screening guidelines are expected to support market growth. However, potential future waves pose challenges. The industry will need to ensure preparedness through strategic partnerships, new product launches and optimized operational models to deal with disruptions. Adopting hybrid models combining digital and in-person services can help make the market more resilient.
In terms of regions, North America holds the major share of the breast imaging market in terms of value, owing to the high acceptance of advanced technologies and well-established healthcare industry in the US and Canada. The Asia Pacific region is anticipated to be the fastest growing market for breast imaging during the forecast period. Factors such as the rising healthcare expenditure, growing awareness regarding early detection of breast cancer, and increasing initiatives by public-private organizations to promote screening will support the growth of the breast imaging market in the Asia Pacific region. Countries like China and India offer huge untapped growth potential with their huge population base and improving medical infrastructure.
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