A research study titled, “Breast Imaging Technologies Market by Product - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the breast imaging technologies market is projected to be around $6 billion by 2025.
Over the past few decades, breast imaging technologies have greatly revolutionized the healthcare industry. These modalities allow doctors to diagnose breast cancers at an early stage and drastically improve patient outcomes. Today, advanced imaging technologies deliver substantial benefits to the healthcare providers and the patients. These modalities assist physicians in better understanding the complications related to breast cancers. The procedures are completely non-invasive, painless and majority of these procedures don’t require any special prior preparation.
Some of the key factors driving the growth of breast imaging technologies market are the growing prevalence of breast cancer, aging population, increased patient awareness about early diagnosis of breast cancers, and technological advancements in breast imaging techniques. According to WHO, breast cancer is the most common type of cancer in women across the world, both in developing as well as developed countries. The incidence has been steadily rising in low and middle-income countries owing to increased life expectancy and adoption of western lifestyle. According to the 2015-16 report on breast cancer by the American Cancer Society, over 3.1 million women with a history of breast cancer were alive in the U.S. as on January 1, 2014. With such high prevalence of breast cancer, the breast imaging technologies market will witness substantial growth during the forecast period. However, factors such as stringent regulatory approval procedures and superior cost of breast imaging systems are expected to restrain the market growth during the forecast period.
Ionizing breast imaging technologies segment dominated the overall market in 2016 to their capability to detect breast cancer at an early stage thereby escalating the odds of survival of the patients. Full-field digital mammography segment dominated the ionizing breast imaging technologies market in 2016 as the technology uses less radiation as compared to film mammography. Non-ionizing breast imaging technologies segment is projected to witness fastest growth during the forecast period owing to the introduction of advanced imaging modalities such as automated whole breast ultrasound technology. Breast MRI segment held the largest share of the non-ionizing breast imaging technologies market in 2016 owing to its high sensitivity towards small abnormalities and its ability to visualize the breast in any orientation.
U.S. held the major share of the North American breast imaging technologies market in 2016 owing to high prevalence of breast cancer along with the presence of highly advanced healthcare infrastructure in the country. Emerging markets such as China and India will experience significant growth during the forecast period due to increasing awareness related to early detection of breast cancer and rising healthcare expenditure in these countries.
The major players operating in the global breast imaging technologies market emphasize on product development and innovation along with strategic collaborations such as partnerships, acquisitions, and agreements in order to retain and improve their competitive position in the market. For instance, in June 2017, Hologic, Inc., obtained FDA approval for its Genius 3D Mammography exam as the only FDA approved mammogram superior to standard 2D mammography in terms of routine screening of breast cancer in women with dense breasts. Some of the key players in the global breast imaging technologies market are, GE Healthcare (a division of General Electric Company), Dilon Technologies, Hologic, Inc., Gamma Medica Inc., Koninklijke Philips N.V., Siemens AG, Toshiba Medical Systems Corporation (acquired by Canon, Inc. in December 2016), SonoCiné, Inc., Fujifilm Holdings Corporation, and Aurora Imaging Technology, Inc.
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Breast Imaging Technologies Market Segmentation: