Breast Imaging Market

Market Overview

The global breast imaging market size was valued at USD 4,558.50 million in 2022. It is expected to reach USD 9,483.51 million by 2031, growing at a CAGR of 8.48% during the forecast period (2023–2031).

A subspecialty of diagnostic radiology known as breast imaging involves imaging the breasts for either screening or diagnostic purposes. Women's breast tissues are examined using breast imaging technologies to find signs of breast cancer and other conditions related to the breast. The most frequently used breast imaging tests include mammograms, MRIs, and ultrasounds. Additionally, positron emission tomography (PET) and computed tomography scans (CT scans) are advised for breast cancer diagnosis. Further, mammography is a term used to describe breast imaging technology that uses low-dose X-rays to detect cancer early on before symptoms appear.

Market Dynamics

Global Breast Imaging Market Drivers

Rising Prevalence of Breast Cancer

As breast imaging aids in diagnosing breast cancer and other disorders related to the breast, the market is expected to be significantly driven by the rising number of breast cancer cases. The lining cells (epithelium) of the glandular tissue's ducts (85%) or lobules (15%) are where breast cancer is said to develop. The initial stage of the malignant development is confined to the duct or lobule ("in situ"), where it typically exhibits no symptoms and poses little risk of spreading (metastasis). The in-situ cancer cells may eventually engulf neighboring cells and spread to nearby lymph nodes (regional metastasis) and other body organs (distant metastasis).

Furthermore, breast cancer was the world's most common type of cancer by the end of 2020. According to WHO, 7.8 million women have been diagnosed in the past five years (as of March 2021). It is the type of cancer that results in the most disability-adjusted life years (DALYs) for women worldwide. In addition, with 2.26 million new cases globally diagnosed in 2020, breast cancer was the most common cancer in recent instances.

Rising Investment in Breast Cancer R&D

Any industry that wants to innovate and find more effective and efficient products than those already on the market must invest in research and development. Investments in breast cancer research have increased, supporting market growth during the forecast period. For instance, according to the National Institute of Cancer, US funding for breast cancer research increased by 10.5% from USD 519.9 million in 2016 to USD 574.9 million in 2018. In addition, Stand Up to Cancer Canada (SU2C Canada) and the Canadian Institutes of Health Research (CIHR) joined forces to form the SU2C Canada Metastatic Breast Cancer Dream Team, which the Canadian Cancer Society announced in August 2019. In order to prevent and treat metastatic breast cancer, this program has received USD 6 million to conduct nationwide clinical trials and public awareness campaigns. The market growth in the upcoming years will be further aided by key players' adoption of strategies like new product launches, product approvals, mergers and acquisitions, and strategic collaborations.

Global Breast Imaging Market Restraints

Associated Risks from Radiation Exposure

Breast imaging is crucial for the early diagnosis of breast cancer. Ionizing radiation technology is used in several breast imaging techniques for diagnosis. Ionizing radiation is used in contrast-enhanced mammography (CEM), digital breast tomosynthesis (DBT), whole-breast computed tomography (WBCT), breast-specific gamma imaging (BSGI), molecular breast imaging (MBI), and positron emission mammography (PEM), all of which are potential new breast screening methods. Most techniques only expose the breast tissue to radiation, but some, like BSGI, MBI, and PEM, call for the injection of radionuclides, which exposes the entire body to radiation. Research indicates that women with larger breasts need additional imaging procedures for a thorough exam, raising the radiation risks. Overexposure to radiation carries a small risk of cancer, which could slow the market's expansion.

Global Breast Imaging Market Opportunities

Growing Need in Emerging Markets

Future market growth is expected to be driven by developing regions like Asia-Pacific. In developing nations, there is a critical need for effective early breast cancer diagnosis because most cases are discovered later, which increases mortality. In Southern, Eastern, and South-Eastern Asia, 8.2 million new cancer cases and 5.2 million cancer deaths were expected in 2018. Of these, 845,400 new cases of breast cancer, or 10% of the total number of new cases, were reported. In Australia, as part of the government's nationwide screening program called Breast Screen Australia, women aged 50 to 74 must receive free mammograms every two years.

Additionally, the government is putting a lot of effort into developing the healthcare industry, and public awareness-building will support market expansion. For instance, as part of the government's national screening program called BreastScreen Aotearoa, women in Australia between the ages of 50 and 74 are required to receive free mammograms every two years. Women between 45 and 69 can get a breast screening in New Zealand thanks to BreastScreen Aotearoa. Every two years, eligible women can receive a free mammogram to check for breast cancer in its early stages. Such government initiatives support market growth by raising breast imaging awareness in developing nations.

Regional Analysis

North America Dominates the Global Market

By region, the global breast imaging market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.

North America is the most significant contributor to the global breast imaging market and is expected to grow at a CAGR of 7.88% during the forecast period. This is due to several factors, including the high prevalence of breast cancer among women, increasing public awareness of the disease, technological advancements in imaging equipment, and the presence of breast imaging equipment producers in the area. Canada and the US make up the two halves of North America. The most frequent cancer among American women is breast cancer, and 13% of women in the country face an average lifetime risk of developing the disease. In addition, the American Cancer Society predicted that in 2021, there would be approximately 43,600 female breast cancer deaths in the United States, along with about 281,550 new cases of invasive breast cancer in women and 49,290 new cases of ductal carcinoma in situ (DCIS). Further, breast cancer was the second-leading cause of cancer-related death in women in Canada in 2019, according to the Canadian Cancer Society.

Europe is expected to grow at a CAGR of 9.19% during the forecast period. With a rising geriatric population, rising breast cancer prevalence, and a developed healthcare system, Europe has also developed into a significant market for breast imaging. The area has significant growth potential, contributing to the breast imaging market share growth in the upcoming years. In the EU-27, it was predicted that more than 355,000 women received a breast cancer diagnosis in 2020. There are also a greater number of senior citizens living in Europe, with the highest proportion of senior citizens in 2019 being in Italy. In addition, Germany, Italy, and Portugal led most European nations and territories with the highest median ages, between 14 and 20. A growing number of cancer patients are being diagnosed in the area as a result of the high elderly population. Further, breast cancer is more common as people age, with women 40 and older accounting for 95% of new cases. The world's most developed and best healthcare systems are found in Europe, which is expected to drive market growth over the forecast period.

Asia-Pacific has lucrative potential for market participants in the breast imaging sector because of increased breast cancer awareness, an expanding patient base, and government measures to improve healthcare facilities. Asian women currently have a lower overall incidence of breast cancer than women in other parts of the world, but this incidence is steadily rising. Compared to Western nations, Asia-Pacific has a higher mortality-to-breast-cancer incidence ratio. In addition, risk factors for Asian women include reduced parity, increased obesity, and delayed childbirth. The governments of the Asia-Pacific region are taking steps to improve their healthcare systems. Japan, Australia, Singapore, and Hong Kong are among the top Asian-Pacific performers in healthcare outcomes like mortality rates, life expectancy, and access to high-quality medical care. Governments are also stepping up their efforts to raise public awareness.

The Middle East, Africa, and Latin America are the three main geographic areas that comprise the rest of the world's breast imaging market. The market in the area is being driven by factors like an increase in breast cancer incidences, an increase in the geriatric population, and a greater penetration of health insurance. In Latin America, breast cancer is women's most prevalent type of cancer. An estimated 115,000 women are diagnosed with breast cancer annually, and 37,000 pass away from the disease. According to the Pan American Health Organization, in Latin America and the Caribbean in 2018, breast cancer accounted for 27% of new cancer cases and 16% of cancer deaths in women. Breast cancer is the most common cancer in women in the middle east, accounting for one-third of all cancer cases and 24% of all cancer deaths, according to the US National Library of Medicine National Institute of Health. A lack of knowledge about breast cancer and limited access to healthcare facilities is constraining the region's breast imaging market.

Segmental Analysis

The global breast imaging market is segmented by technology and end-user.

Based on the technology, the global market is bifurcated into ionizing technology and non-ionizing technology.

The ionizing technology segment is the highest contributor to the market and is expected to grow at a CAGR of 8.09% during the forecast period. Mammography, molecular breast imaging/molecular breast specific gamma imaging, PET-CT, contrast-enhanced spectral mammography, and cone beam computed tomography are all examples of breast imaging techniques that use ionizing radiation. In order to find cancer, mammography uses low-dose x-rays, an imaging technique. It is advised for younger women with breast cancer symptoms or at high risk of developing the condition. In the US, there are reportedly 48 million mammograms performed annually. The United States Food and Drug Administration claims that mammography can detect 85–90% of breast cancer in women over 50.

Breast MRI, Breast Ultrasound, Breast Thermography, Optical Imaging, and Electrical Impedance Imaging are all examples of non-ionizing technology (EII). Ionizing radiation imaging is riskier than non-ionizing imaging as it can harm a person's cells and genetic makeup. It can cause acute effects like skin redness and impair the way tissues function. Breast ultrasound creates finely detailed images of the breast using high-frequency sound waves. This imaging aids in providing a clear picture of the breast's soft tissue, which is difficult to see in x-ray images. To facilitate and expedite examinations for patients and doctors, Philips introduced an all-in-one breast ultrasound product in October 2018 for breast assessment. Breast MRI is the most effective and sensitive method for finding breast cancer that cannot be seen using traditional imaging techniques. It can image the entire breast volume and chest wall and uses non-ionizing radiation.

Based on the end-user, the global market is bifurcated into hospitals and clinics and specialty centers.

The hospitals and clinic segment owns the highest market share and is expected to grow at a CAGR of 9.27% during the forecast period. There are many hospitals in developed nations like the US and Japan. Hospitals offering cutting-edge treatment to patients are becoming more prevalent in developing countries. These clinics and hospitals are equipped with MRI, CT, ultrasound, and x-ray machines, giving patients access to cutting-edge imaging technology and helping to detect breast cancer early. Early cancer detection helps with effective treatment and stops the disease from spreading to other body parts. The development of hospital facilities is boosting the global breast imaging market.

There are more specialist facilities providing breast imaging services globally. These specialized facilities offer a wide range of imaging methods for identifying and treating breast cancer. According to the US National Library of Medicine National Institutes of Health, breast cancer is common in developed nations but accounts for about 60% of all cancer-related deaths worldwide. Governments worldwide are launching campaigns to educate the public about breast cancer. Public Health England launched the "Be Clear on Cancer" campaign to raise breast cancer awareness, which has increased the number of specialty facilities offering breast imaging.

Recent Developments

• November 2022- At RSNA, Philips introduced new informatics solutions enhanced by AI to boost diagnostic confidence with knowledge at every stage of the radiology workflow.
• January 2023- Seno Medical and Genetik signed a distribution deal for the breast imaging system.