PUBLISHER: The Business Research Company | PRODUCT CODE: 1429353
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429353
Breast imaging devices are medical equipment crucial for screening, diagnosing, and supporting breast health, including cancerous and noncancerous breast diseases. These devices play a vital role in early detection and treatment of breast cancer.
Key product types in breast imaging devices include tomosynthesis, breast ultrasound, breast MRI, mammography, nuclear imaging, and others. Tomosynthesis is an imaging method employed for both screening and diagnostic purposes, particularly in individuals with or without symptoms of breast cancer. Breast imaging devices utilize ionizing and non-ionizing technologies. These devices find application in hospitals, clinics, breast care centers, and diagnostic imaging centers.
The breast imaging devices market research report is one of a series of new reports from The Business Research Company that provides breast imaging devices market statistics, including breast imaging devices industry global market size, regional shares, competitors with a breast imaging devices market share, detailed breast imaging devices market segments, market trends and opportunities, and any further data you may need to thrive in the breast imaging devices industry. This breast imaging devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The breast imaging devices market size has grown strongly in recent years. It will grow from $4.53 billion in 2023 to $4.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The historical growth can be attributed to several factors, including an increase in the number of healthcare facilities, economic growth in emerging markets, rapid technological advances, a rising prevalence of breast cancer, and an aging female population.
The breast imaging devices market size is expected to see strong growth in the next few years. It will grow to $5.9 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. Anticipated growth in the forecast period is driven by heightened awareness for early detection of breast diseases, a growing adoption of diagnostic medical imaging, and increased investment and funding for breast cancer treatments. Key trends include investments in expanding product portfolios, strategic collaborations, a growing focus on developing portable devices, investment in photoacoustic breast imaging, utilization of augmented reality (AR) for breast imaging, and advancements in hybrid imaging technology.
The expansion of the breast imaging device market is attributed to the escalating prevalence of breast cancer. Factors such as increased exposure to hormone replacement therapies (HRT), hormonal imbalances, menopause, and several reproductive disorders have significantly elevated the risk of breast cancer among individuals. Breast cancer stands as the most prevalent cancer affecting women globally, as per statistics from the World Health Organization (WHO), impacting approximately 2.1 million women annually. Additionally, it leads to the highest number of cancer-related fatalities among women. A recent report from the American Society of Clinical Oncology (ASCO) indicated that 1 in 3 new female cancer cases in the United States is diagnosed as breast cancer. In the year 2023, an estimated 297,790 women in the United States are expected to be diagnosed with invasive breast cancer and 55,720 with non-invasive (in situ) breast cancer.
The anticipated growth of breast imaging devices is further propelled by the increasing expenditure in the healthcare sector. Healthcare expenditure encompasses the overall spending on healthcare services and goods within a specified region or country during a defined period, encompassing medical consultations, hospital visits, surgeries, diagnostic procedures, and treatments. Notably, this includes expenses related to breast cancer screening, diagnostic procedures, and treatments involving breast imaging devices, as well as investments in research and development (R&D) for enhancing breast imaging technology. According to statistics from the Office for National Statistics in the UK, healthcare spending surged by 9.4% in nominal terms and 9.7% in real terms. In 2021, the UK's total healthcare expenditure was $367.25 billion (£280.7 billion), with pharmaceutical spending reaching $51.84 billion (£39.6 billion), and preventive care expenditures hitting $45.93 billion (£35.1 billion), demonstrating a substantial increase compared to 2020. Thus, the surge in healthcare expenditure is a significant driver fueling the growth of the breast imaging devices market.
Key players in the breast imaging devices market are actively pursuing strategic initiatives such as the introduction of technologically advanced products and expanding their product portfolios, marking a prominent trend in the industry. These companies are launching innovative devices to attract a broader customer base and maintain a competitive edge. For instance, in March 2021, Siemens Healthineers, a Germany-based company in the breast imaging devices market, unveiled Mammovista Smart, a software solution utilizing AI technology to enhance breast image reading processes, workflow tracking, and analysis. Notable features include reduced loading time and support for radiologists in efficiently managing patient databases.
Leading companies in the breast imaging devices market are placing a strong emphasis on AI-driven technology development, exemplified by products such as Imagio. Imagio, introduced by Seno Medical Instruments Inc. in November 2022 and approved by the FDA, is a breast imaging system utilizing opto-acoustic/ultrasound (OA/US) hybrid modality for real-time assessment and differentiation between malignant and benign breast tissue. Capable of detecting tumors as small as 3mm, Imagio incorporates an AI decision-support tool called SenoGram, aiding physicians in interpreting images effectively. This strategic integration of AI technology reflects a commitment to innovation and diagnostic excellence in breast cancer diagnosis.
In February 2021, Smart Breast, a U.S.-based manufacturer specializing in molecular breast imaging devices, completed the acquisition of GE Healthcare's Discovery NM750b molecular breast imaging assets. This strategic move aims to enhance Smart Breast's product offerings. GE Healthcare, a U.S.-based manufacturer renowned for diagnostic imaging devices, divested this particular asset as part of the acquisition.
Major companies operating in the breast imaging devices market report are Siemens Healthineers AG, Hologic, Inc., GE Healthcare, FUJIFILM Holdings Corporation, Canon, Philips Healthcare, Aurora Imaging Technology Inc., Delphinus Medical Technologies, Micrima Limited, SonoCine Inc., Hitachi, Ltd., QT Ultrasound LLC, Trivitron Healthcare, Telerad Tech, Henan Forever Medical Co., Ltd., Guangzhou Medsinglong Medical Equipment Co., Ltd., Medsinglong Co Ltd., Toshiba Corporation, Wuhan Darppon Medical Technology Co., Ltd., Koninklijke Philips N.V., Planmed Oy, Barco NV, Esaote SpA
North America was the largest region in the breast imaging devices market in 2023. Asia-Pacific was the second largest market in the global breast imaging devices market report. The regions covered in the breast imaging devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the breast imaging devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The breast imaging devices market consists of sales of imaging equipment such as breast ultrasound, breast MRI, mammography, nuclear imaging, and others. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Breast Imaging Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on breast imaging devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for breast imaging devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The breast imaging devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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