Breast imaging market is estimated to be valued at USD 4.46 Bn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period (2024-2031). The increasing prevalence of breast cancer and growing female population worldwide are some of the key factors driving the growth of the market. Furthermore, the rising adoption of advanced imaging technologies, such as 3D mammography, magnetic resonance imaging, and breast ultrasound, is also expected to boost the market growth.
Market Dynamics:
Rising prevalence of breast cancer and growing adoption of screening programs are fueling the growth of the breast imaging market. According to the World Health Organization (WHO), breast cancer is the most common cancer in women worldwide, with an estimated 2.3 million new cases diagnosed in 2020. Early detection through regular screening improves the chances of treatment effectiveness and survival. Various government initiatives to raise awareness about the benefits of screening are encouraging more women to opt for regular breast imaging tests. Additionally, ongoing technological advancements are enabling improved accuracy in detecting cancer at early stages. For example, 3D mammography offers more detailed images over conventional digital mammography
Increasing Prevalence of Breast Cancer
Breast cancer is one of the most prevalent types of cancer worldwide. According to the World Health Organization (WHO), breast cancer is the most common cancer among women, impacting 2.3 million women each year. The rising incidence of breast cancer is primarily due to factors such as obesity, lack of physical activity, drinking alcohol, hormone replacement therapy during menopause, ionizing radiation from chest X-rays, and using oral contraceptives. With more women being diagnosed with breast cancer, the demand for effective screening and detection methods such as breast imaging is increasing significantly. This growing disease burden is a major market driver for breast imaging technologies.
Advancements in Breast Imaging Technologies
Continuous innovations and improvements in breast imaging technologies are helping providers detect breast cancer more accurately. Technologies such as 3D mammography, automated whole breast ultrasound, and molecular breast imaging offer better visualization and earlier detection compared to conventional methods. AI and machine learning are also enhancing imaging analysis. Vendors are focusing on developing more sophisticated hardware and software with improved resolution, lower radiation dose, automated whole breast assessment, and integration with PACS and analytics. The advancements are making breast imaging more efficient and less operator-dependent. They are positively impacting the market growth by making screening more accessible and personalized for patients.
High Cost of Advanced Breast Imaging Modalities
While novel breast imaging technologies offer clinical benefits, they also involve a significant capital expenditure and operating costs. Examples include 3D mammography systems priced over US$ 0.5 million and molecular breast imaging machines costing upwards of US$ 1 million. The high equipment and maintenance costs are prohibitive for small healthcare providers in price-sensitive markets. It restricts universal access to cutting-edge breast cancer screening approaches and acts as a market restraint.
Lack of Skilled Radiologists
As the applications of AI and other advanced technologies in breast imaging expand, there is a growing shortage of qualified breast radiologists who can analyze and interpret images effectively. Limited training opportunities and reluctant adoption of newer techniques have led to a radiologist shortage. Moreover, breast imaging requires substantial time investment to gain expertise. The dearth of properly trained professionals poses challenges in optimizing the clinical benefits of new and traditional imaging modalities alike. It hampers faster clinical integration and market expansion prospects of breast imaging technologies.
Rising Healthcare Expenditure in Developing Markets
Given the prohibitive costs of internal manufacturing, an increasing number of biopharma companies and research institutions are outsourcing their cell therapy production requirements to third-party contract manufacturing organizations (CMOs). This outsourcing trend provides enormous opportunities for specialized CMOs with expertise and facilities for cell therapy manufacturing. According to industry forecasts, over 60% of future cell therapy manufacturing will be outsourced to CMOs. Outsourcing allows sponsors to avoid hefty capital costs while accessing specialized expertise of CMOs. It also provides flexibility to adjust production needs based on clinical demand. This outsourcing model is expected to drive significant market demand for CMO cell therapy services globally.
Increased Adoption of Cloud-based Breast Imaging Solutions
The popularity of telehealth expanded greatly during the COVID-19 pandemic. There is growing demand for virtual or hybrid care models that leverage modern technologies. Cloud platforms for storage, remote diagnosis, and collaborative interpretation of breast imaging cases can address challenges like radiologist shortages and deliver services to remote areas. Vendors innovating cloud-integrated solutions, especially those compliant with regulations, gain a competitive edge. It presents an opportunity to convert more patients, providers, and payers to new revenue streams based on cloud subscriptions and software-as-a-service offerings.
*Link: https://www.coherentmarketinsights.com/market-insight/breast-imaging-market-2040
Key Development
- On April 19, 2024, the Radiological Society of North America (RSNA) and GE HealthCare, a global healthcare company, announced that they had collaborated to provide mammography technology, training, and educational tools to radiologists at Muhimbili National Hospital (MNH), which is part of Muhimbili University of Health and Sciences (MUHAS) in Tanzania and to bring advanced mammography technology to Tanzania
- In November 2023, GE Healthcare, a healthcare company, announced the launch of MyBreastAI Suit, an all-in-one platform of artificial intelligence (AI) app to support clinicians with breast cancer detection and improved workflow productivity. MyBreastAI Suite integrates three artificial intelligence (AI) applications from iCAD including ProFound AI for DBT, SecondLook for 2D Mammography, and PowerLook Density Assessment to help support early detection and improve patient outcomes, as well as help radiology departments improve operational productivity.
- In February 2023, Radiology Imaging Associates, a division of RadNet, Inc., a diagnostic imaging centers company, announced that it has started the implementation of its new Enhanced Breast Cancer Detection (EBCD) service which works in concert with a patient's annual breast screening regimen. For an additional fee, patients can receive an advanced screening mammography service including
- The application of Saige-Dx, an Food and Drug Administration cleared artificial intelligence (AI) technology powered by DeepHealth
- An additional AI-driven review ("Accord") applied to certain suspicious exams and findings
- An in-depth personalized lifetime risk assessment for breast cancer; and
- A dedicated 1-800 support line for questions about certain aspects of the patient's reports
Key Players: GE Healthcare, Siemens Healthcare GmbH, Seno Medical, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Hologic, Inc., Aurora Imaging Technologies, Inc., Canon Inc., Dilon Technologies, Inc., Leica Biosystems Nussloch GmbH (Danaher), Carestream Health, Avante Health Solutions, Hitachi, Ltd, and PLANMED OY
