London, May 27, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled “Breast Imaging Market by Technology [Ionizing (FFDM, Analog, 3D Mammogram, CT, CBCT), Non-Ionizing (Breast Ultrasound, Breast MRI, AWBU, Breast Thermography)], End User (Hospital, Diagnostic Imaging Center), and Geography- Forecast to 2027” published by Meticulous Research®, the breast imaging market is expected to grow at a CAGR of 9% from 2020 to 2027 to reach $7.08 billion by 2027.

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Breast cancer is the second leading cause of death in women. It occurs when the cells present in the breast lose their property of controlled growth and start invading surrounding cells and tissues and spread throughout the body. Breast imaging is one of the popular diagnostic modalities used to screen and diagnose breast cancer. Rising prevalence and incidence of breast cancer, growing awareness for early detection of breast diseases, technological innovations and launch of advanced breast imaging equipment & software, increasing investment and funding in R&D for breast cancer treatment, and rising women aging population are the key factors driving the steady growth in the overall breast imaging market. In addition, the extensive research in the development of hybrid imaging systems further supports the growth of this market.

Impact of COVID-19 on the Breast Imaging Market

Due to recent outbreak of Novel Corona Virus (COVID-19), hospitals have limited resources and staff. With this shortage, there has been delay in some surgeries and other medical procedures. This does not imply that the treatment of other patients is not important, it just means it’s not urgent or life-threatening.

Moreover, in major markets such as North America and Europe, continuous rise in COVID-19 cases has completely prohibited the movement of people, which led to delays in routine breast examinations related to cancer diagnosis and hence can impact the market to a certain extent. To tackle this, the government of all the countries has taken necessary precaution measures by allowing entry of only patients requiring urgent care. Also, the high rates of sickness among health workers due to COVID-19 have significantly reduced the availability of medical staff which is hampering the routine medical checkups of cancer patients including imaging procedures. Moreover, during the coronavirus crisis, many practices have experienced a sudden drop in imaging exams, which has resulted in dramatic changes in operations and on the revenues.

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Further, the purchasing of new equipment and its installations is completely hampered these days, which is also going to affect the market for the year 2020. Most of the parts and materials used in making of medical equipment are from China, and complete shutdown of trade from such countries has further reduced the manufacturing of medical equipment including breast imaging systems, thereby hampering the growth of the market.

The global breast imaging market study presents, historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027 - by technology [ionizing (FFDM, analog, 3D mammogram, CT, CBCT), non-ionizing (breast ultrasound, breast MRI, AWBU, breast thermography)], end user (hospital, diagnostic imaging center), and geography.

Based on technology, the ionizing technology segment is estimated to account for the largest share of the overall breast imaging market in 2020. The large share of this segment is mainly attributed to the continuous innovations in ionizing technology, incessant launches of breast imaging systems with ionizing technology, and growing focus and investments of key players in development and improvement of this technology. However, the non-ionizing technology segment is slated to grow with the fastest CAGR during the analysis period, due to their advantages over ionizing technologies such as high safety as no radiation exposure is required; accurate detection of breast tumor location; and higher sensitivity for smaller breast lesion.

Based on end user, the hospitals segment is estimated to account for the largest share of the overall breast imaging market in 2020. The large share of this segment is mainly attributed to the factors such as increasing investments on healthcare infrastructure development, higher purchasing power, availability of well-equipped operating & diagnostic rooms, and better health coverage for hospital-based healthcare services. However, the ambulatory surgical centers segment is projected to register the fastest CAGR during the forecast period, mainly due to the rising preference for outpatient services and quick arrangement of diagnostic examinations for critical breast cancer patients by eliminating the waiting time at hospitals, less treatment cost, and new insurance plans for ASC treatment coverage.

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Geographically, North America is estimated to command the largest share of the global breast imaging market in 2020, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The largest share of North America is mainly attributed to the high prevalence of breast cancer, greater adoption of advanced technologies, growing investments in cancer research activities, and presence of key players in the region. However, Asia-Pacific region will be the fastest growing regional market due to the accelerated economic growth of many countries in this region; increasing prevalence of breast cancer; and growing government focus towards improvement of healthcare sector. In addition, frequent breast screening programs to spread awareness related to importance of early diagnosis in the region is the other key factor propelling the growth of the Asia-Pacific breast imaging market.

The report also includes extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2020). The breast imaging market has witnessed number of product launches and approvals in recent years. For instance, in November 2019, Hologic, Inc. (U.S.) announced the approval of 3DQuorum Imaging Technology by the U.S. FDA to be used with Hologic’s Clarity HD high resolution imaging technology.

The global breast imaging market is highly consolidated with the presence of major players such as Hologic, Inc. (U.S.), GE Healthcare (U.S.), Canon Inc. (Japan), Siemens AG (Germany), Koninklijke Philips N.V. (Netherlands), Carestream Health, Inc (U.S.), Planmed Oy (Finland), Hitachi, Ltd. (Japan),  Dilon Technologies Inc. (U.S.), CMR Naviscan Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), Aurora Healthcare US Corp (U.S.), and SonoCine Inc. (U.S.).

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Scope of the Report:

Breast Imaging Market by Technology

  • Ionizing Technology
    • Full-Field Digital Mammography (FFDM)
    • 3D Breast Tomosynthesis
    • Positron Emission Tomography/Computed Tomography (PET/CT)
    • Molecular Breast-Specific Gamma Imaging (MBI/BSGI)
    • Computed Tomography (CT)
    • Positron Emission Mammography (PEM)
    • Analog Mammography
    • Cone Beam Computed Tomography (CBCT)
  • Non-Ionizing Technology
    • Breast  Ultrasound
    • Breast MRI
    • Automated Whole-Breast Ultrasound
    • Breast Thermography
    • Optical Imaging

Breast Imaging Market by End User

  • Hospitals
  • Diagnostic Imaging Centers
  • Ambulatory Surgical Centers

Breast Imaging Market by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia-Pacific (APAC)
    • Japan
    • China
    • India
    • Australia
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

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