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Breast Imaging Market will grow at highest pace owing to increasing breast cancer cases

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The breast imaging market comprises various technologically advanced medical devices such as x-ray imaging systems, ultrasound systems, breast MRI systems, and breast tomosynthesis systems used for accurate breast cancer screening and diagnosis. These medical imaging modalities allow for high-quality visualization of breast tissues and detection of abnormalities with better specificity and sensitivity than physical breast exams alone. MRI as a screening tool for high-risk women has greatly improved the ability to identify cancer early.

The Global Breast Imaging Market is estimated to be valued at US$ 4840.71 Mn in 2024 and is expected to exhibit a CAGR of 5.6% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the breast imaging market are Stemson Therapeutics, OliX Pharmaceuticals, Inc, Pfizer Inc, Aclaris Therapeutics, Inc., Fagron, Follicum AB, Cipla Inc., Arcutis Biotherapeutics, Dr. Reddy€TMs Laboratories Ltd., Himalaya Wellness Company, Stemson Therapeutics, Cosmo Pharmaceuticals N.V., Equillium, Inc., Eli Lilly and Company, Concert Pharmaceuticals Inc., and Teva Pharmaceutical Industries Ltd. Growing awareness regarding early breast cancer detection and benefits of various screening modalities is increasing the demand for breast imaging systems globally. Furthermore, increasing penetration of breast imaging systems across healthcare settings in emerging markets is expected to drive the global expansion of the breast imaging market during the forecast period.

Market drivers

The breast imaging market is primarily driven by the rising prevalence of breast cancer worldwide. As per the WHO, breast cancer is the most common cancer in women globally, with an estimated 2.3 million new cases and 685,000 deaths reported in 2020. Advanced medical imaging technology plays a crucial role in early detection and improved survival rates. Moreover, ongoing research for development of novel breast imaging modalities with higher sensitivity and specificity is further fueling the market growth. Growing healthcare expenditure per capita globally and rising medical tourism across developing regions are also propelling the breast imaging market.

The current geopolitical situation has impacted and will continue to shape the growth trajectory of the Global Breast Imaging Market Size over the forecast period. Heightened political and military tensions between several regions globally have disrupted supply chains and manufacturing operations for breast imaging equipment manufacturers. This is likely to hamper the availability of advanced diagnostic devices in the short term until alternative production and sourcing hubs are established. Additionally, economic downturns and currency fluctuations arisen from unfavorable geopolitics would dampen the purchasing power and discretionary spending on breast cancer screening by both public healthcare systems and individuals. Healthcare reform priorities of many governments may also shift away from non-communicable diseases towards other more pressing issues during times of regional conflicts and instability. Overall, a protracted geopolitical crisis can stall the market growth which relies on continued investments in breast cancer research and new product development.

To overcome such challenges, breast imaging companies need to devise contingency plans to diversify their supplier network beyond sole reliance on select markets. They must scout suitable manufacturing partners in politically stable growing economies to set up alternate production facilities. Furthermore, affordable financing schemes and convenient payment options can help maintain the demand from price-sensitive customer segments affected by economic troubles. Strong clinical evidence highlighting the benefits of early detection in breast cancer management also needs highlighting to policymakers for prioritizing screening programs even during difficult times outside of health sectors. Tapping untapped rural populations and raising awareness in developing regions less impacted by geopolitics could partially offset slower growth in certain established markets.

In terms of geographical concentration, North America currently dominates the breast imaging market and held a share of over 40% in value terms as of 2023. This can be attributed to the high prevalence of breast cancer, growing public awareness about screening, and favorable reimbursement scenarios for diagnostic tests and procedures in the US and Canada. However, Asia Pacific is emerging as the fastest growing regional market and will gain significant market shares through 2030 supported by China, India, Japan, and other developing Asian countries. Here increasing healthcare investments, rising living standards, growing focus on women's health, and expanding consumer base present lucrative opportunities for breast imaging players.

The Asia Pacific is one of the fastest growing regions for the breast imaging market. With improving healthcare infrastructure and rapidly increasing disposable incomes, countries like China and India are expected to drive the growth of the breast imaging market in the region. Other factors contributing to the growth include rising awareness about breast cancer and importance of early detection, growing focus on women's healthcare, increasing number of screening programs and diagnostic centers, and expansion of private healthcare sector. Additionally, lower equipment installation and maintenance costs compared to developed markets of North America and Europe make the Asia Pacific region attractive for investments by global breast imaging manufacturers. They are actively forming partnerships with local players and setting up manufacturing bases to cater to the fast growing demands.

Get More Insights On This Topic: https://www.newsanalyticspro.com/breast-imaging-market-analysis-growth-forecast-outlook-2023-2030/

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