Global Breast Cancer Imaging Market Usher Positive Growth Forecast at CAGR of 8.5% for the Forecasted Period 2016-2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 19, 2017 /PRNewswire/ --
Medical imaging involves different technologies used for monitoring, diagnosing and treatment of medical conditions, according to Food & Drug Administration (FDA). Since 2000, developments within medical technologies have transformed methods of disease diagnosis. Innovations in medical technologies such as magnetic resonance imaging, nuclear imaging scanners, and computed tomography have paved the way towards effective and efficient treatment of chronic medical conditions. Global medical imaging technology market is anticipated to rise at an average of 5.5% per annum till 2023. Some of the notable applications of medical technologies are in the areas of cancer and neuroscience. Medical imaging technologies help in cancer treatment by showcasing multidimensional view of human anatomical structures. Medical imaging technologies have been used in studying both malignant and benign tumours. Breast cancer is amongst the notable application of medical imaging technologies. Early diagnosis is the first step towards treatment of breast cancer. Breast cancer imaging technologies such as mammography enable early diagnosis and treatment of cancer. Global breast cancer imaging market is projected to rise at CAGR of 8.5% for forecasted period 2016-2023. Increasing prevalence of breast cancer, government investments & funding for breast cancer treatment and research, aging population, rising awareness for breast cancer, increasing investments in precision medicine, advancements in breast imaging modalities and rising investment in medical imaging technologies are some of the key drivers of the breast imaging market for the forecasted period. High cost of breast imaging systems, stringent regulatory environment, side effects of radiation, lack of consistency in reimbursement programs, and errors in breast cancer screening & diagnosis are the factors restraining breast cancer imaging market for the forecasted period.
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Increasing prevalence of breast cancer: Growth driver
According to World Cancer Research Fund International (WCRFI), breast cancer is the most common form of cancer in women worldwide with an average 2 million new cases being detected every year. American Cancer Research Society (ACRS) anticipates by 2030, the incident rate of breast cancer is expected to reach over 9.9 million with over 5.5 million annual deaths, primarily due to aging population. Incident rate of breast cancer is higher (46% in 2016) amongst women aged between 45-65 years across the globe. ACRS studies state, with an aging population, prevalence rate of breast cancer amongst elderly women aged 55 years and above is bound to increase. Breast cancer represents 12% of all new cases of cancer amongst women in 2016, according to WCRFI. Europe leads the world with the highest number (25% in 2016) of new breast cancer cases followed by North America and Asia Pacific according to the National Cancer Institute (NCI), USA. Belgium, Denmark, France, Netherlands, Bahamas and USA are countries with the highest rate of breast cancer in world according to a WCRFI survey in 2016. Global economic burden due to breast cancer stood at $5.7 billion in 2016, according to ACRS. However, ACRS estimates, the global economic burden on breast cancer is anticipated to reach over $8 billion by 2025. Increasing number of breast cancer cases would supplement global breast cancer imaging market for the forecasted period.
North America & Europe: Dominant markets
North America and Europe dominate breast cancer imaging markets in terms of revenue & technology adoption. Breast cancer imaging market in North America and Europe are primarily driven by high breast cancer prevalence rate, rising awareness about breast cancer, increasing healthcare expenditure, investments in precision medicine, high disposable income population, favourable regulatory environment and presence of a large pool of medical imaging technology companies. According to ACRS, two out of ten women in North America are suffering from breast cancer. North America accounts for 30% global breast cancer imaging market in 2016 according to OBRC analysis. Breast cancer imaging market in North America is driven by investment in precision medicine. In 2016, USA accounted for 64% of total investment in North America for precision medicine, according to OBRC studies. Similarly, precision medicine is gaining foothold in Europe. According to healthcare journal Touch Oncology, precision medicine market in Europe is anticipated to grow by an average of 10% per annum till 2025. Germany, France, UK, Switzerland, and Netherland are amongst the leading markets for precision medicine in Europe. Growing precision medicine market and high disposable income population in North America and Europe would drive breast cancer imaging market for the forecasted period.
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