Breast Imaging Technologies Market to Reach $8.13 Bn, Globally, by 2030 at 8.1% CAGR: Allied Market Research

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Apr 06, 2022, 09:50 ET

Rise in prevalence of breast cancer and increase in investments from private & government organizations for development of healthcare infrastructure drive the growth of the global breast imaging technologies market.

PORTLAND, Ore., April 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Breast Imaging Technologies Market by Technology (Ionizing Breast Imaging Technology, Non Ionizing Breast Imaging Technology): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global breast imaging technologies industry generated $3.73 billion in 2020, and is estimated to generate $8.13 billion by 2030, witnessing a CAGR of 8.1% from 2021 to 2030.

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Drivers, Restraints, and Opportunities

Rise in prevalence of breast cancer, surge in demand for early diagnosis, increase in investments from private & government organizations for development of healthcare infrastructure drive the growth of the global breast imaging technologies market. However, high cost needed for detection of breast cancer and stringent regulatory approval procedures restrain the market growth. On the other hand, technological advancements in the medical device industry, surge in advent of screening technologies and increase in demand for early diagnosis present new opportunities in the coming years.

Impact of Covid-19 on Breast Imaging Technologies Market-

The breast imaging practices were impacted by the Covid-19 pandemic. Hospitals and clinics were restructured to raise the capacity for patients diagnosed with Covid-19 and resources from other departments were shifted to take care of those patients.

The implementation of lockdown and possibility of cross-contamination led to decline in the number of patient visits for various diseases such as cancer, diabetes, and others during the pandemic. Many non-elective surgeries and procedures were postponed.
According to the Eurasian Journal of Medical Investigation (EJMI), there had been around 41.7–64.4% decline in the number of breast imaging modalities from April to July 2020.

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The ionizing breast imaging technologies segment to maintain its dominance during the forecast period

Based on technology, the ionizing breast imaging technologies segment contributed to the highest market share in 2020, accounting for nearly two-thirds of the global breast imaging technologies market, and is projected to maintain its dominance in terms of revenue during the forecast period. This is attributed to increase in number of approvals for mammography and screening procedures. However, the non-ionizing breast imaging technologies segment is projected to manifest the highest CAGR of 8.7% from 2021 to 2030. This is due to rise in incidence of breast cancer among women and upsurge in technological advancements such as development of automated ultrasound systems.

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North America to maintain its leadership status by 2030

Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global breast imaging technologies market, and is expected to maintain its leadership status by 2030. This is due to rise in prevalence of breast cancer, increase in number of approval for breast imaging technology, and development in technology in the healthcare sector. However, Asia-Pacific is projected to register the fastest CAGR of 9.2% during the forecast period, owing to surge in number of screening technology and increase in demand for early diagnosis.

Leading Market Players

Canon Inc.
Fluidigm Corporation
Fujifilm Holdings Corporation
General Electric Company
Hologic, Inc.
Koning Corporation
Koninklijke Philips N.V.
Siemens AG
Smart Breast Corporation
Sonocine Inc.

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