Breast Imaging Market: Opportunities & Challenges

Posted on 2019-10-09 by MarketsandMarkets in Biotech, Healthcare, Pharmaceuticals // 0 Comments

CITY, Country, 2019-Oct-09 — /EPR Network/ —

The global breast imaging market is valued at USD 3,117.3 million in 2018 and estimated to grow at a CAGR of 8.0% during the forecast period. Growth in this market is mainly driven by the rising prevalence of breast cancer in women, ongoing technological advancements in breast imaging modalities, growing government investments and funding for breast cancer treatment and related research, increasing awareness about the early detection of breast cancer, and growth in the aging population.

The breast imaging market is diversified and competitive, with a large number of players dominating different product segments depending on core competencies. As of 2017, Hologic, Inc. (US), GE Healthcare (US), Siemens Healthineers (Germany), and Philips Healthcare (Netherlands) were the leading companies in the market.

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What is the growth potential of emerging economies in Breast Imaging market?

Emerging economies, such as India and China, offer significant growth opportunities for the breast imaging market due to increasing incidences of breast cancer. As per GLOBOCAN 2018, the incidence of breast cancer in China is estimated be to 367,900 in 2018; this number is estimated to increase by 37,780 cases by 2025. Likewise, the number of women diagnosed with breast cancer is estimated to reach 261,850 in 2040 from 126,468 in 2018 in India. Breast cancer incidences among women aged more than 65 are expected to increase by ~61% and ~65% in India and China, respectively, by 2025.

Governments in emerging countries are also investing heavily in the development and modernization of healthcare infrastructure. For instance, healthcare expenditure in China increased in 2016, as fiscal spending on healthcare grew by 10% year-on-year. According to the National Health and Family Planning Commission (NHFPC), the health budget of China for 2016 was USD 0.18 trillion. Likewise, Brazil spends ~9.1% of its GDP on healthcare. The Ministry of Health in Brazil and several non-governmental organizations have also initiated efforts to improve early diagnosis and promote breast cancer screening and education in the country, while the Brazilian government has increased investments until 2014 for breast and cervical cancer screening, which is contributing to the adoption of breast imaging in the country.

Given the opportunities presented by these emerging markets, a number of key players are focusing on expanding their presence there. For instance, in October 2016, Fujifilm India planned to expand its medical devices business into high-end screening machines for the domestic market, as well as to export. Through this, the company aimed to increase its medical equipment business in India.

How would exposure to radiation affect the Breast Imaging market?

Ionizing breast screening and diagnostic tools such as PET-CT and cone-beam CT may increase a patient’s risk of developing radiation-induced cancer. Exposure to radiation has a number of short-term and long-term side-effects, which usually occur within six months or even after a year of exposure. These include mild pain or discomfort around the breast, skin damage, swelling or inflammation of the breast or surrounding tissues, loss of hair in the armpit or chest, and fatigue. Moreover, radiation exposure can also lead to damage of nerves in the arm, hand, or chest.

Government programs creating awareness about these side-effects have limited the growth of the ionizing breast imaging technologies market to a certain extent. However, the increasing efforts of market players to develop advanced breast imaging technologies with low radiation exposure will help overcome this issue in the coming years.

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