Breast Imaging Market Estimated to Flourish by 2019
According to a recent market research report published by Transparency Market Research, the global breast imaging technologies market is estimated to expand robustly at a CAGR of 12.0% during the period between 2013 and 2019. The report, titled “Breast Imaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” projects the global breast imaging technologies market to be worth US$4.06 bn by 2019. The overall market stood at a valuation of US$1.84 bn in 2012.
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Breast cancer refers to a malignant tumor that starts in the cells of breast. The malignant tumor starts invading surrounding tissues or spreads to distant areas of body. While breast cancer is common among women, men can also get affected. When diagnosed early, the survival chances of patients are high. The treatment methods such as chemotherapy, radiation, and surgery to be administered depend on the stage of cancer.
The report points out that the growing prevalence of breast cancer and aging demographics have boosted the growth of the global breast imaging technologies market. A number of initiatives taken by governments and private organizations to spread awareness about breast cancer have also augmented the market growth. However, stringent regulatory approval procedures and the lack of reimbursement coverage will play spoilsport in the growth of the market during the forecast horizon. Lack of awareness about breast cancer, especially across the developing economies will also hamper the market growth. The overall market has a huge opportunity to grow with the development of improved technologies with reduced radiation exposure. The report further analyzes the impact of Porter’s five forces on the growth of the market during the forecast period,
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On the basis of technology, the report segments the global breast imaging technologies market into tomosynthesis, breast ultrasound, mammography, breast MRI, nuclear imaging, and others including breast thermography, and bioelectric imaging. Mammography utilizes low-intensity X-rays to develop two-dimensional images of breast tissues. In 2012, the demand for mammography was the highest, followed by breast MRI. In the U.S. alone, around 44 million women undergo mammography every year. During the forecast horizon, tomosynthesis is estimated to register a CAGR of 18.1% and nuclear imaging is also expected to witness significant growth.
The report studies the breast imaging technologies market across four key regions: North America, Europe, Asia Pacific, and Rest of the World. In 2012, North America dominated the entire market and held 32.6% of the market. The rapid growth of the market in North America can be attributed to the highly developed healthcare infrastructure. Though North America is currently the undisputed leader in the market, during the forecast horizon, Asia Pacific is expected to register a significant growth. Rapidly developing medical tourism market and improving healthcare infrastructure will propel the growth of the market in Asia Pacific.
Describing the competitive landscape, the report profiles some of the key players in the global breast imaging technologies market such as FUJIFILM SonoSite Inc., Hologic Inc., Aurora Imaging Technologies Inc., Dilon Technologies Inc., SonoCine Inc., Philips Healthcare, GE Healthcare Ltd., and Siemens Healthcare Corp. It provides insightful information about the key players including their product segmentation, recent developments, and business strategies. The U.S.-based Hologic Inc. dominated the overall market in 2013. A number of strategic partnerships and agreements, and new product launches have contributed towards the company’s growth in the market.
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