Global Breast Imaging Market Size

Breast Imaging Market Analysis

The Global Breast Imaging Market size is estimated at USD 5.79 billion in 2024, and is expected to reach USD 8.24 billion by 2029, growing at a CAGR of 7.35% during the forecast period (2024-2029).

The ongoing outbreak of COVID-19 showed an impact on the breast imaging market because hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the globe. Moreover, the COVID-19 pandemic not only affected the global economy but also greatly impacted the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe. According to an article titled "Changes in the Number of US Patients With Newly Identified Cancer Before and During the Coronavirus Disease 2019 (COVID-19) Pandemic," appearing in the JAMA Network in August 2020, there has been a significant decline in breast cancer diagnoses (by as much as 51.8 percent) in the United States from March 1, 2020, to April 18, 2020. This is expected to have hurt breast imaging manufacturers as their demand has reduced significantly.

The breast imaging market is driven by the factors such as the growing prevalence of breast cancer, technological advancements in the field of breast imaging, and investment from various organizations in breast cancer screening campaigns. According to the World Health Organization article on Breast cancer published in March 2021, around 2.3 million women worldwide were diagnosed with breast cancer, and around 685,000 died from the severity of the disease in 2020. A large number of breast cancer cases worldwide, for which the primary means of diagnosis is breast imaging. This factor is likely to add to the growth of the breast imaging market in the forecast period.

The rising awareness and various breast screening programs have contributed to the rapid market growth. These screening programs have been shown to save lives compared to unscreened populations. For example, the Dutch breast cancer screening program for women between 50 and 75 years of age coordinated by the National Institute for Public Health and the Environment (RIVM) in April 2022 revealed that in the year 2020, the participation rate was 70.4%, since there was a hesitation due to fear of infection with SARS-CoV-2 virus.

Similarly, as per the government's national screening program in Australia, Breast Screen Australia, women aged 50-74 need to undergo free mammograms every two years. Cancer Australia, in September 2020, released a set of regulations titled "Guidance for the management of early breast cancer - Recommendations and practice points," where breast imaging for early diagnosis in the initial stages of breast cancer was discussed. Such initiatives are adding to the growth of the breast imaging market.

The growth is fueled by the launch and growing adoption of advanced mammography devices with innovative technologies. For Instance, in January 2021, Seno Medical Instruments received premarket approval from The Center for Devices and Radiological Health in the United States for its diagnostic breast cancer imaging technology. The new technology specialized in differentiating malignant and benign breast lesions. Many companies are also engaging in collaborations and partnerships to increase their market share. Hence owing to the aforementioned factors, the market is anticipated to propel at high growth rates. However, the high cost of imaging systems and the adverse effects of radiation exposure are expected to hinder the growth of the studied market in the forecast period.