Global Breast Imaging Market - Segmented by Type of Imaging Modalities and Geography - Growth, Trends, and Forecast (2018 - 2023)
The breast cancer imaging Market is expected to register a CAGR of about 8.5%, during the forecast period, 2018 to 2023. North America dominates the market, due to growing amount of technological advancements, and accessibility and awareness of breast cancer. Breast cancer is anticipated to be the preliminary driver of the breast imaging market. According to a report by the UNICEF, breast cancer is the most communal cancer observed in the women globally. Therefore, the demand of these products is anticipated to increase during the forecast period.
Governments Efforts to Increase Awareness
Breast cancer is the leading cause for the growth of the breast imaging market. Spreading awareness about breast cancer is an effort to raise awareness and reduce the stigma of breast cancer through education on symptoms and treatment. Breast cancer advocates raise funds and lobby for better care, more knowledge, and more patient empowerment. They conduct educational campaigns or provide free or low-cost services. This along with other factors, such as R&D in Breast Cancer Diagnostics will help drive the breast imaging market.
Errors and Side Effects Associated with Breast Screening
The main risk of mammograms is that they do not provide perfect diagnosis. Normal breast tissue can hide a breast cancer so that it doesn't show up on the mammogram. This is called a false negative. And mammography can identify an abnormality that looks, like a cancer, but turns out to be normal. This is called a false positive. Besides worrying about being diagnosed with breast cancer, a false positive means more tests and follow-up visits, which can be stressful. To make up for these limitations, more than mammography is often needed. Women also need to practice breast self-examination, get regular breast examinations by an experienced health care professional, and, in some cases, also get another form of breast imaging, such as breast MRI or ultrasound. Since, mammography is the most common form of breast imaging it will act as a restraint for the breast imaging market along with factors, like high cost of imaging systems and stringent regulation
High Growth Rate of Market in APAC
North America is estimated to be the largest regional segment in the global breast imaging market in 2016, followed by Europe. However, the Asia-Pacific market is expected to grow at the highest CAGR of 9.5% from 2016 to 2021. A number of factors, such as the growing patient population, increasing healthcare expenditure, improving healthcare infrastructure, growing government spending on breast cancer research studies, and implementation of several initiatives to create awareness about the early detection of breast cancer are expected to drive the market in the Asia-Pacific region.
Key Developments in the Market