The global breast imaging market is
expected to reach USD 7.3 billion by 2024, according to a new report by Grand
View Research, Inc. The increasing incidences of breast cancer coupled with the
continual product improvements being launched and the numerous R&D
innovation initiatives being undertaken in the field of cancer are expected to
collectively boost the growth of the market over the forecast period.
In 2012, the
WHO estimated that around 53.0% of the global women population (1.8 billion
women) is anticipated to suffer from breast cancer over their lifespan. This
alarmingly rising rate is expected to be the preliminary driver for this market
over the forecast period.
The rising
base of the geriatric population is another high impact rendering driver of the
breast imaging market. A study by the NCBI (National Center for Biotechnology
Information) stated that the incidence of breast cancer is higher in patients
above the age group of 45.
Increasing
expenditure on R&D coupled with government funding are the other vital
factors expected to trigger market growth over the forecast period. In 2013,
the National Institute of Health, in the U.S. provided a grant amounting to USD
5.6 billion to conduct research on breast cancer. Digital mammography is one of
the technologies gaining popularity as compared to other technologies, which is
expected to positively reinforce this market’s growth.
However, the
high cost of the existing imaging systems coupled with the stringent regulatory
policies governing the approval of new products and marketing are predicted to
slowdown growth.
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Further key findings from the study suggest:
- The 3D tomosynthesis segment is identified as the fastest growing segment. This technology offers enhanced efficiency and higher diagnostic accuracy in comparison to other available technologies, which is expected to aid market growth.
- North America is likely to dominate throughout the forecast period with a revenue share of over 30.0% by 2024.Government initiatives including the precision medicine initiative, started by President Obama in 2015, promotes the development of personalized medicine, which is anticipated to foster market growth.
- Asia Pacific is anticipated to grow at the fastest rate of12.0% over the forecast period. The Increasing number of investments in the healthcare sector coupled with the rising awareness of breast cancer and other associated conditions is anticipated to propel the market growth in this region.
- Some major players of the market are Siemens Healthcare, GE Healthcare, Dilon Technologies, Inc., Hologic, Inc., Gamma Medica, Inc., Fujifilm Holdings Corporation, SonoCine, Inc., Philips Healthcare, Toshiba Corporation, and Aurora Imaging Technology, Inc.
- In order to gain a competitive advantage in the market, the key industry players are adhering to mergers, acquisitions and collaborative agreements. For instance, in January 2016, Gamma Medica, Inc. entered into a contract with Alpha Imaging Technology Corp. for the commercialization of its new product, Luma GEM.
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About
Grand View Research:
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
Contact:
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Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
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