CAGR: 10.2%Current Market Size: USD 4.9 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global molecular breast imaging market is expected to grow from USD 4.9 billion in 2022 to USD 10.65 billion by 2030, at a CAGR of 10.2% during the Projection period 2023-2030. The growth of the molecular breast imaging market is mainly driven owing to the rising awareness towards early detection of breast cancer.
Diagnostic radiology's subspecialty of breast imaging uses ionising or non-ionizing radiation to find breast tumour lesions. With the aid of this approach, doctors can make an early diagnosis before the symptoms themselves manifest. The rising prevalence and incidence of breast cancer, growing public awareness of the importance of early detection of breast cancer and other related diseases, technological advancements including the introduction of advanced breast imaging equipment and software, rising investment and funding in R&D for breast cancer treatment, and an ageing female population are all factors contributing to the market's growth. In addition, the tremendous research being done to develop hybrid imaging systems presents huge growth potential for the companies competing in the international breast imaging market. One of the common and painless extra tests used by radiologists to evaluate areas of concern is molecular breast imaging. Every year, a non-profit organisation in the United States called the National Breast Cancer Foundation, Inc. organises the National Mammography Program, which offers free mammograms and diagnostic services for the early detection and treatment of breast cancer.
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Market Dynamics:
Drivers:
As the incidence of breast cancer among women has increased significantly, the use of various technologies for detecting it has also increased, which is driving the growth of the market. Globally, about 2.1 million cases of breast cancer are predicted to occur by 2030, according to the World Cancer Research Fund. In addition, breast imaging is the primary method of diagnosis for a majority of breast cancer patients globally, so this will also contribute to the molecular breast imaging market's growth.
Restraints:
The high cost of technology is one of the major challenges hindering the growth of the market in developing regions. The high cost of technology is making molecular breast imaging less acceptable among consumers which is impacting the market value. Moreover, it is expected that the molecular breast imaging technologies market will grow very slowly during the Projection period due to stringent regulatory approval procedures.
Opportunities:
The molecular breast imaging market is witnessing immense growth as a result of technological advancements and innovations in the devices by major key players. A growing amount of research is being conducted in this field, as well as various types of development activities which have contributed to the market's growth. Furthermore, there is a great deal of demand for various technologies in conjunction with one another to detect breast cancer.
Challenges:
The high cost of imaging equipment, imaging-related side effects, stringent governmental regulations, and the low knowledge of breast cancer among women in underdeveloped nations are some issues that operate as hurdles to market expansion.
Segmentation Analysis:
The global molecular breast imaging market has been segmented based on application, end-user, and region.
By Application
The application segment includes diagnosis, detection and others. The diagnosis segment led the largest share of the molecular breast imaging market with a market share of around 41.2% in 2022. It is expected that the diagnosis segment will grow significantly during the Projection period because of increased awareness of breast cancer. It is anticipated that advanced breast imaging services will be available in diagnostic centres in developed and developing economies, including the U.S., Germany, U.K., Japan, China, and India, propelling market growth. Moreover, AI technology is being applied rapidly to much more imaging modalities to improve medical results as part of the global breast cancer diagnostics market.
By End-User
The end-user segment includes research centres, hospitals & clinics, diagnostic centres and ambulatory surgical centres. The hospitals & clinics segment led the largest share of the molecular breast imaging market with a market share of around 34% in 2022. To reducing the length of hospital stay, the total healthcare cost, the quality of care, and the availability of emergency services, hospitals that have advanced and well-equipped breast imaging facilities are more likely to improve the quality of care provided. In addition, as investments have increased in healthcare infrastructure all over the world, this development will help to drive the market's growth in the upcoming years. In the past, this segment dominated the market in terms of revenue.
Global Molecular Breast Imaging Market- Sales Analysis.
The sale of molecular breast imaging expanded at a CAGR of 10.1% from 2016 to 2022.
Breast imaging, which includes mammography, thermography, and ultrasound among others, has become essential for diagnostic or imaging reasons. For the detection, screening, and diagnosis of breast cancer, industry players employ a wide range of technologies and instruments. Notably, breast ultrasonography has grown in popularity as a way to display blood flow and tissue makeup. Ultrasound is used by radiologists as a common, painless supplementary test to identify problem regions.
In addition, growing financing and investment in research and development of breast cancer diagnostics, as well as government campaigns to increase public awareness, will help the market expand. For instance, according to statistics from the National Cancer Institute, almost $574.9 million was allocated to breast cancer research. However, new breast imaging technologies, rising Asia-Pacific demand for breast imaging, bettering healthcare infrastructure, and rising healthcare spending present prospects for market expansion in the future.
Thus, owing to the aforementioned factors, the global molecular breast imaging market is expected to grow at a CAGR of 10.2% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the molecular breast imaging market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The North American region dominated the molecular breast imaging market and held a 38.6% share of the market revenue in 2022.
Global Molecular Breast Imaging Market- Country Analysis:
Germany's molecular breast imaging market size was valued at USD 0.37 billion in 2022 and is expected to reach USD 0.82 billion by 2030, at a CAGR of 10.4% from 2023 to 2030.
The public and private sectors' ongoing financial and investment support for cancer research fosters the industry's expansion in Germany.
China’s molecular breast imaging market size was valued at USD 0.38 billion in 2022 and is expected to reach USD 0.85 billion by 2030, at a CAGR of 10.7% from 2023 to 2030
Mobile solutions and contract-based diagnostics expand the market's lucrative potential during the Projection period in China.
IIndia's molecular breast imaging market size was valued at USD 0.29 billion in 2022 and is expected to reach USD 0.64 billion by 2030, at a CAGR of 10.6% from 2023 to 2030.
Owing to government efforts to upgrade healthcare facilities in India and a rise in the target patient population.
Key Industry Players Analysis:
To increase their market position in the global molecular breast imaging business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
10.2% |
Market Size |
4.9 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Application, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
CANON MEDICAL SYSTEMS CORPORATION ESAOTE SPA, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, ONEX Corporation, Hologic, Inc., Koning Health, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Imaging Diagnostic Systems, Inc., General Electric, Hitachi Ltd., Neusoft Corporation, Bruker, Aspect Imaging Ltd, Koninklijke Philips N.V., FONAR Corp., TOSHIBA CORPORATION, Aurora Health Care, Sanrad Medical Systems Private Limited, and Agfa-Gevaert Group. |
By Application |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Molecular Breast Imaging Market By Application:
Global Molecular Breast Imaging Market By End-User:
Global Molecular Breast Imaging Market By Region:
Global Molecular Breast Imaging market is expected to reach USD 10.65 billion by 2030.
Rising cases of breast cancer and technological advancements will propel the market's growth.
North American region will witness more molecular breast imaging market growth.
CANON MEDICAL SYSTEMS CORPORATION, ESAOTE SPA, FUJIFILM Holdings Corporation, Siemens Healthcare GmbH, ONEX Corporation, Hologic, Inc., Koning Health, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Imaging Diagnostic Systems, Inc., General Electric, Hitachi Ltd., Neusoft Corporation, Bruker, Aspect Imaging Ltd, Koninklijke Philips N.V., FONAR Corp., TOSHIBA CORPORATION, Aurora Health Care, Sanrad Medical Systems Private Limited, Agfa-Gevaert Group among others.
Based on the end-user, the molecular imaging market is segmented into research centres, hospitals & clinics, diagnostic centres, and ambulatory surgical centres.
Political Factors- A stable and welcoming business climate with predictable market growth tendencies is provided by high political stability. However, political unrest discourages investors and damages stakeholders' faith in the economy and, as a result, organizational performance. Molecular breast imaging market currently operates in a number of nations, each of which is experiencing its own political unrest. Government policy changes that happen frequently make the environment more unclear, which is bad for corporate success. The molecular breast imaging market must closely monitor the political climate of the nation since shifts in power could affect the government's priorities for the growth of certain industries.
Economic Factors- The financial markets' effectiveness impacts the molecular breast imaging market's worldwide expansion initiatives since operating in highly efficient financial markets improves one's liquidity position and strengthens one's capacity to join new markets. The molecular breast imaging market's capacity to raise capital at reasonable prices will depend on the state and effectiveness of the financial markets. The current economic structure has an impact on the molecular breast imaging market's business operations. A monopolistic or oligopolistic system will have a different economic and regulatory climate than one with perfect or monopolistic competition.
Social Factors- International marketing managers value culture as a key variable. Every civilization has unique norms and values that are crucial in determining how people behave as consumers. For the purpose of learning social attitudes and conventions and developing local teams and partnerships, the molecular breast imaging market should do both. Only then can marketing strategies be tailored to the specific cultural context. The molecular breast imaging market also values social class stratification awareness. The molecular breast imaging market will need to employ niche marketing methods in order to provide luxury goods at premium rates to a market where the high-end consumer is relatively tiny. Market segmentation based on social class may also be unsuccessful in areas with limited social class stratification.
Technological Factors- To keep ahead of the competition, the molecular breast imaging market should carefully analyse the ongoing technical developments. The potential for the 5G to improve business outcomes through improved user experience, better speed, and increased access should be closely monitored. Such technological advancements have the power to fundamentally alter a sector and rewrite the guidelines for market participants' success. Additionally, it's crucial to take into account the technology's state of development and maturity in the relevant industry. By entering sectors where technology is still in its infancy, the molecular breast imaging market may grow its market share by concentrating on new technological developments.
Environmental Factors- The use of green/eco-friendly items is becoming more popular. The molecular breast imaging market may seize the chance and implement environmentally friendly corporate practices to gain the confidence of stakeholders. Priorities for product innovation are changing as a result of regulatory organisations' emphasis on ensuring conformity with environmental standards. Promoting the molecular breast imaging market's products' environmental friendliness must take precedence over their usual value propositions. When the molecular breast imaging market uses resources excessively, the public, customers, environmentalists, and the media may react negatively. To learn which resources (such as water, energy, etc.) are rare or which species are threatened with extinction due to excessive usage, the molecular breast imaging market must research the country's specific environmental rules.
Legal Factors- Since certain nations have severe requirements to maintain labour safety, the molecular breast imaging market must abide by the laws governing employee/labor health and safety. The molecular breast imaging market has an ethical and moral duty to give its employees a secure workplace. Similarly, anti-discrimination laws (such as equal employment opportunity laws) must be carefully considered when developing human resource practises as discriminatory lawsuits against employers harm the organisational image and affect organisations' capacity to attract and retain talent. Consumers' privacy and security concerns have made data protection a crucial issue. The molecular breast imaging market must research data protection laws to protect client data. Laws are also in place to limit prices, guarantee a particular level of quality, and shield customers from deceptive marketing promises.
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