The Global Breast Imaging Equipment Market is expected to reach USD 4,638.1 million by 2020, growing at an estimated CAGR of 12.2 % from 2014 to 2020, according to a new study by Grand View Research, Inc. Growing global female geriatric population base, implementation of programs by government and healthcare organizations in order to provide early diagnosis and growing patient awareness levels coupled with sophisticated healthcare infrastructure are expected to drive the market growth during the forecast period. In addition, introduction of various healthcare reforms, government support and funding is expected to boost the demand for breast imaging equipment.
Mammography dominated the overall product market in terms of revenue in 2013 and was valued at USD 1,057.7 million. Its large share is accounted for by factors such as relatively low radiation exposure and technological advancement in the product segment such as digital and portable mammography equipment. Introduction of digital mammography has led to reduction in examination time, easy transfer of information to remote locations and reduction of storage space requirements coupled with the benefit of using various tools to manipulate images. Breast MRI accounted for the second largest revenue share in 2013, owing to the fact that MRI provides information about breast tissue density, providing which has been made mandatory by National Institute of Health.
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Further key findings from the study suggest:
- North America was the largest regional market in 2013, accounting for over 32.5% of global revenue due to the presence of high patient awareness levels, high healthcare expenditure and sophisticated healthcare infrastructure.
- Asia Pacific expected to grow at the fastest CAGR of above 14% from 2014 to 2020. Increasing radiology equipment digitalization owing to rising healthcare IT systems penetration rates, introduction of 12th five year plan in China with various healthcare reforms and increasing population leading to prevalence of breast cancer patients coupled with increasing awareness programs and high patient awareness levels are some of the factors accounting for its rapid growth.
- Key industry participants of this market include Siemens Healthcare Corp., Philips Healthcare, SonoCine Inc., Hologic Inc., Fujifilm SonoSite Inc., GE Healthcare Ltd and others.
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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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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