With a CAGR of 28.4%, Artificial Intelligence in Breast Imaging Market to Grow Exponentially by 2029 - Brandessence Market Research
LONDON, May 17, 2023 /PRNewswire/ -- Breast cancer has emerged as one of the most dreadful diseases occurring mostly in women. So far, this ailment has claimed millions of lives. Proper screening and diagnosis of this disease has become crucial for the masses. Breast imaging is one of the most influential techniques to detect abnormalities in breast tissues. AI technology is being integrated into breast imaging systems to enhance the sensitivity and specificity of breast cancer detection. This is a significant breakthrough in the breast cancer diagnosis vertical. AI can also be used to predict a patient's risk of developing breast cancer and provide personalized risk assessments, enabling early interventions and tailored treatment plans.
The business intelligence report on Global Artificial Intelligence in Breast Imaging Market by Brandessence Market Research provides a comprehensive analysis of the current state of the market and its future prospects. It offers actionable insights into the use of artificial intelligence (AI) in breast imaging, which is rapidly gaining popularity as it helps in the early detection of breast cancer. The report covers various aspects of the market such as the market size, growth rate, trends, challenges, and opportunities. It also includes an in-depth analysis of the key players in the market and their strategies.
- Global Artificial Intelligence in Breast Imaging Market is anticipated to amplify with a CAGR of 28.4% over 2022-2029.
- Growing prevalence of breast cancer, rising healthcare expenditure, and technological advancements in the field are aiding industry expansion.
- By application, the computer-aided diagnosis segment due to the rising prevalence of breast cancer and rapidly evolving healthcare infrastructure.
- MEA is anticipated is projected to account for a substantial revenue share owing to the increasing prevalence of breast cancer, growing investments in healthcare infrastructure
- The Global Artificial Intelligence in Breast Imaging Market was worth USD 348.9 million in 2022 and is expected to reach a valuation of USD 2007.3 million by 2029, amplifying with a CAGR of 28.4% over the assessment timeline of 2022-2029.
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Elaborating the key trends and dynamics of the Artificial Intelligence in Breast Imaging Market
Growing prevalence of breast cancer, rising healthcare expenditure, and technological advancements in the field are primarily augmenting the outlook of this business sphere. Alongside, escalating demand for early disease diagnosis and treatment is creating lucrative opportunities for this marketplace to prosper. Moreover, rise in the geriatric population base, booming healthcare IT industry, and increase in the female population base are adding momentum to the progression of this industry vertical.
Major growth drivers
Growing pervasiveness of breast cancer- The cases of breast cancer are increasing rapidly. This is due to rising female population, surging elderly populace, genetic issues, and unhealthy lifestyle trends among others. Early detection of breast cancer is quite necessary since it helps healthcare providers to suggest efficient treatment methods before it gets too late. This in turn is adding traction to the progression of this business sphere.
Favourable investment scenario- Governments across the globe are investing heavily in healthcare technologies, including AI in breast imaging. This is driving the growth of the market as more funding becomes available for research and development, and for the adoption of AI technologies in healthcare settings.
High implementation costs- Implementing AI in breast imaging can be costly, as it requires significant investment in both hardware and software. This can be a barrier to adoption, particularly for smaller healthcare providers or those operating in resource-limited settings.
Competitive Landscape of Artificial Intelligence in Breast Imaging Market
The players characterizing the competitive terrain of this industry are Hologic, GE Healthcare, Gamma Medica, Fujifilm Holdings Corp., Siemens Healthcare, Toshiba Corporation, Aurora Imaging Technology, QView Medical, NVIDIA Corporation, and Others.
Segmental Assessments of Artificial Intelligence in Breast Imaging Market
By technique, Magnetic Resonance Imaging (MRI) segment is likely to amass notable gains over 2022-2029. The ability to integrate MRI with other imaging techniques and AI algorithms enhances its diagnostic capabilities, driving its growth in the market.
Based on application, the computer-aided diagnosis segment due to the rising prevalence of breast cancer and rapidly evolving healthcare infrastructure.
In terms of end user, the diagnostic imaging centers segment is reckoned to garner significant returns over the estimated timeline. With the growing demand for breast cancer screening and diagnosis, diagnostic imaging centers are increasingly adopting AI technologies to improve the accuracy and efficiency of breast imaging.
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Geographical Analysis & Landscape
Middle East & Africa Artificial Intelligence in Breast Imaging Market is projected to account for a substantial revenue share. This is driven by factors such as the increasing prevalence of breast cancer, growing investments in healthcare infrastructure, and the adoption of AI technologies in the healthcare industry. Alongside, rising medical expenditure and increased cancer awareness are propelling overall industry growth.
Asia Pacific is expected to garner substantial revenue over the expected timeline. This region is home to several leading players in the AI in breast imaging market, such as Hologic, Fujifilm, and Koninklijke Philips N.V. These companies are investing in the development of advanced AI-powered diagnostic imaging systems and expanding their presence in the APAC region to tap into the growing demand for healthcare services.
Growing adoption of AI in healthcare: The healthcare industry is increasingly adopting AI technologies to improve patient outcomes and reduce costs. AI in breast imaging is a prime example of how AI can be used to improve the accuracy and speed of diagnoses, leading to better treatment options. This is creating an upward trend in this market space.
Major developments in Artificial Intelligence in Breast Imaging Market
In 2018, Hologic, a leading provider of medical imaging systems, acquired Focal Therapeutics, a company that develops innovative surgical tools and technologies for breast cancer surgery.
In 2018, iCAD, a medical technology company, acquired ProFound AI, a provider of AI-powered breast cancer detection software
In 2019, ScreenPoint Medical, a leading provider of AI-powered breast imaging software, announced a partnership with Volpara Health Technologies, a provider of breast imaging analytics and analysis software
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- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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