Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Breast Ultrasound market.
Trusted Business Insights presents an updated and Latest Study on Breast Ultrasound Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Breast Ultrasound market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Industry Insights, Market Size, CAGR, High-Level Analysis: Breast Ultrasound Market
The global breast ultrasound market size was valued at USD 2.13 billion in 2018 and is expected to expand at a CAGR of 14.6% over the forecast period. The demand for breast ultrasound is on a rise owing to the increasing prevalence of breast cancer, technological advancements, and various awareness initiatives undertaken by the governments as well as non-profit organizations.
Rising prevalence of breast cancer across the globe is anticipated to fuel the product demand. Cancer is the second leading cause of death, globally, and breast cancer is one of the most commonly occurring types of the disease among women. As per the World Health Organization (WHO), breast cancer impacts approximately 2.1 million women every year. It also reported that, in 2018, 627,000 women died from the disease, which is about 15.0% of all deaths from cancer among women. According to the International Agency for Research on Cancer (IARC), WHO, Belgium, Luxemburg, Netherlands, and France are the countries with the highest incidence rate of the disease.Such high incidence rate is anticipated to drive the market for breast ultrasound.
According to the European Breast Cancer Coalition, a non-profit organization, the breast cancer incidence in EU-28 was estimated to be 404,920 in 2018. It also reported that in EU-28, 1 in every 8 women is expected to develop the disease before the age of 85. Similarly, as per the IARC, in 2018, the number of new breast cancer cases reported in Latin America and the Caribbean was 199,734, which is 14.1% of all cancer cases.
Rise in sedentary lifestyle, obesity, and changes in eating habits are some of the major factors contributing to breast cancer. Moreover, rising alcohol consumption is also expected to increase the risk of the disease. The risk increases by around 7% to 12% per unit of alcohol consumption per day. Such high prevalence of the diseases is expected to boost the demand for breast ultrasound in near future.
Due to the rising prevalence, the key companies are launching technologically advanced products to strengthen their foothold in the breast ultrasound market. For instance, in October, 2018, GE Healthcare launched Invenia Automated Breast Ultrasound (ABUS) 2.0 in U.S. This device was specifically designed to detect tumors in dense breast tissues.
Product Insights of Breast Ultrasound Market
Automated breast ultrasound segment held the largest market share in 2018 and is anticipated to witness the fastest growth over the forecast period. The growth is attributed to the availability of a huge number of products, rapid technological advancements, and user-friendly features of this device. Some of the products offered by the key players are Invenia ABUS 2.0 by GE Healthcare, SOFIA 3D breast ultrasound system by Hitachi Ltd., EPIQ ultrasound system by Koninklijke Philips N.V., and ACUSON S2000 by Siemens Healthineers AG.
Conventional breast ultrasound is expected to witness significant growth over the forecast period. It is used to detect the tumor and other breast abnormalities. These devices are, generally, operator dependent, which is expected to restrain the market growth. Moreover, rising adoption of technologically advanced products for better diagnosis is expected to restrict the growth of the market in the forthcoming years.
End Use Insights
Hospital segment held the largest market share in 2018and is anticipated to witness a significant CAGR over the forecast period owing to the rising cases of breast cancer worldwide coupled with the launch of technologically advanced products by the key market players. Moreover, initiatives undertaken by the governments and non-profit organizations to raise awareness regarding diagnosis and treatment are also expected to boost the growth.
Diagnostic imaging laboratories segment is anticipated to witness the fastest CAGR over the forecast period owing to the increasing number of diagnostic centers, rising demand for imaging techniques, and high global prevalence of the disease. Moreover, diagnostic imaging helps doctors analyze the condition and determine the medical course. Such factors are expected to further boost the growth of the segment.
Regional Insights of Breast Ultrasound Market
In 2018, North America held the largest market share owing to the rising cases of breast cancer and presence of key players in the region. For instance, as per the Breastcancer.org, approximately 12.0% women are diagnosed with invasive breast cancer over the course of their lifetime. It also reported that in 2019, about 268,600 new cases of invasive breast cancer are anticipated to be registered in the country. Such high instance is expected to drive the regional market growth. In addition, presence of key players, such as GE Healthcare, Koninklijke Philips N.V., and Siemens Healthineers AG, is also expected to drive the growth.
Asia Pacific is anticipated to witness the fastest CAGR over the forecast period owing to the rising awareness regarding breast cancer and its treatment procedure. For instance, many organizations in the region organize Breast Cancer Awareness campaign in the month of October every year. This campaign is also organized to raise funds for cancer research and development of technologically advanced treatment procedures.
Market Share Insights of Breast Ultrasound Market
Prominent market players include General Electric Company; Hitachi, Ltd.; Koninklijke Philips N.V.; Siemens Healthineers AG; TELEMED Medical Systems; Canon Medical Systems Corporation; Fukuda Denshi; and Hologic, Inc.Key players engage in adopting strategies such as mergers and acquisitions, collaborations, and partnerships to strengthen their market position.
For instance, in August 2019, Hologic, Inc. acquired 46.0% share of SuperSonic Imagine to integrate the latters ultrasound technology and product with its resources to develop better and technologically advanced products for breast cancer patients. This acquisition is anticipated to increase the formers market foothold in near future.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Breast Ultrasound Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global breast ultrasound market report on the basis of product, end use, and region:
Product Outlook (Revenue, USD Million, 2019 – 2030)
Conventional Breast Ultrasound (CBUS)
Automated Breast Ultrasound (ABUS)
End Use Outlook (Revenue, USD Million, 2019 – 2030)
Diagnostics Imaging Laboratories
Quick Read Table of Contents of this Report @ Breast Ultrasound Market Size & Share, Market Research and Industry Forecast Report, 2020-2026 (Includes Business Impact of COVID-19)
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