Artificial Intelligence (AI) in Breast Imaging Market

Artificial Intelligence (AI) in Breast Imaging Market By Product Type (Software, Hardware) By Application (Screening, Diagnosis, Treatment Planning, Monitoring) By End-Use (Hospitals, Ambulatory Surgical Centers, Specialty Clinics & Trauma Centers) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2031

Pharma & Healthcare | August 2022 | Report ID: EMR0050 | Pages: 190

The global market size for Artificial Intelligence (AI) in Breast Imaging Market was valued at USD 350 million in 2022 and is expected to reach USD 3.21 billion by 2031, growing at a CAGR of 28.6% during the forecast period from 2023 to 2031.The global artificial intelligence (AI) in breast imaging market is driven by rising cancer incidence, rising healthcare infrastructure investment, an ageing population, and rapidly expanding hospital networks in developing nations. The global artificial intelligence (AI) in breast imaging market is estimated to grow at the fastest compound annual growth rate (CAGR) during the forecast period (2023-2031).

Data from biopsy slides and radiomics are used to train AI for early detection in the treatment of breast cancer. This is supported by a global initiative to develop learning algorithms for interpreting mammograms by reducing the prevalence of false positives. The likelihood of finding metastatic breast cancer in images from lymph node biopsy complete slides has increased thanks to AI. Because to individual variations in risk factors and predispositions, AI algorithms perform differently in diverse populations.

Growth Factors

  • Increasing incidence of breast cancer: Breast cancer is the most common cancer in women worldwide. The incidence of breast cancer is increasing globally, which is driving the demand for more accurate and efficient screening and diagnosis methods. AI-based breast imaging solutions offer the potential to improve the accuracy and efficiency of breast cancer screening and diagnosis.
  • Advancements in AI technology: Advancements in AI technology, such as the development of deep learning algorithms and machine learning models, are driving the development of more advanced and accurate AI-based breast imaging solutions. This is expected to drive the adoption of AI in breast imaging in the coming years.
  • Growing need for personalized treatment options: AI-based breast imaging solutions can help personalize treatment options by providing more accurate and comprehensive information about the patient's condition. This can lead to better treatment outcomes and improved patient satisfaction.
  • Increasing awareness and adoption of AI-based solutions: There is a growing awareness of the potential benefits of AI-based breast imaging solutions among healthcare providers and patients. This is leading to increased adoption of AI-based solutions in breast imaging.
  • Technological advancements in breast imaging equipment: Technological advancements in breast imaging equipment, such as digital mammography and tomosynthesis, are creating opportunities for the integration of AI-based solutions. This is expected to further drive the growth of the AI in Breast Imaging market.
  • Government initiatives and funding: Governments in several countries are providing funding and support for the development and adoption of AI-based healthcare solutions. This is expected to drive the growth of the AI in Breast Imaging market by encouraging research and development in the field.

 

Artificial Intelligence (AI) in Breast Imaging Market & SEGMENTATION

Report Attribute

Details

Estimated Market Value (2022)

350 Mn

Projected Market Value (2031)

3.21 Bn

Base Year

2022

Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Product Type, By Application, By End-use & Region

Segments Covered

By Product Type, By Application, By End-use & Region

Forecast Units

Value (USD Billion), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.

 

Market Drivers

High breast cancer incidence and prevalence rates - There are more government initiatives to increase the rate of screening and diagnosis as cancer prevalence rises. The increased prevalence of breast cancer is expected to be the main driver of the market for artificial intelligence in breast imaging. According to the American Cancer Society, 281,550 new cases of breast cancer will be reported in 2021, and 49,290 individuals will pass away from the illness in the country as a whole. According to the WHO, breast cancer will account for more than 2.3 million new cases in 2021, making it the most common type of cancer worldwide.

The pharmaceutical industry has prospered over the past century as a result of increased investment for cancer research to discover a cure. More money is being spent on breast cancer therapies and research. $6 billion is set up year for breast cancer awareness and research, claims a study article. Also, despite the fact that advocates and researchers for the disease frequently seek for additional funding, breast cancer actually receives a lot of it.

Market Challenges

The cost of treating breast cancer is high.

The expansion of the artificial intelligence market for breast imaging will be hampered by the high cost of cancer medicines. As more people survive cancer, the price of life-saving treatments also increases. In the US, breast cancer treatment can be exceedingly expensive, even for individuals with health insurance. People paid $3.14 billion out of their own wallets for cancer treatment in 2019, more than any other type of medical care.

Breast cancer patients frequently struggle financially as a result of lost pay from having to take time out of work, as well as high healthcare costs. Some people may decide not to receive the recommended therapies or delay them due to growing debt and expenses. The financial stress can commonly endure for years and have an effect on the entire family of the person who is experiencing it.

Market Opportunities

Increased spending on healthcare IT is expected to have a positive impact on the growth of the artificial intelligence market for breast imaging. It is predicted that the increased spending would help to improve the digital infrastructure, which will hasten the use of AI in hospitals and other healthcare facilities. AI also considerably reduces the price of treatment and helps with the precise and early detection of cancer.

Recent Developments:

  • In November 2021, CureMetrix, Inc., a leading provider of AI-powered breast imaging solutions, announced the launch of its new product, cmAssist. The product is designed to help radiologists quickly and accurately identify suspicious areas in breast images and is expected to improve the efficiency of breast cancer screening and diagnosis.
  • In September 2021, Google Health announced the launch of its AI-powered mammography tool, which is designed to help radiologists detect breast cancer earlier and more accurately. The tool uses AI algorithms to analyze mammograms and highlight areas that may be indicative of breast cancer.
  • In August 2021, Hologic, Inc., a leading provider of breast imaging solutions, announced the launch of its new AI-powered breast biopsy system, which is designed to improve the accuracy and efficiency of breast biopsies. The system uses AI algorithms to help guide the biopsy needle to the targeted tissue, reducing the need for multiple biopsies and improving patient outcomes.

Regional Analysis

North America dominated the artificial intelligence in breast imaging market in 2022, and it is predicted that it will continue to do so during the forecast period. Due to the rising incidence of breast cancer in this region, the market for breast imaging is growing.

In 2022, there will be around 287,850 new instances of invasive breast cancer, 51,400 cases of DCIS, and 43,250 deaths among US women from breast cancer, according to data from the American Society of Clinical Oncology. As a result, it is likely that the United States' high breast cancer prevalence will contribute to the sector's growth.

Nonetheless, Asia-Pacific will have the quickest rate of growth in the worldwide artificial intelligence in breast imaging market. The increased prevalence of breast cancer, major R&D investments in its therapies, and improvements in breast imaging technology are the primary drivers of the market's expansion. Breast cancer is the most prevalent malignancy in most Asian countries, regardless of race or ethnicity, according to the Centers for Disease Control and Prevention (CDC).

Competitor Analysis

Key Market Players:

  • GE Healthcare
  • Hologic, Inc.
  • Gamma Medica, Inc.
  • Siemens Healthcare
  • Fujifilm Holdings Corp.
  • Toshiba Corporation
  • Aurora Imaging Technology, Inc.

Key Benefits of the Report

  • This study presents an analytical depiction of the Artificial Intelligence (AI) in Breast Imaging industry along with current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to market key drivers, restraints, and opportunities, along with detailed analysis of the Artificial Intelligence (AI) in Breast Imaging Market share.
  • The current market is quantitatively analyzed to highlight the Artificial Intelligence (AI) in Breast Imaging Market's growth scenario.
  • Porter's five forces research demonstrates the market power of suppliers and buyers.
  • The report provides a detailed Artificial Intelligence (AI) in Breast Imaging market analysis based on competitive intensity and how the competition will take shape in the coming years.

 

Artificial Intelligence (AI) in Breast Imaging Market Report Segmentation

ATTRIBUTE

DETAILS

By Product Type

  • Software
  • Hardware

By Application

  • Screening
  • Diagnosis
  • Treatment Planning
  • Monitoring

By End-Use

  • Hospitals
  • Ambulatory Surgical Centers
  • Specialty Clinics & Trauma Centers

By Geography

  • North America (USA and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request

Pricing

  • Available upon request

 

The Report Answers Questions Such As:

  • What is the potential opportunity for the Artificial Intelligence (AI) in Breast Imaging Market
  • What are the major drivers, restraints, and opportunities of the Artificial Intelligence (AI) in Breast Imaging Market
  • What is the market share of the leading segments and sub-segments of the Artificial Intelligence (AI) in Breast Imaging Market in the forecast period (2023-2031)
  • How is each segment of the Artificial Intelligence (AI) in Breast Imaging Market expected to grow during the forecast period
  • What is the expected revenue to be generated by each of the segments by the end of 2031
  • What are the key development strategies implemented by the key players to stand out in this Artificial Intelligence (AI) in Breast Imaging Market
  • What is the preferred business model used for building Artificial Intelligence (AI) in Breast Imaging Market
  • Which area of application is expected to be the highest revenue generator in the Artificial Intelligence (AI) in Breast Imaging Market during the forecast period
  • Which end-user segment is expected to be the highest revenue generator in this industry during the forecast period
  • What is the potential of Artificial Intelligence (AI) in Breast Imaging Market in the emerging countries during the forecast period

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

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