Artificial Intelligence (AI) in Breast Imaging Market

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.

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).

Key Market Players:

• GE Healthcare

• Hologic, Inc.

• Gamma Medica, Inc.

• Siemens Healthcare

• Fujifilm Holdings Corp.

• Toshiba Corporation

• Aurora Imaging Technology, Inc.