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Molecular Breast Imaging Market

Market Study on Molecular Breast Imaging: With Notable Advancements in Imaging Technologies Targeting Early and Accurate Detection, a Growing Need for Supplemental Imaging in Dense Breast Tissue, and Continuous Technological Enhancements in Imaging Modalities, PMR Highlights a Bright Outlook for the Market in the Years to Come

A Detailed Analysis of the Market for Molecular Breast Imaging Based on an Increasing Focus on and Awareness About Early Detection of Breast Cancer

Molecular Breast Imaging Market

The global molecular breast imaging market is forecast to expand at a CAGR of 6.9% and thereby increase from a value of US$781.4 Mn in 2023, to US$1,246.6 Mn by the end of 2030.

Attributes

Key Insights

Molecular Breast Imaging Market Size (2023E)

US$781.4 Mn

Projected Market Value (2030F)

US$1,246.6 Mn

Global Market Growth Rate (CAGR 2023 to 2030)

6.9%

Historical Market Growth Rate (CAGR 2018 to 2022)

6.1%

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Market Introduction and Definition

A medical imaging method called molecular breast imaging is intended especially for the diagnosis of breast cancer. MBI highlights cellular activity in breast tissues using a radioactive tracer, in contrast to standard mammography. A small amount of radioactive material is given to the patient, and a gamma camera takes photographs of the breast to reveal functional and metabolic details. For women with dense breast tissue, where standard mammography may be less successful, MBI is very helpful. It improves diagnostic precision, lowering false-positive outcomes and assisting in the early diagnosis of breast cancer.

The market for molecular breast imaging is expanding significantly due to the increasing incidence of breast cancer and ongoing developments in medical imaging technology. Demand for MBI solutions is rising as more healthcare practitioners realize how critical it is to diagnose breast cancer early and accurately. Furthermore, the market is growing because of continuous research and development efforts, which gives manufacturers the chance to launch novel and effective MBI technologies. The improved patient outcomes and decrease in needless treatments that come with MBI are contributing to the market's upward trajectory.

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Market Growth Drivers

Advances in Imaging Technology, and Increasing Focus on Tailored Medical Approaches

The ongoing improvements in imaging technology are one of the main factors driving the market for molecular breast imaging. MBI systems are getting more advanced as technology advances, providing better sensitivity and resolution. The incorporation of state-of-the-art technologies, such as digital detectors and sophisticated image processing algorithms, improves the accuracy of detecting breast cancer. In addition to helping detect breast cancer early, these technical developments also solve problems brought on by dense breast tissue, resulting in imaging data that are sharper and more accurate. In order to remain at the forefront of imaging technology, manufacturers are well-positioned to address the growing need for more efficient MBI systems.

The increased focus on personalized medicine in the diagnosis and treatment of breast cancer is another important factor driving the MBI industry. MBI is essential for adjusting breast cancer treatment plans to the unique features of each patient as healthcare continues to move toward more individualized care. With MBI, breast anomalies can be assessed more precisely and individually, giving medical practitioners, the information they need to decide on the best course of therapy. The broader trend of precision medicine is supported by MBI's capacity to offer functional and metabolic information about breast tissues, which encourages a move away from a one-size-fits-all strategy and toward more individualized and efficient healthcare solutions. MBI is becoming a crucial part of individualized breast cancer care as the benefits of tailored medicine in terms of bettering patient outcomes become more widely acknowledged.

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Market Restraints

Challenges in Compliance and Safety Issues

Regulatory obstacles and safety concerns are major market restraints for molecular breast imaging. Because MBI uses radioactive tracers, product approval, and market expansion depend heavily on regulatory compliance. Tight regulatory procedures may cause delays in the release of new products and raise expenses for producers. Furthermore, radiation-related worries could prevent this approach from being widely accepted by patients and healthcare professionals. For makers of MBIs, finding a balance between patient safety and regulatory compliance can be difficult. Overcoming this constraint and promoting the market's sustainable growth will need to address these worries via constant technological innovation, strict safety procedures, and efficient regulation relations.

Budgetary Limitations, and Challenges in Reaching or Obtaining Resources

The market for molecular breast imaging is facing several obstacles, including the cost of the technology and accessibility problems. Both the initial cost of purchasing MBI systems and continuing operating costs (such as those associated with radioactive tracers) can be high. Adoption is hampered by this, especially in areas with little financial resources and medical facilities. Additionally, patients in isolated or underserved areas face accessibility issues because of the uneven distribution of MBI facilities, which are frequently concentrated in urban areas. To overcome these obstacles and ensure the wider integration of MBI into regular breast cancer screening and diagnostics, it is essential to address cost-effectiveness and accessibility through strategic pricing models, partnerships, and creative funding alternatives.

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Opportunities

An Extending Scope of Applications Beyond Breast Cancer Detection

Extending the uses of molecular breast imaging beyond breast cancer screening presents an intriguing prospect for the market. There is a chance to investigate the potential of MBI technology in identifying different kinds of malignancies or medical disorders as they develop. Adapting MBI for imaging different organs or tissues could be the focus of research and development activities aimed at expanding its diagnostic capabilities. Through application diversification, manufacturers of medical breast imaging can reach out to new markets and expand their business outside the conventional realm of breast imaging. This growth is in line with the multifunctional imaging modalities trend in the healthcare sector, which offers market participants a tactical way to improve their product lines.

Moreover, Artificial Intelligence (AI), and molecular breast imaging together offer a strong potential to transform breast imaging diagnoses. AI systems are capable of quickly and reliably analyzing MBI images, which helps to identify subtle abnormalities and expedite the diagnosis procedure. This leads to increased diagnostic accuracy as well as increased efficiency for medical personnel. The development of intelligent diagnostic tools that offer real-time insights can be facilitated by partnerships between MBI makers and AI technology developers, which could ultimately improve patient outcomes. The combination of MBI and AI creates opportunities for market differentiation and innovation, putting businesses at the forefront of the rapidly changing field of advanced diagnostic imaging technology.

Analyst’s Viewpoint

The market for molecular breast imaging is defined by ongoing technological advancements, a rise in the number of applications, and an increasing focus on customized therapy. The accuracy and efficiency of molecular breast imaging systems are anticipated to significantly improve with advances in imaging technology and artificial intelligence integration, boosting diagnostic capabilities. The market is probably going to see a growing trend in applications that go beyond the identification of breast cancer, looking into the potential for the detection of other malignancies or other disorders.

Additionally, with the increasing emphasis placed on customized therapy by healthcare systems worldwide, molecular breast imaging is expected to be essential in customizing breast cancer treatment plans to the unique features of each patient. Sustained market expansion is anticipated due to growing awareness of the advantages of early diagnosis and ongoing efforts to resolve accessibility and cost challenges. Molecular breast imaging is anticipated to develop into a crucial part of the range of cutting-edge diagnostic technologies through partnerships between industry players and healthcare providers as well as ongoing research and development initiatives. This will guarantee the technology's continued importance in enhancing patient outcomes in the years to come.

Supply-side Dynamics

Manufacturers are introducing new products and advancing technology at a rapid pace in the molecular breast imaging industry. Businesses are working hard to improve the sensitivity, specificity, and performance of molecular breast imaging systems through research and development. A common tendency is the incorporation of cutting-edge technologies, like artificial intelligence algorithms and digital detectors, to provide more precise and effective diagnostic solutions. As a result of the intense competition, manufacturers are constantly striving to improve their products by introducing new features and functionalities that will set them apart from the competition.

Furthermore, cooperative efforts and strategic alliances within the supply chain are crucial in determining the dynamics of the market. The sector advances through partnerships between producers of molecular breast imaging and pharmaceutical businesses to develop better radioactive tracers and through collaborations with academic institutions to conduct clinical validation studies. The supply-side dynamics also include manufacturers' active attempts to traverse complicated approval procedures and conform to changing compliance standards to handle regulatory challenges. Manufacturers are working hard to make molecular breast imaging technology more affordable and scalable, and they are also looking into methods to open the technology to additional healthcare professionals. In general, technical innovation, strategic partnerships, and a dedication to meeting the changing demands of patients and healthcare professionals alike drive a dynamic and competitive environment on the supply side of the molecular breast imaging market.

Market Segmentation

Which Modality is Poised for Maximum Revenue Generation?

Superior Imaging Capabilities Underpin Dominance of Dual Head Camera

The modality segment is segmented into the single head gamma camera, and dual head camera. In comparison to single-head gamma cameras, the dual-head camera segment dominates the molecular breast imaging market due to its superior imaging capabilities, increased sensitivity, and enhanced diagnostic accuracy. The extensive use of this technology for breast cancer screening is partly due to its capacity to simultaneously record images from several angles, particularly in patients with thick breast tissue.

Healthcare professionals prefer dual-head cameras because of their effectiveness in producing thorough and detailed imaging results. The single-head gamma camera market is expanding quickly because of technological developments that improve the imaging quality and affordability of these cameras. Healthcare establishments looking for more affordable choices without sacrificing diagnostic skills may find this area appealing. The single-head gamma camera sector in the Molecular Breast Imaging market is growing at an accelerated rate due in part to its versatility and simplicity of integration into current infrastructures.

Which Imaging Technique will See the Maximum Preference?

SPECT Imaging Prevails with Superior 3D Capabilities, and Improved Diagnostic Accuracy

The imaging technique segment is bifurcated into planar imaging, and SPECT Imaging. The market for molecular breast imaging is dominated by SPECT Imaging, whose three-dimensional imaging capabilities provide in-depth visualizations of breast tissue. SPECT is the favoured option for healthcare practitioners because it provides better resolution and improved diagnostic accuracy when compared to planar imaging. Its extensive use in breast cancer diagnosis is partly due to its capacity to obtain multi-planar pictures, particularly in complex instances where a thorough grasp of the disease's spatial distribution is necessary.

Because of the improvements in sensitivity and affordability brought about by technological breakthroughs, the planar imaging market is expanding quickly. Healthcare facilities looking for cost-effective imaging options without sacrificing diagnostic efficacy would find this technique appealing. The planar imaging segment of the molecular breast imaging market is growing at an accelerated rate due to its simplicity of integration and lower associated costs.

Which is the Leading Application Segment?

Screening at the Forefront as Early Cancer Detection Takes Center Stage

The application segment is sub-segmented into screening, diagnosis, and others (such as R&D). The screening application dominates the molecular breast imaging market, owing to the growing emphasis on early identification of breast cancer. Globally, governments and healthcare institutions advocate for routine screening programs, and molecular breast imaging is a vital tool for breast cancer screening due to its capacity to identify anomalies in dense breast tissue. The screening application's dominance in the market is largely due to the growing understanding of the value of routine screening programs and early detection.

The fastest-growing application market is diagnosis, driven by improvements in the diagnostic accuracy of molecular breast imaging technologies. The quick adoption of MBI in the detection of breast cancer can be attributed to its ability to provide deep insights into breast abnormalities, which is something that healthcare practitioners value highly. The diagnosis application in the molecular breast imaging market is growing at a rapid pace thanks to continuous research and development initiatives as well as the growing need for precise and speedy diagnostic information.

Why Do End Users Drive Sales?

Hospitals Continue to Lead Demand Generation, Centralized Structures and Wide Diagnostic Offerings Boost Uptake

The end user segment is categorized into hospitals, diagnostic imaging centres, and breast cancer care. Hospitals, being primary healthcare facilities that deal with a variety of patient cases, make up the largest segment of the molecular breast imaging market. The widespread use of molecular breast imaging technologies is largely due to hospitals' centralized structures, and extensive diagnostic offerings. Hospitals are the primary end users in the market because they prioritize the utilization of modern imaging modalities for all-encompassing patient care.

The fastest-growing market segment is diagnostic imaging centres, driven by the increased popularity of specialist facilities that offer advanced imaging services. Rapid acceptance is a result of molecular breast imaging technologies' efficiency and versatility, which match the goals of diagnostic imaging centres. The increasing need for specialist breast imaging services outside of conventional hospital settings, which emphasize accessibility and committed knowledge in breast cancer diagnosis, is another factor driving the growth.

Top Regional Markets

North America Dominates on the Back of Advanced Healthcare, and Proactive Technology Adoption

North America leads the world in molecular breast imaging, mostly because of its developed healthcare system, rising breast cancer awareness, and proactive use of cutting-edge medical technology. The extensive adoption of molecular breast imaging technology is facilitated by the region's intense R&D efforts as well as significant healthcare expenditures. In addition, a high frequency of breast cancer screening programs, and encouraging government measures contribute to the market's growth in North America.

East Asia Displays the Fastest Adoption of Molecular Breast Imaging, Propelled by Healthcare Modernization and Rising Cancer Prevalence

East Asia is emerging as the fastest-growing area in the Molecular Breast Imaging market, driven by an increased emphasis on healthcare modernization, rising breast cancer incidence, and an aging population. Spending on healthcare is rising, and medical technology is advancing significantly in nations like South Korea, Japan, and China. In East Asia, molecular breast imaging technologies are being adopted at a rapid pace due to the growing demand for early and accurate breast cancer detection options. Furthermore, cooperative initiatives between regional administrations and international healthcare institutions support the market's rapid expansion throughout East Asia.

Competitive Intelligence and Business Strategy

The Molecular Breast Imaging (MBI) market is characterized by a dynamic competitive landscape, with prominent competitors vying for market domination through strategic initiatives and technological breakthroughs. Prominent producers have made significant investments in R&D to launch cutting-edge MBI systems with increased diagnostic accuracy, decreased radiation exposure, and better imaging capabilities. To be on the cutting edge of technology and guarantee the clinical validation of their goods, these businesses frequently form strategic alliances and partnerships with academic institutions and healthcare organizations.

In addition, the market is full of mergers and acquisitions as businesses look to broaden their product offerings and geographic reach. The industry's general competitiveness is boosted by this trend of consolidation, which enables businesses to provide all-inclusive products and services. Another aspect of market rivalry is the emphasis on offering scalable and reasonably priced solutions, as producers want to increase the accessibility of MBI technology for a wider spectrum of healthcare providers. Ultimately, a mix of technological innovation, strategic alliances, and a dedication to meeting the changing needs of the healthcare industry for more precise and effective breast cancer diagnostics form the competitive landscape of the molecular breast imaging market.

Key Recent Developments

New Product Launch

The Zenition 10 image-guided therapy system, which uses flat panel detector technology to improve patient outcomes in orthopedics, trauma, and surgery, is a low-cost, high-quality system that Philips introduced in March 2023.

Market Impact: The market is anticipated to benefit from the release of the Zenition 10 image-guided therapy system, which provides an affordable, high-quality option. It is anticipated that the application of flat panel detector technology will improve patient outcomes in orthopedics, trauma, and surgery, thus increasing Philips' market share in the medical imaging industry.

Acquisition

A privately held company that specializes in breast cancer screening and diagnosis, SmartBreast Corporation (SmartBreastTM) announced today that it has purchased the Discovery NM750b Molecular Breast Imaging (MBI) assets from GE Healthcare. These assets include the designs for the MBI scanners, manufacturing tools, instructions, related patents, and the installed base service business. The acquisition took place in February 2021.

Market Impact: The acquisition of the Discovery NM750b Molecular Breast Imaging (MBI) assets by SmartBreast Corporation from GE Healthcare portends future developments and a calculated move in the breast cancer screening industry. The potential acquisition of SmartBreast might augment its competencies and market standing within the molecular breast imaging domain, hence fostering heightened competitiveness and inventiveness within the industry.

A portion of Dilon Technologies, Inc.'s (Dilon) Molecular Breast Imaging (MBI) assets were purchased by Smart Breast Corporation in December 2020 for a price that was not revealed.

Market Impact: The acquisition of Molecular Breast Imaging (MBI) assets by Smart Breast Corporation from Dilon Technologies appears to be a calculated move to improve MBI capabilities. The acquisition has the potential to expand Smart Breast's range of products, hence promoting competition and possibly impacting developments within the molecular breast imaging industry.

Molecular Breast Imaging Market Report Scope

Attribute

Details

Forecast Period

2023 to 2030

Historical Data Available for

2018 to 2022

Market Analysis

US$ Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • The Middle East & Africa  

Key Countries Covered

  • United States
  • Canada
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC Countries
  • South Africa  

Key Market Segments Covered

  • Modality
  • Imaging Technique
  • Application
  • End User
  • Region

Key Companies Profiled

  • Koninklijke Philips N.V. (Netherlands)
  • Hitachi Ltd. (Japan)
  • Siemens Healthcare GmbH (Germany)
  • CANON MEDICAL SYSTEMS CORPORATION (Japan)
  • General Electric (US)
  • Aspect Imaging Ltd (Israel)
  • Bruker (US),
  • Aurora Health Care (US)
  • FONAR Corp. (US)
  • ESAOTE SPA (Italy)
  • Neusoft Corporation (China)
  • TOSHIBA CORPORATION (Japan

Report Coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives  

Customization & Pricing

Available upon request

Molecular Breast Imaging Market Research Segmentation

By Modality:

  • Single Head Gamma Camera
  • Dual Head Camera

By Imaging Technique:

  • Planar Imaging
  • SPECT Imaging

By Application:

  • Screening
  • Diagnosis
  • Others (such as research and development)

By End User:

  • Hospital
  • Diagnostic Imaging Centers
  • Breast Cancer Care

By Region:

  • North America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Latin America
  • Middle East & Africa

- Companies Covered in This Report -

  • Koninklijke Philips N.V. (Netherlands)
  • Hitachi Ltd. (Japan)
  • Siemens Healthcare GmbH (Germany)
  • CANON MEDICAL SYSTEMS CORPORATION (Japan)
  • General Electric (US)
  • Aspect Imaging Ltd (Israel)
  • Bruker (US),
  • Aurora Health Care (US)
  • FONAR Corp. (US)
  • ESAOTE SPA (Italy)
  • Neusoft Corporation (China)
  • TOSHIBA CORPORATION (Japan)

- Frequently Asked Questions -

The market is anticipated to grow at a CAGR of 6.9% during the projected period.

The global molecular breast imaging market was valued at US$781.4 million in 2023.

The US held the largest market share in 2023.

Some of the prominent players in the market are Koninklijke Philips N.V., Hitachi Ltd., Siemens Healthcare Gmbh, Canon Medical Systems Corporation, General Electric, Aspect Imaging Ltd, Bruker, Aurora Health Care, Fonar Corp., Esaote Spa, Neusoft Corporation, and Toshiba Corporation.

The planar imaging segment is expected to grow at the fastest CAGR during the forecast period.

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