The global artificial intelligence (AI) in breast imaging market size is expected to rise with an impressive CAGR and generate the highest revenue by 2032.
The artificial intelligence (AI) in breast imaging market growth is driven by increasing investments in healthcare infrastructure, an aging population, and fast-growing hospital networks in developing countries, all of which are contributing factors to rising cancer incidence.
Market Overview:
In breast imaging, artificial intelligence (AI) technology has the potential to enhance both interpretive and noninterpretive activities. AI-based computer-aided detection (AI-CAD) may improve cancer diagnosis and decrease false positives, while AI-based screening triage may assist in identifying normal examinations.
An aging population, increased healthcare infrastructure investment, rising cancer incidence, and quickly growing hospital networks in emerging countries are the main factors driving the global artificial intelligence (AI) breast imaging market. An important market-driving factor is anticipated to be the use of artificial intelligence in breast imaging, which aids in the early diagnosis of illnesses.
The WHO estimates that 10 million people will pass away worldwide in 2020, mostly from cancer. Breast cancer will be the most common type of cancer in 2020, with 2.26 million new cases. Globally, the incidence of breast cancer is rising, which is raising the demand for more precise and effective screening and detection methods.
The development of sophisticated and accurate AI-based breast imaging solutions is being facilitated by the advancement of AI technology, including the development of deep learning algorithms and machine learning models. More exact and comprehensive information about the patient's condition is required to meet the growing demand for individualized treatment options.
Artificial Intelligence (AI) in Breast Imaging Market Report Scope:
| Report Coverage | Details |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| By End-User |
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| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Report Highlights:
By End User, Hospitals were in charge of the end-use market in 2022. The availability of modern, well-equipped facilities at a hospital has a positive impact on the duration of hospital stays, overall healthcare costs, the standard of care, and the accessibility of emergency care.
In the coming years, the market expansion will be aided by the rise in global spending on healthcare infrastructure. Investment has made it possible to buy infrastructure and testing tools that are more advanced. Another achievement has been the provision of full healthcare coverage for all hospital-based medical services. These are the main elements that will encourage the expansion of the hospital sector in the upcoming years.
Regional Insight:
In 2022, North America dominated the breast imaging market for artificial intelligence, and it is anticipated that it will do so again during the forecast period. The demand for breast imaging is expanding as a result of the region's increasing breast cancer incidence. According to data from the American Society of Clinical Oncology, there will be about 287,850 new cases of invasive breast cancer, 51,400 cases of DCIS, and 43,250 deaths among US women from breast cancer in 2022. As a result, the high incidence of breast cancer in the United States will probably contribute to the sector's expansion.
On the other hand, the artificial intelligence market for breast imaging will expand most quickly in Asia-Pacific. The main factors driving the market growth are the rising incidence of breast cancer, significant R&D expenditures on treatments, and advancements in breast imaging technologies. According to the Centers for Disease Control and Prevention, regardless of race or ethnicity, breast cancer is the most common malignancy in most Asian countries (CDC).
Market Dynamics:
Drivers: Breast cancer occurrence and prevalence rates are high
Government initiatives to speed up screening and diagnosis are expanding as the incidence of cancer rises. It is anticipated that the rising incidence of breast cancer will be the main factor driving the market for artificial intelligence in breast imaging. The American Cancer Society predicts that in 2021, there will be 281,550 new cases of breast cancer reported, and 49,290 people will pass away from the disease nationwide.
According to the WHO, breast cancer will be the most common type of cancer worldwide in 2021, with more than 2.3 million new cases anticipated. The pharmaceutical industry has prospered over the past century as a result of more money being invested in cancer research to find a cure.
Restraints: The cost of treating breast cancer is substantial
The high cost of cancer medications will limit the growth of the artificial intelligence market for breast imaging. The cost of life-saving treatments rises in tandem with the number of cancer survivors. Even for those with health insurance, breast cancer treatment in the US can be incredibly expensive.
More than any other type of medical care, people paid $3.14 billion out of their own pockets for cancer treatment in 2019. Breast cancer patients frequently experience financial hardship as a result of both high healthcare costs and lost wages from having to take time off of work. Due to mounting debt and expenses, some individuals may choose not to receive the suggested therapies or postpone them.
Opportunities: Spending on breast cancer therapies and research has increased
The pharmaceutical industry has prospered over the past century as a result of increased funding for cancer research to find a cure for cancer. According to a study article, $6 billion is allocated each year for breast cancer awareness and research. The disease also receives a lot of funding, even though those who support, and research breast cancer frequently beg for more. The leading organization funding health-related research in the country, the National Institutes of Health, spent $763 million more on breast cancer research in 2017 than any other year. Additionally, the Department of Defense supports breast cancer research with a contribution of $150 million this year.
Challenges: Technological advancement
The NHS (National Health Service) uses state-of-the-art treatments and scanners, but it also still uses some paper-based record-keeping techniques. To enable the integration of new technology and the flexibility for bulk data export, technical innovation is thus a crucial challenge facing the NHS. It is essential to make changes to IT capabilities and digitize records so that trusts can communicate and work together. Although the NHS is a well-guarded system as well, businesses will require access to update and alter their algorithms. Conversely, due to increased susceptibility to "cyber-attacks," caution should be used when opening up networks.
The management and regulation of this external access is currently a technological and logistical problem. Graphical processing units (GPUs) must be purchased at trusts or in cloud-based systems to process "big data" for image analysis, which may necessitate processing data off-site. This is true even though the NHS now performs the majority of its data processing on-site. Additionally, a bigger data storage space is needed for dataset curation and for the additional image analysis output that comes from algorithms. There is still some uncertainty regarding the proper configurations, encryption for data storage, and the required level of de-identification.
Recent Development:
Major Key Players:
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