Automated Breast Ultrasound Systems Market size was valued over USD 590 million in 2017 and is expected to witness more than 16.0% CAGR from 2018 to 2024. Increasing incidences of breast cancer worldwide along with rising mortality rates associated with the disease will fuel demand for automated breast ultrasound systems over the forecast period. Breast cancer accounts for 15.4% of overall cancer deaths in the developed regions. Also, the risk of breast cancer diagnosis increases with age. Such factors will augment automated breast ultrasound systems market size.
The inception of automated breast ultrasound system (ABUS) market has completely revolutionized the diagnostic approach of breast cancer. Indeed, the increasing incidence of breast cancer across the world in the recent past has also added a dimension of growth to this industry. ABUS has now become a full-fledged diagnostic approach adopted worldwide for the preoperative evaluation of breast tumors, augmenting the expansion of ABUS industry.
The intervention of advanced technologies has only enhanced the pivotal clinical role of ABUS in the oncology department. A recent technological breakthrough, Invenia ABUS, is anticipated to shift the overall Automated breast ultrasound systems market dynamics to a new hike, grounding on its credibility of obtaining adjunctive breast images from different angles. Statistics depict that the usage of this system improves cancer diagnosis almost by 55% as opposed to mammography. Furthermore, regulatory approval from FDA for deploying automated breast ultrasound systems for supplement screening as an assistive method with mammography is expected to augment the market growth.
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The U.S. observes an increasing prevalence of breast cancer, making the region a prominent ground for the growth of automated breast ultrasound systems market. AS per estimates, 1 in 8 U.S. women are expected to develop invasive breast cancer over their lifetimes. In 2018, more than 260,000 new cases of invasive breast cancer are anticipated to be diagnosed in U.S. women, in addition to more than 62,000 new cases of non-invasive breast cancer. Driven by the subsequent demand for cancer detection technology, U.S. is expected to emerge as a major growth ground for North America automated breast ultrasound systems market.
As per estimates, U.S. automated breast ultrasound systems market size was pegged at USD 140 million in 2017, on account of the implementation of hi-tech breast screening methods, reimbursement scenarios, and the concentration of leading players in the region. The country has also depicted growth in automated breast ultrasound systems market owing to the implementation of supportive government initiatives to increase the awareness levels regarding early detection of breast cancer. For instance, the Centers for Disease Control has established the NBCCEDP (National Breast and Cervical Cancer Early Detection Program) to enable better access to breast cancer screening procedures, specifically among the low-income female populace.
Elaborating on the contribution of the U.S. in global automated breast ultrasound systems market, it is prudent to mention that the American Cancer Society has recently, in association with the Carolina Panthers, presented the Gaston Family Health Services with the local NFL Breast Health Equity CHANGE grant. The grant has been awarded to specifically take care of the disparities in breast cancer mortality by means of ensuring follow-up of abnormal mammograms, providing timely access to specialty care, and affirming access to breast cancer screening programs. With private and public organizations working to provide funding opportunities to reduce disparities in cancer mortality, U.S. automated breast ultrasound systems market is likely to chart out a highly profitable growth path in the years ahead.
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The business landscape of automated breast ultrasound system market has remarkably evolved in the past few years with technological developments that have brought advanced innovative systems in the industry. Though high capital investment, unattractive reimbursement policies, and lack of proper awareness are hampering the market penetration in some of the nations, the efforts undertaken by prominent industry contenders especially in research and development activities will help the ABUS thrive in the years ahead. As per estimates by Global Market Insights, Inc., automated breast ultrasound systems market size is likely to surpass USD 1.6 billion by 2024.