In terms of value, the global ABUS market is anticipated to expand at a CAGR of 8.1% during the forecast period.
Valley Cottage, NY -- (SBWIRE) -- 10/11/2018 -- Future Market Insights (FMI) delivers key insights on the global ABUS market in its upcoming outlook titled, "Automated Breast Ultrasound System (ABUS) Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2025". In terms of value, the global ABUS market is projected to register a healthy CAGR of 8.1% during the forecast period due to various factors, regarding which, FMI offers vital insights in detail. The global ABUS market is projected to register a CAGR of 8.5% in terms of volume during the forecast period.
On the basis of end user, the market has been segmented into hospitals and diagnostic imaging laboratories. The hospitals segment is estimated to account for 54.2% share in the global ABUS market by 2015 end, and is expected to register healthy CAGR of 8.2% in terms of value over the forecast period. In addition, in terms of volume, the segment is expected to record a CAGR of 8.7% during the forecast period. In terms of revenue, the hospitals segment is currently witnessing major contribution from Asia Pacific, North America and parts of Western Europe. Moreover, research and development on ABUS is likely to further fuel market growth during the forecast period. The diagnostic imaging laboratories segment is expected to record a CAGR of 8.1% and 8.5% in terms of value and volume respectively during the forecast period.
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Growth of the global ABUS market is mainly driven by increasing prevalence of breast cancer, growing radiology market, government advocation for breast cancer awareness and extensive research and development for enhanced imaging techniques. Other trends driving market growth include strategic alliances among key players in the market, manufacturers eyeing mammography market share and expansion of healthcare sector in developing countries due to growing investments by major players. In addition, surge in demand for advanced medical devices owing to increasing health awareness and growing disposable income is cumulatively anticipated to result in increased spending on enhanced medical services. This in turn, is anticipated to bolster ABUS market growth during the forecast period (2015–2025).
This report covers trends driving each segment and offers analysis and insights into potential of the ABUS market in specific regions. North America is estimated to dominate the ABUS market with 42.0% market share by 2015 end, and is anticipated to remain dominant by 2025. North America and Western Europe collectively are expected to account for over 74% in the total ABUS market share in terms of value by 2015 end. Among all the regions, Japan is anticipated to register the highest CAGR in terms of value and volume respectively between 2015 and 2025, followed by North America due to increasing installations of ABUS owing to breast cancer prevalence and consumer concerns for early detection of breast cancer in these regions. Mammography X-ray is preferred as a gold standard technique for breast cancer detection among consumers especially in Asian countries. This lowers adoption of automated techniques used for detecting breast cancer and hence, offers opportunities for multiple modalities primarily for automated breast ultrasound system supported by regulatory approval for the same and offering additional diagnostic confidence to the patient as well as the radiologist.
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Key players in the global ABUS market such as General Electric Co., Siemens A.G., Hitachi Ltd. and SonoCiné Inc. focus on making substantial investments in research and development activities to enhance product portfolio to offer competitive advantage and in turn, create high entry barriers for players entering ABUS market.