Mammography is Estimated to Witness High Growth Owing to Growing Incidences of Breast Cancer

 

Mammography Market

Mammography is a medical imaging technique used in breast cancer screening and diagnosis that uses low-dose x-rays to examine the human breast. It can detect tumors that are too small to feel during a physical exam and identify if a suspicious mass is a fluid-filled cyst or a solid tumor. The global mammography market is expected to exhibit high growth owing to the rising incidences of breast cancer across the globe. According to WHO's International Agency for Research on Cancer, breast cancer is currently the most common cancer in women worldwide, with an estimated 2.3 million new cases in 2020 and over 685,000 deaths. The global mammography market is estimated to be valued at US$ 2360.16 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

The key driver from the heading - growing incidences of breast cancer- is expected to drive the mammography market growth over the coming years. According to statistics, one in eight women face the risk of developing breast cancer at some point in their lifetime. As the risk increases with age, advancements in cancer screening and medical technologies have enabled more older women to receive diagnosis and be aware about their health risks. This has resulted in increased utilization of mammography screening and diagnosis procedures, thereby fueling the market growth. Additionally, governments in many countries are undertaking various initiatives to spread awareness about breast cancer and importance of early detection. For instance, programs like National Mammography Day in the US play a crucial role in educating women about screening recommendations and availability of low-cost or free mammography services covered by health insurance plans. Such advocacy efforts are further augmenting the mammography market expansion during the forecast period.

 

SWOT Analysis

Strength: Mammography has emerged as the primary technique for breast cancer screening and early detection, allowing for treatment before the cancer spreads. The rising cases of breast cancer worldwide is driving demand for screening procedures such as mammography. Furthermore, technological advancements in mammography systems such as 3D mammography and tomosynthesis have improved detection capabilities.

Weakness: Mammography exams involve radiation exposure risk, though the dose is very low. Some women experience discomfort during breast compression. Mammography may also miss some cancers in women with dense breasts. The costs associated with mammography machines can be high for both manufacturers and end-users.

Opportunity: Emerging economies in Asia Pacific and Latin America are expected to witness faster adoption of mammography due to rising healthcare infrastructure and expenditure. In addition, increasing awareness initiatives by governments and NGOs regarding women's health are encouraging regular screening behaviours. There also exists scope for R&D in novel imaging modalities for enhanced diagnosis of breast cancer at early stages.

Threats: Economic slowdowns could hamper the spending on medical equipment by hospitals and diagnostic clinics. Strict regulations pertaining to the use of radiation for screening may restrain the application of mammography in some countries. Alternative screening methods such as MRI and ultrasound are also developing rapidly.

 

Key Takeaways

 

The Global Mammography Market Share is expected to witness high growth over the forecast period of 2023 to 2030. Rising prevalence of breast cancer worldwide coupled with increasing awareness about early detection is driving the demand for screening procedures like mammography.

Regional analysis: The Asia Pacific region is projected to witness the highest CAGR during the forecast period. This is attributed to growing awareness about breast cancer, rapid economic development, and investment in breast cancer screening programs, especially in China, India and South Korea. China currently dominates the APAC mammography market with the largest installed base and rising healthcare expenditure. North America historically commanded the largest revenue share owing to widespread awareness campaigns, frequent screening guidelines, and availability of advanced technologies.

Key players operating in the mammography market are Hologic Inc., GE Healthcare, Siemens Healthineers AG, Fujifilm Holdings Corporation, and Konica Minolta Inc. Hologic currently leads the global market with their novel 3D mammography systems boosting diagnostic abilities. Similarly, GE Healthcare has a strong presence worldwide through its digital mammography solutions.

Get More Insights Here

https://www.newswirestats.com/mammography-market-size-share-growth-outlook-2023/