The Global Mammography Market is estimated to be valued at US$ 2360.16 Mn in 2023 and is expected to exhibit a CAGR of 9.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Mammography is a technique of breast cancer screening and detection which uses low-dose x-rays to examine human breasts. It helps to detect tumors that are too small to feel during a physical exam. Mammograms are the most effective breast cancer screening method available today to examine changes in the breast tissue months or years before physical signs and symptoms appear. Advancements such as 3D mammography, tomosynthesis and full-field digital mammography (FFDM) are increasingly being used for better screening and diagnostics. They provide improved diagnostic accuracy and earlier detection of cancer. Mammography has higher sensitivity and specificity rates as compared to breast self-examinations or clinical breast examinations alone.
Market key trends:
One of the key trends in the mammography market is the rising adoption of digital mammography systems. Digital mammography produces electronically captured, digital images of the breast that can be enhanced, manipulated and stored electronically. It provides improved image quality, shorter exam time and reduced radiation dose as compared to traditional film screen mammography and hence its adoption has increased over the years. Furthermore, technological advancements in 3D mammography such as contrast-enhanced spectral mammography is also gaining traction as it further improves diagnostic capabilities by adding functional and molecular information to anatomical maps. Moreover, growing awareness regarding early detection and rising incidence of breast cancer, especially in developing countries is expected to drive the demand for advanced breast cancer screening techniques including various types of mammography systems over the forecast period.
Threat of new entrants: The mammography market requires high initial investments and regulations which make it difficult for new players to enter the market. There are also economies of scale and scope that existing players enjoy over newer entrants.
Bargaining power of buyers: Individual buyers have low bargaining power compared to insurance providers and hospitals. However, as there are many established players in the market, buyers can negotiate on price.
Bargaining power of suppliers: A few major players dominate the supply of key components like X-ray tubes, detectors, etc. This gives them significant bargaining power over equipment manufacturers.
Threat of new substitutes: There is a threat from new diagnostic techniques like MRI, ultrasound etc. However, mammography remains the gold standard for breast cancer screening.
Competitive rivalry: The market is consolidated with major players competing on technological innovations, geographic expansion and service quality.
The Global Mammography Market Size is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing incidence of breast cancer and rising awareness. The Asia Pacific region is expected to grow at the fastest pace due to rapid economic development and healthcare infrastructure expansion in major countries.
North America currently dominates the market owing to advanced healthcare facilities and favorable reimbursement policies for mammography screening in the region. Favorable government initiatives for breast cancer screening programs in Europe is expected to drive the regional market.
Key players operating in the mammography market include Canon Medical Systems, Carestream Health, Siemens Healthineers, Planmed Oy, Konica Minolta Inc., Metaltronica SpA, Koninklijke Philips NV, General Medical Merate SpA, Hologic Inc., GE Healthcare, and Fujifilm Holdings Corporation, among others. Key players are focusing on new product launches, collaborations and geographic expansion to gain market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it