Mammography is a technique used for breast imaging that uses low-dose x-rays to detect changes in breast tissues. Mammography helps in early detection of breast cancer and assists physicians in various diagnostic and screening applications. It provides high-quality images of the breasts that are further utilized by radiologists to evaluate breast tissues for abnormalities. The key advantages of mammography are that it can detect breast cancers at an early stage often before a lump can be felt, it improves treatment options by finding cancers early when they are most treatable, and regular mammograms have been shown to lower the risk of dying from breast cancer. With rising cases of breast cancer worldwide, the need for early detection and screening using mammography is increasing significantly.
The global Mammography Market is estimated to be valued at US$ 2718.91 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
One major market opportunity for Mammography is decreasing prevalence of breast cancer. According to various surveys and studies, regular screening through mammography has led to decreasing prevalence of breast cancer in developed nations. As more and more women opt for annual mammograms, it allows early detection of abnormalities and cancerous cells. The diagnosed cases can then be treated at initial stages, improving cure rates as well as patient survival rates. More awareness and screening programs promoting the use of mammography can further help lower breast cancer prevalence globally thereby driving demand. Mammography remains the gold standard for breast cancer screening and its role in decreasing disease burden through early detection presents significant growth prospects.
Porter’s Analysis
Threat of new entrants: The mammography market requires large capital investments in equipment and training. Established brands have economies of scale in manufacturing and purchasing. Regulations around healthcare also pose barriers to entry.
Bargaining power of buyers: Individual customers have limited bargaining power as they need access to diagnostic services. However, group purchasing organizations representing hospitals and clinics can negotiate on price and demand innovative service offerings.
Bargaining power of suppliers: A few large conglomerates dominate the production of mammography equipment. This concentration allows suppliers to exert pressure on price and product development terms. Buyers have no alternatives for specialized medical devices.
Threat of new substitutes: No close substitutes exist for mammography in breast cancer screening. New diagnostic techniques may slowly shift demand but mammography remains the gold standard.
Competitive rivalry: The market is consolidated with a few global players controlling the majority share. Intense competition exists around technology innovations, geographic expansion, and customer service quality.
SWOT Analysis
Strengths: Non-invasive procedure, remains gold standard for breast cancer screening, guidelines recommend regular testing which drives repeat business.
Weaknesses: High equipment costs, requires specialized technician skills to operate, some patients experience discomfort during exam.
Opportunities: Growth in developing nations as diagnostic access improves, integration with AI image analysis tools to enhance accuracy, novel biomarkers may enhance cancer detection capabilities.
Threats: Slower reimbursement changes pose pricing pressures, alternative screening modalities challenge market share over time.
Key Takeaways
The global mammography market growth is expected to witness high growth over the forecast period of 2024 to 2031. Rapid incidence of breast cancer cases in aging populations and greater access to screening in emerging nations will propel the market. The global Mammography Market is estimated to be valued at US$ 2718.91 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.
North America currently dominates the market due to well-established insurance coverage and regular screening guidelines. Europe follows in second place supported by national healthcare systems that fund breast cancer diagnosis. Countries like the U.S. and Canada have published guidelines recommending regular breast screening examinations. Favorable reimbursement for imaging centers coupled with increasing prevalence of
Key players
in the mammography market operating are GTL (Global Tel*Link Corporation), BI Incorporated (a subsidiary of GEO Group), Corrisoft, SuperCom Ltd., Spillman Technologies (a Motorola Solutions company), Tribridge (now DXC Technology), Appriss Inc., Northpointe Inc. (a subsidiary of Constellation Software), Tyler Technologies Inc., Capita PLC, IBM Corporation, Encartele Inc., Telmate LLC (a subsidiary of GTL), Keefe Group (a subsidiary of TKC Holdings Inc.), Securus Technologies Inc. (now part of Aventiv Technologies). These companies are focused on manufacturing technologically advanced mammography systems and digital radiology solutions for improved cancer detection rates. They are also engaged in providing related services like screening, clinical trials, and diagnostic support to hospitals and imaging centers globally.
Get more insights on this topic: https://www.pressreleasebulletin.com/the-mammography-market-is-expected-to-be-flourished-by-digitalization-and-increased-adoption-of-preventive-healthcare-services/
Explore more information on this topic, Please visit: https://captionssky.com/biologics-a-transformative-field-of-biotechnology/
Comments
0 comment