The 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.
Market Overview:
Mammography is a specific type of imaging that uses low-dose x-rays to examine breasts. It is used as a diagnostic and screening tool to detect early signs of breast abnormalities, cancer or other issues. Mammography helps in early detection of breast cancer which increases the chances of successful treatment. It produces high quality images of breast tissue and are used by healthcare professionals to screen for and diagnose breast cancer or other issues.
Market key trends:
One of the key trends driving the growth of mammography market is increased breast cancer screening activities across the globe. According to WHO, breast cancer is the most common cancer affecting women worldwide and annual breast cancer screening helps find cancer at an early stage leading to successful treatment. Various government initiatives to spread awareness about breast cancer screening along with mandatory screening programs have increased the uptake of mammography procedures significantly. For instance, the National Breast Cancer Screening Program in the U.S. provides free or low-cost mammograms to underprivileged and older women population. Furthermore, technological advancements including 3D mammography, computer-aided detection of mammograms and molecular breast imaging are enhancing the accuracy of breast cancer diagnosis which is further propelling the demand for mammography equipment.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established brand names lower the threat of new entrants in the mammography market. Bargaining power of buyers: Individual consumers have limited bargaining power due to inelastic demand for mammography services and devices. Whereas large healthcare organizations have significant bargaining power.
Bargaining power of suppliers: Leading equipment manufacturers differentiate their products, increasing customer loyalty and lowering supplier bargaining power. Switching costs are also significant.
Threat of new substitutes: No close substitutes currently exist for mammography in breast cancer screening. Computed tomography (CT) scans are sometimes used but are more expensive and expose patients to radiation.
Competitive rivalry: Intense as major players compete based on technology innovations, geographic expansion, and service quality to gain market share.
SWOT Analysis
Strengths: Early-stage breast cancer detection saves lives and lowers treatment costs. Digital technology enhances image clarity.
Weaknesses: High equipment and maintenance costs. Discomfort during imaging deters some patients. skill required to interpret images.
Opportunities: Rising breast cancer incidence drives screening needs. Untapped growth potential in developing nations. Novel applications of AI in diagnostics.
Threats: Economic slowdowns lower healthcare budgets for new purchases. Stringent regulatory approvals delay product launches. Privacy concerns over data usage.
Key Takeaways
The Global Mammography Market Size is expected to witness high growth, exhibiting CAGR of 9.0% over the forecast period, due to increasing awareness about early cancer detection and favorable government initiatives.
On a regional basis, Asia Pacific region is expected to witness the fastest growth owing to rising healthcare expenditure, large patient pools, and increasing focus of market players. Developed markets like North America and Europe dominated the mammography market in 2023 due to robust healthcare infrastructure and widespread screening programs.
Key players operating in the mammography market are 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. Major players are investing in R&D to develop novel technologies that provide enhanced image quality while reducing radiation exposure.
Read More - https://www.rapidwebwire.com/mammography-market-size-share-growth
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