Global Mammography Market is Expected to Witness Prolific Demand: Projected to Grow at a CAGR of 8.4% in the Forecast Period
Published | 20 August 2021
The growth of the global mammography market can be attributed to the increasing prevalence of breast cancer. Due to the high mortality rate, it has become more important than ever to diagnose patients for breast cancer, which has led to a spike in the demand for mammography devices....
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global mammography market was worth USD 1.9 billion in the year 2020. The data yielded by the report further reveals that the market is estimated to grow at a CAGR of 8.4%, earning revenue of around USD 3.3 billion by the end of 2027. The growth of the mammography market can be attributed to the increasing prevalence of breast cancer and other breast conditions like lumps, nipple discharge, etc., among women. Moreover, due to the high mortality rate, it has become more important than ever to diagnose patients for breast cancer, which has led to a spike in the demand for mammography devices. However, the high price of mammography systems may limit the growth of the mammography market, especially in developing and low-income countries.
The Mammography Market is Projected to Grow as Early Detection of Breast Cancer Gains Prominence.
One of the primary factors driving the global mammography market is the increasing prevalence of breast cancer and the rising awareness regarding the importance of early diagnosis of this chronic disease. Additionally, governments and non-profit organizations in various countries are also taking various initiatives to raise awareness about breast cancer, especially in developing countries where breast cancer diagnosis rates are extremely low.For example, The Pink Initiative is a Mumbai-based NGO dedicated to raising public awareness about breast cancer. Likewise, the month of October is known as breast cancer awareness month across the globe, which is a campaign to educate the public about breast cancer. Such factors are expected to influence the global mammography market growth.
Reimbursement Policies in Developed Countries Favoring the Growth of the Global Mammography Market
Well-structured reimbursement policies drive demand for mammography diagnostics, thereby fueling the growth of the global mammography market. For instance, under Federal law, the traditional Medicare and Medicare Advantages offer 100% coverage for mammogram screening for people qualifying in the age criteria. To avail of this offer, the person enrolled in the Medicare Advantage plan must meet the additional requirement of using an in-network provider. In Canada as well, mammograms are free for residents who have an Ontario Health Insurance Plan (OHIP).
Global Mammography Market - By End-User
Based on end-users, the global mammography market is categorized into hospitals, diagnostic centers, and specialty clinics. Among these, the hospitals’ segment holds the largest market share. Patients suffering from breast cancer and other breast conditions frequently visit hospitals for diagnosis and treatment, which explains why hospitals are highly reliant on mammography systems. Furthermore, the financial capacity of hospitals is much higher compared to diagnostic centers and specialty clinics, which is why the demand for mammography systems is growing at a higher rate.
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Global Mammography Market - Regional Insights
Geographically, the global mammography market is segmented in to North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these regions, North America dominates this market with the highest market share. However, the Asia-Pacific region is also projected to witness the highest CAGR during the forecast period. APAC countries, such as India, China, and Japan have the lowest rates of breast cancer diagnosis due to the social stigma attached to it. However, it also means these regions have a tremendous amount of growth potential, and diagnostic rates will only rise in the future. This factor is projected to fuel the demand for mammography equipment in this region, thereby powering the growth of the mammography market.
Impact of COVID-19 on Global Mammography Market
Globally, the mammography industry has been impacted by the sudden outbreak of the COVID-19 pandemic.Due to lockdown & social distancing protocols, the demand for breast diagnostic tests had suddenly plummeted. Moreover, the fear of contracting COVID-19 led people to refrain from visiting healthcare facilities. Despite this, it is projected that the global mammography market will flourish in the post-COVID-19 period as healthcare professionals are advising women to not delay their regular health checkups for breast health due to severe long-term consequences.
The leading market players in the global mammography market are Quest Diagnostics Incorporated, Fujifilm Holdings Corporation, Mindray Medical International Limited, GE Healthcare, Toshiba Medical Systems, Hologic Inc., Canon Medical Systems Corporation, General Medical Merate S.P.A., Carestream Health, Koninklijke Philips NV, Siemens Healthineers, Planmed Oy, Konica Minolta Inc., Micrima Limited, and other prominent players.
For better and more effective breast diagnosis, industry players invest heavily in innovating and improving their products. Moreover, to extend their market share and position themselves as leading brands, the enterprises also provide a diverse range of products. Furthermore, the adoption of competitive strategies, such as partnerships, mergers & acquisitions, collaborations, etc., is also very prominent in this market.
Don’t miss the business opportunity of the global mammography market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global mammography market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global Mammography market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Global Mammography Market, By Type (Film Screen Systems, Digital Systems, Analog Systems, Biopsy Systems, 3D Systems), By End-User (Hospitals, Diagnostic Centers, Specialty Clinics),By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017-2027
Publish Date: August 2021
With the increasing prevalence of breast cancer and rising demand for breast cancer diagnostics and treatment, combined with the advancements in imaging technology, the global mammography market is witnessing substantial growth.
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