United States Mammography Devices Market
United States Mammography Devices Market to Grow at a CAGR of 11.2% during 2022 – 2028
Published | 08 August 2022
United States Mammography Devices Market is flourishing owing to the increased breast cancer incidence, expanding breast imaging technology, a developed healthcare system, and increased public knowledge of cancer.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Mammography Devices Market is expected to grow at a CAGR of 11.2%, by the end of 2028. The United States Mammography Devices Market is booming because of the aging population, proactive efforts by healthcare institutions to increase public awareness about breast cancer early detection, and an increase in the incidence rate of breast cancer are anticipated to propel market expansion. The demand for mammography equipment is also fueled by improved insurance reimbursement rules, greater government financing for breast cancer research, and technological developments like breast tomosynthesis, which makes it easier to detect breast cancer in women with dense breast tissues. Furthermore, United States Mammography Devices Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, risks associated with radiation exposure and the production of false positives or negatives are anticipated to restrain market expansion.
Increasing Prevalence of Breast Cancer
One of the most important market drivers for mammography devices is the growing number of women who fall prey to breast cancer. It is the most common cancer in women, with the research, 2 lacs new diagnoses each year in the country. Although traditionally wealthy regions have demonstrated significant frequency, emerging areas are increasingly following suit. Additionally, it is critical to detect the condition as early as possible to treat it and increase the chance of survival. Mammography is an important technique for detecting cancer even before symptoms appear. All these factors boost the growth of the US Mammography Devices Market.
Growing Breast Cancer Early Detection
This market is expected to grow significantly over the projected period due to an increase in the prevalence of breast cancer, an increase in the number of elderly people, and proactive efforts by healthcare organizations to spread awareness about the early detection of breast cancer. Furthermore, having a mammogram every year can save your life. Early detection of breast cancer reduces the risk of death by approximately 30%. Thus, early detection is the best prevention. Furthermore, mammograms can detect abnormal breast tissue two years before it becomes cancerous. Mammograms also improve the chances of breast preservation. Furthermore, early detection of localized breast cancer reduces the likelihood of a mastectomy being required (breast removal). Additionally, mammograms are an important preventative diagnostic test that can help women and their doctors detect signs of early breast cancer, whether or not they are experiencing symptoms. Women between the ages of 45 and 50 should have their first mammogram. Once you reach the age of 50, you should get an annual mammogram because early detection is the best prevention.
Challenge: Expensive Mammography Devices
The mammography systems market is hampered by the relatively high cost of mammography equipment. Modern technology mammograms are not widely available in regions with poor health infrastructure in comparison to developed regions. The high cost of mammography equipment, combined with slow progress in cancer detection, may stifle market growth.
United States Mammography Devices Market - By End-User
The United States Mammography Devices Market is divided into three end-user segments: Hospitals & Clinics, Diagnostics Centers, and Others. Hospitals and clinics are expected to have the highest revenue shares in the market due to the rising demand for early breast cancer diagnosis and the nation's growing female population. The category is expected to grow over the next five years as the patient population grows. Furthermore, the market for mammography devices in the United States is expected to grow over the next five years as a result of frequent patient visits for advanced cancer problems. As a result, the hospitals and clinics segment is expected to dominate the market share in the coming years.
Impact of COVID-19 on United States Mammography Devices Market
As a result of the COVID-19 pandemic, there was a significant decrease in cancer screening, cancer management visits, and cancer operations. According to a report published in the Journal of the American College of Radiology, mammograms decreased by up to 92 percent in some areas of the United States at the peak of the pandemic in 2020. According to the FDA, 38.8 million women were screened for breast cancer in 2021, implying that hundreds of thousands of women in the United States may have delayed or missed their exams due to the pandemic. Because of the COVID-19-induced drop in screening volume, radiologists now face additional challenges.
The leading market players in the United States Mammography Devices Market are Hologic Inc, Analogic Corporation, Canon Medical Systems Corporation, Fujifilm Corporation, Siemens Health Care, Toshiba Medical Systems, GE Healthcare, Metaltronica, Koninklijke Philips NV, PLANMED OY, and other prominent players. The United States Mammography Devices Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the United States Mammography Devices Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Mammography Devices Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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