Mammography Equipment Market Outlook 2031:
The global mammography equipment market size was valued at USD 1.35 Billion in 2022 and is projected to reach USD 3.21 Billion by 2031, expanding at a CAGR of 10.12% during the forecast period 2023 - 2031. The growth of the market is attributed to the wide prevalence of breast cancer cases globally, rising awareness regarding the disease, and introduction of highly effective diagnosis.
Mammography is a diagnostic technique which is used to scan the breast cancer and take images for the detection of tumor. Mammography equipment gives high-resolution imaging to capture, manage, archive, and view that help providing safe information and images. Breast cancer forms in tissues of breast. Some of the most common symptoms of the disease are limps in breast, dimpling of skin, and change in shape of the breast.
The major risk factors that can cause breast cancer are excessive consumption of alcohol, obesity, reduced physical activities, and hormonal therapy during menopause. As per the statistics provided by Globocan report of 2020, breast cancer is the most common form of cancer and the prevalence rate of the disease is recorded as 11.7% of the overall cancer.
The same report suggests, the five-year frequency of breast cancer in different region are reported as follows: Asia, being the top of the list, represents 41.3% as the targeted patients reach to 3,218,496, Europe is in second with 2,138,117 cases, and North America with 1.189,111 people stands third in the global rank.
As per the World Health Organization (WHO) reports in 2018, more than 0.6 million women died due to breast cancer, which is nearly 15% of all cancer deaths. As per the reports, the population of old-aged people with more than 60 years of age is anticipated to reach 2 billion. This increases the risk of breast cancer among women. According to the Breast Cancer Surveillance Consortium, the diagnosis of breast cancer has inclined to 34.7 per 100 examinations due to the use of mammography.
Mammography Equipment Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness regarding the disease as well as importance of early diagnosis of the disease are driving the market in the near future.
- Constant technological advancements as well as heavy investments on cancer treatment by the key players and government organizations are propelling the market development to new heights.
- Governments’ implementation of favorable policies and programs is proving to be a key driving factor for the market development.
- Presence of huge unmet population of the targeted patients and rising demand for early diagnosis are expected to boost the market growth during the forecast period.
- Wide number of patient population, heavy demand for quick and effective diagnosis, and highly effective mammographic results are offering huge opportunities for the market growth in the long run.
Scope of Mammography Equipment Market Report
The report on the global mammography equipment market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Mammography Equipment Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Digital Radiology and Film-screen)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Hologic International; GE Healthcare; Phillips Healthcare; Fujifilm Holdings; and Siemens Healthcare.
Mammography Equipment Market Segment Insights
Digital radiology segment is expected to grow at a rapid pace
Based on types, the global mammography equipment market is bifurcated into digital radiology and film-screen. The digital radiology segment is expected to grow at a rapid pace during the projected period owing to the accurate results, fast response, and high acceptance of the techniques by physicians.
The 3D technology is the key factor for the development of the digital segment. The digital mammography equipment shows accurate diagnosis with clear image clarity.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share in the coming years owing to high cancer cases in the region.
Moreover, favorable government initiatives along with extensive research and development activities by major regional players are boosting the market growth in the region. The high awareness about the disease and diagnosis techniques as well as well-developed healthcare infrastructure are key factors driving the regional market development.
The Europe market, however, is projected to register a high growth rate in the coming years owing to the advanced technologies available. Furthermore, high cases of breast cancer in the region along with high per capita healthcare expenditure are likely to push the regional market growth during forecast period.
The global mammography equipment market has been segmented on the basis of
- Digital Radiology
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
The key players competing in the global mammography equipment market are Hologic International; GE Healthcare; Phillips Healthcare; Fujifilm Holdings; and Siemens Healthcare.