As per an insightful report furnished by Market Research Future (MRFR), the mammography market is expected to demonstrate a robust growth rate of 22.60%, depicting a million dollar growth during the forecast period (2017-2022).
Market Drivers and Key Challenges
According to the Center for Disease Control (CDC), breast cancer is considered to be the leading cause of cancer among the female population around the world, belonging to any ethnicity or race. Breast cancer has also been identified as the third most common reason for deaths among American Indian or Alaska Native women. As per the analysis done by the National Cancer Institute (NCI), in 2016, roughly 246,660 new cases along with 40,450 deaths have been registered owing to breast cancer.
The primary reasons behind the strong growth of the global mammography market include the continuous technological innovations in the field of breast imaging, growing investment from several organizations with rising number of breast cancer screening campaigns and the increasing prevalence of breast cancer across the globe.
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World over, a large portion of the population is aging, with a growing number of women moving into the 60 and above age category. Furthermore, women more than the age of 60 are responsible for approximately 78% of the overall breast cancer-related deaths. The growing incidences as well as mortality rates for breast cancer, particularly within this age group are indicative of a massive unmet requirement for breast cancer diagnostics. With these numbers increasing at a rapid pace, the demand for mammography is subsequently projected to rise in the coming years. These factors are expected to be the major factors supporting the growth of the mammography market during the conjectured time frame.
With the emergence of digital mammography all around the world, a boost in the number of countries are witnessing growing demand for these systems, on account of their higher accuracy levels when it comes to low-contrast objects, along with wider dynamic change, as well as enhanced diagnostic quality of images, specifically in cases of denser breasts. These tests also offer an extra advantage of soft-copy image displays coupled with soft-copy reading that have the ability to be easily transferred.
Other than this, digital mammography also provide a major leeway to substantial advances in breast cancer diagnosis, such as reduced breast compression pressure, enhanced detection as well as decreased radiation dosages. These advantages are presumed to elevate the product demand in the years ahead, which will have a lucrative effect on the growth of the global market in the process.
The worldwide mammography market is segmented on the basis of technology and application.
The mammography market, in terms of technology, includes digital mammography, 3D mammography, C-View 2D, breast tomosynthesis contrast enhance mammography, Analog, and others, where the digital mammography segment is slated to take the lead, owing to the various benefits associated with it in providing accurate results at a quick rate.
The various applications covered in the report include Screening, Diagnostic, and others.
The region-wise segments in the global mammography market include the Americas, Asia Pacific, Europe, and the Middle East & Africa.
The Americas market has stolen the limelight by garnering the largest share of the overall market, with main factors being the mere presence of highly established vendors in the region, growing number of patients afflicted with cancer and the availability of sophisticated technologies in the field. Over the last decade, the regional market has expanded at a substantial rate on account of the increasing government support in the form of rising investments in research and development activities. Also, constant efforts being put in by the leading companies based on the marketing hacks being adopted by them, such as partnerships and acquisitions in order to expand their customer base are expected to give the regional market an extra boost over the upcoming years.
With the second largest share of the global market, Europe is thriving on the back of factors including the massive funds available for research and development along with the presence of supportive government within the region. In the region, the United Kingdom (U.K) and Germany are identified as the spearheading countries because of the existence of well-established healthcare infrastructure and sophisticated technology.
MRFR acknowledges Asia Pacific as the fastest expanding regional market globally as a result of the burgeoning patient pool coupled with the rapidly growing economies like India and Japan. On this note, the region consists of various developing economies that are offering increasing number of growth opportunities to the market. The survey conducted by Pfizer states that in the year 2012, around 6.7 million of those suffering from cancer were reported in Asia Pacific, with predictions of this number increasing at a steady rate in the years to come. Thus, the growing prevalence of cancer in the region is presumed to stimulate the growth of the market in the following years.
Lastly, the Middle East and Africa is set to be the slowest developing market since there is a limited availability of modern technologies combined with abysmal economic conditions. However, the Middle East is expected to be the leading contributor within the Middle East and Africa market backed by the presence of growing healthcare funds and rising number of initiatives being undertaken by the government.
The prominent participants of the global mammography market include Hologic, Inc (U.S.), FUJIFILM Holdings Corporation (Japan), Koninklijke Philips (Netherland), Shimadzu Corporation (Japan), Toshiba Medical Systems Corporation (Japan), Hitachi Medical Corporation (Japan), Siemens Healthcare GmbH (Germany), Carestream Health, Inc. (U.S.), General Electric Company (U.S.), among others.
Hologic Inc. has recently made available its latest mammography technology, Trident HD specimen radiography system. This solution has the ability improve the quality, image and workflow, in addition to allowing quick sample verification during stereotactic breast biopsies and breast-conserving surgeries.
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