According to the deep-dive market assessment study conducted by Growth Plus Reports, the Global Mammography Equipment Market was pegged at ~US$ 2.10 billion in 2021. The market is expected to witness a CAGR of ~9.7% from 2022 to 2030.
The rising prevalence of breast cancer and the increasing demand for the early screening and diagnosis of breast cancer is the major driving factor of the global mammography equipment market. Additionally, the increased government initiatives for early detection and screening of breast cancer is also playing an important role in market growth. The rising adoption of cutting-edge technologies, including AI and computer-aided detection (CAD), along with constant innovation by the major players and improved accessibility to screening techniques are some of the reasons driving the global market for mammography equipment. However, the high cost affiliated with the mammography equipment is restricting the global market growth. Moreover, several complications such as false negative results, false positive results, radiation exposure and overdiagnosis which leads to overtreatment also restrain the market growth.
The increased incidence of breast cancer worldwide which is around 0.5% per year is the major factor which is propelling growth of global mammography equipment market. According to the WHO, there were 2.3 million women diagnosed with breast cancer in 2020 worldwide and 685,000 deaths were cause due to breast cancer. The average age at which breast cancer in women is discovered is 62 years, thus the rising geriatric population is also increasing the demand for breast cancer screening. According to the WHO, there are around 1 billion people aged 60 and above worldwide, thus indicating potential market growth.
The rise in innovation and the adaption of advance technologies like AI and computer-aided detection (CAD) is propelling the market growth. AI based breast cancer screening could identify normal, moderate-risk, and suspicious mammograms, which may lighten the burden of the radiologist.AI-based screening can perform consistently across breast densities, thus major players are introducing mammography equipment paired with AI. For instance, in November 2021, Therapixel develop MammoScreen which is an actionable AI based software assisting Radiologists in breast cancer screening. MammoScreen detects and characterizes suspicious soft tissue lesions and calcifications in mammography and tomosynthesis images, determining their malignancy risk. The MammoScreen characterizes the suspiciousness of each lesion on a scale of 1 to 10, with 1 being the least likely to reveal malignancy and 10 being the most likely.
Initiatives for breast cancer screening and early diagnosis are being taken by the government and non-government organizations. The National Breast and Cervical Cancer Early Detection Program, run by the Centers for Disease Control and Prevention (CDC), offers breast and cervical cancer screening and diagnostic services as well as support initiatives to the low-income, uninsured, and underserved women. Similarly, the National Breast Cancer Foundation (NBCF) in the U.S., is a non-governmental organization that offers free mammograms and breast cancer education to low-income women which is boosting the number of women who get screened for the disease, thus propelling the growth of the mammography equipment market.
Conversely, there is a rise in the false negative results for breast cancer. The false negative result looks normal even if the cancerous tissues are present. According to the American Cancer Society about 1 in every 8 breast cancer screening misses’ cancerous tissues. Thus, additional test such as breast ultrasound is required, thus increasing the overall cost of the screening process.
Asia Pacific is projected to be the fastest growing regional market for mammography equipment. The high growth of region can mainly be attributed to factors such as the increasing prevalence of breast cancer. According to GLOBOCAN 2020, breast cancer is the second most common cancer in Asia. In the overall cases of cancer in Asian women, breast cancer account approximate to 22.9%. Moreover, the rapidly developing healthcare infrastructure, rising investment by top players, and strategic partnerships are also playing a pivotal role in the regional growth. For instance, in August 2022, Paras Healthcare has signed a partnership with Fujifilm India, it will bring high-end and sophisticated medical devices including AI-based diagnostic machines in Indian healthcare. Additionally, countries such as India, China, and Japan in the APAC region, are projected to offer significant growth opportunities due to the adoption of new technologies, and growing healthcare expenditure.
Some prominent players operating in the global mammography equipment market are Hologic Inc., Analogic Corporation, Canon Medical Systems Corporation, GE Healthcare, Siemens Healthcare AG, Fujifilm Holdings Corporation, Metaltronica SpA, Koninklijke Philips NV, PLANMED OY, and Delphinus Medical Technologies Inc. among others.