Mammography System Market size worth over $4bn by 2027
Published Date: February 15, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Mammography System Market size is set to surpass USD 4 billion by 2027, according to a new research report by Global Market Insights, Inc.
Increasing number of cases of breast cancer across the globe coupled with rising awareness among the female population about early diagnose and screening of breast cancer will augment the market growth during the forecast period. Adoption of technological advanced systems for better treatment procedure and growing research and development funding from the government will expand the demand for mammography machines.
Rising prevalence of breast cancer and growing mortality rate will stimulate the mammography system market expansion
Significant rise in the breast cancer cases has increased burden on the government, compelling them to take necessary measurements to combat rising prevalence of the target disease. According to Centers for Disease Control and Prevention (CDC), breast cancer is the third most common cause of mortality in the world. The American Cancer Society stated around 281,550 new cases of invasive breast cancer will be diagnosed in U.S. region for 2021 and approximately, 43,000 women will die from breast cancer. Thus, with growing necessity for timely diagnosis and treatment, the acceptance of mammography systems will expand in future. However, COVID-19 pandemic has affected screening, diagnosis, treatment and follow-up care for breast cancer. In addition, high cost of equipment, low awareness in underdeveloped countries and false-positive results can limit the market size up to some extent.
Introduction of CAD and PACS technology in full field digital mammography systems will increase product demand
Full field digital mammography systems segment dominated more than 65% of the market share in 2020. It utilizes 2D technology for screening and are technologically advanced than other mammography systems. Furthermore, more accuracy, incorporation of CAD technology in full field digital mammography for better detection of invasive breast cancer and large number of FFDM systems approval from the FDA government will further drive the segment growth in the coming year.
Browse key industry insights spread across 145 pages with 88 market data tables & 13 figures & charts from the report, “Mammography System Market Size By Product (Analog Systems, Full Field Digital Mammography Systems, Breast Tomosynthesis Systems), By Technology (Screen Film, 2D Mammography, 3D Mammography), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2027” in detail along with the table of contents:
Enhanced results and favourable reimbursement policies for 2D mammography systems will boost the segment expansion
2D mammography is projected to witness 7.6% growth rate till 2027. 2D mammography systems provide professionals with better outcomes and clear images. In comparison to screen film technology, the exposure time in 2D mammography systems to radiations is reduced for high quality image with better positioning. Moreover, this technology is cost-effective due to reduced recall rates and insurance and reimbursements are well covered for these systems in developed countries.
Significant investment in healthcare facilities and advanced infrastructure with skilled workforce will accelerate product usage in ambulatory surgical centers (ASCs)
Ambulatory surgical centers segment in the mammography system market is poised to expand at 8.3% CAGR through 2027. Availability of sophisticated healthcare infrastructure, growing number of skilled healthcare professionals and various reimbursement present for breast screening tests will foster the segment revenue. Additionally, easy appointments and convenient tests available at ambulatory surgical centers will further influence the segment value in the coming years.
Presence of major market players and adoption of sophisticated healthcare infrastructure will fuel the growth opportunity for European region
Europe mammography system market accounted for 27% of revenue share in 2020. Accelerating number of breast cancer cases in the region coupled with rising initiatives by the government for early screening and detection of breast cancer will spur the market value in the region. Acceptance of technologically advanced products, growing medical tourism in the region and increasing research and development funding will further propel the market revenue during the forecast timeline.
Geographical expansion and new product development will provide substantial growth opportunity to market players
Some of the notable companies involved in the mammography system market are Carestream Health, Fujifilm Holdings, GE Healthcare, Hologic, Korean C, Planmed Oy, and Siemens Healthineers. These industry leaders have undertaken various strategies such as product development, collaborations and partnerships to expand their market foothold.
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