Market Dynamics:

One of the major drivers for the growth of the mammography market is the increasing incidence of breast cancer cases across the globe. As per the World Health Organisation (WHO), breast cancer is the most common cancer in women worldwide. In 2020, there were an estimated 2.3 million women diagnosed with breast cancer globally. Early detection of breast cancer through regular screening plays a vital role in improving the survival rate for breast cancer patients. As mammography is one of the most effective and commonly used modalities for breast cancer screening, the growing burden of breast cancer cases and emphasis on early detection is expected to drive the growth of the mammography market over the forecast period. Furthermore, the National Cancer Institute recommends screening mammograms every 1-2 years for women aged 50-74 years. Thus with aging population and growing public awareness regarding breast cancer screening, the mammography market is expected to witness high growth over the forecast period.

SWOT Analysis

Strength: The mammography market is expected grow at a CAGR of 6.8% between 2023 to 2030. The early detection of breast cancer through regular mammograms aids in the timely treatment which increases the chances of survival. Advanced digital mammography systems provide clear images which help radiologists to accurately diagnosis breast cancer at an early stage. The rising awareness among women regarding the importance of regular breast screenings is also fueling the market growth.
Weakness: Mammograms often produce false-positive results which leads to unnecessary anxiety and invasive follow-up tests for women. The radiation exposure from mammograms poses health risks especially for women with dense breasts. The high cost of digital mammography systems make it unaffordable for people in low-income countries.
Opportunity: The increasing healthcare expenditure and improving reimbursement policies for breast cancer screenings in developing nations will spur the demand. Ongoing research and development activities to introduce more accurate 3D mammography and contrast-enhanced digital mammography will provide new revenue streams. Moreover, the growing geriatric population who are at high risk of developing breast cancer will boost the market size.
Threats: The outbreak of COVID-19 pandemic led to cancellation or postponing of various non-urgent medical procedures including routine mammograms. This had short-term implications on the market revenue. Alternatively, home/point-of-care based mammography devices pose competition due to ease of use and affordable price point.Stringent regulatory approvals also delay the entry of new products.

Key Takeaways

The Global Mammography Market Size is expected to witness high growth in the forecast period of 2023 to 2030.

Regional Analysis: North America currently dominates the market and is expected to maintain its top position throughout the forecast period. This can be attributed to factors such as increasing prevalence of breast cancer, mandatory screening recommendations, and favorable reimbursement policies in the region. According to estimates, one in eight women are diagnosed with breast cancer during their lifetime in the United States.

Key players The key players operating in the mammography market include Hologic Inc., GE Healthcare, Siemens Healthineers, Koninklijke Philips N.V., Fujifilm Holdings Corporation, Canon Inc., Planmed Oy, Analogic Corporation, and Gamma Medica Inc. Hologic Inc. dominated the global mammography market with over 20% revenue share in 2023 owing to its diversified product portfolio and strong presence across major markets.

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