Mammography is a medical imaging technique used in breast screening and diagnosis. A mammography exam, also called a mammogram, can detect changes in the tissues of the breasts. Mammography allows for early detection and diagnosis of breast cancer as it can identify tumors that cannot be felt. The global mammography market is estimated to be valued at US$ 2360.16 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for early detection of breast cancer through mammography presents a major market opportunity. Breast cancer is one of the most common cancers diagnosed among women worldwide. Early detection increases the chances of successful treatment. Mammography plays a crucial role in breast cancer screening as it can identify small tumors that cannot be felt yet. As cancer tumors smaller than 1 cm have a better prognosis, regular mammograms can help diagnose the cancer at an early stage, when treatment options are more effective. With growing awareness about the importance of early breast cancer screening, demand for mammography is expected to rise significantly over the forecast period.
Porter's Analysis
Threat of new entrants: The mammography market requires high initial capital investment and technical expertise which creates barriers for new entrants.
Bargaining power of buyers: The presence of several vendors and medical service providers gives buyers choices and bargaining power over price.
Bargaining power of suppliers: Suppliers of X-ray tubes, imaging plates, and other components have some bargaining power due to their specialized technological expertise.
Threat of new substitutes: There is a constant threat from new and advanced breast cancer screening methods which can potentially substitute mammography procedures.
Competitive rivalry: The mammography market is dominated by a few major players and witness intense competition based on product differentiation, pricing, and service offerings.
SWOT Analysis
Strength: Mammography provides accurate breast cancer screening and early detection. Wide acceptance as the gold standard for breast imaging.
Weakness: Mammograms expose patients to ionizing radiation. Interpretation depends on radiologist skill and experience. False positives and negatives can cause anxiety.
Opportunity: Growing awareness about breast cancer screening. Emerging economies with increasing healthcare spending present new markets.
Threats: Rising adoption of new breast screening techniques like MRI stringent regulations around radiation exposure.
Key Takeaways
The Global Mammography Market Share is expected to witness high growth over the forecast period of 2023 to 2030 due to rising incidence of breast cancer worldwide.
Regional analysis: North America currently dominates the global mammography market due to growing awareness about breast cancer and accessibility to advanced healthcare facilities. Asia Pacific is projected to grow at the fastest rate during the forecast period with increasing healthcare expenditures and large patient pool in highly populous countries like China and India.
Key players: Key players operating in the mammography market are GTL (Global Tel*Link Corporation), BI Incorporated (a subsidiary of GEO Group), Corrisoft, SuperCom Ltd., Spillman Technologies (a Motorola Solutions company), Tribridge (now DXC Technology), Appriss Inc., Northpointe Inc. (a subsidiary of Constellation Software), Tyler Technologies Inc., Capita PLC, IBM Corporation, Encartele Inc., Telmate LLC (a subsidiary of GTL), Keefe Group (a subsidiary of TKC Holdings Inc.), Securus Technologies Inc. (now part of Aventiv Technologies).
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