Mammography is a type of medical imaging that uses low-dose x-rays to examine the human breast. Mammography is used as a screening tool to detect possible breast tumors that may be cancerous, and helps in diagnosing and evaluating breast tumors. Mammography plays a vital role in the early detection and diagnosis of breast cancer. It helps physicians and radiologists identify small masses in the breast that are not detected by self or clinical examination.
The global Mammography Market is estimated to be valued at US$ 2360.16 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
One of the major opportunities expected to fuel the mammography market growth is reduced breast cancer mortality rates. According to the American Cancer Society, breast cancer death rates have been declining steadily over the past few decades. This decline has been attributed to the increased use of mammography screening. Early detection through mammography allows for quick treatment of breast cancer tumors. When breast cancer is detected in its early stages, treatment is more effective and recovery rates are higher. As mammography helps detect tumors at earlier stages, it significantly reduces breast cancer mortality rates. Therefore, increasing awareness regarding the role of mammography in early detection and treatment of breast cancer is expected to drive its demand over the forecast period.
Porter's Analysis
Threat of new entrants: The mammography market requires large capital investments and economies of scale to match the existing players, posing barriers for new players.
Bargaining power of buyers: The buyers have moderate bargaining power as there are several vendors offering the same or substitutable products.
Bargaining power of suppliers: The suppliers have low-to-moderate bargaining power due to the availability of substitute raw materials.
Threat of new substitutes: New technology development such as MRI poses a moderate threat to mammography products.
Competitive rivalry: High due to the presence of several international players.
SWOT Analysis
Strengths: Non-invasive procedure for breast cancer screening, reduced mortality rates.
Weaknesses: Require specially trained personnel, high false positive rates, discomfort and anxiety during the procedure.
Opportunities: Portable mammography devices, digital breast tomosynthesis (DBT) for improved accuracy, rising health awareness.
Threats: High cost of equipment, preference for alternate screening methods such as ultrasound, MRI.
Key Takeaways
The Global Mammography Market Size is expected to witness high growth. The global mammography market is estimated to be valued at US$ 2360.16 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030.
North America currently dominates the market due to high breast cancer burden and screening guidelines. Asia Pacific is expected to grow at the fastest pace supported by rising awareness, improving healthcare infrastructure and increasing focus of global players. The Asia Pacific mammography market will grow steadily mainly driven by China, India and Japan. Government initiatives to increase breast cancer awareness and screening programs will propel the regional demand.
Key players- Key players operating in the mammography market are Anhui Jucheng Fine Chemical Co, Ltd. (CJCC), Ashland Inc., BASF SE, Kemira, SNF Group, Black Rose Industries Ltd., Shandong Polymer Bio-Chemicals Co., Ltd., Xitao Polymer Co., Ltd., ZL EOR Chemicals Ltd. and Dongying Kechuang Biochemical Industrial Co., Ltd.
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