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Mammography Systems Market outlook with industry review and forecasts

Author : Rahul Sankrityayan | Published Date : 2019-03-27 

With the increased importance in deepening the sense of awareness and understanding related to breast cancer, mammography systems market has emerged as one of the most pivotal verticals of the healthcare industry. The rising prevalence of breast cancer in women, especially in between the age of 50 to 69 years, and changing lifestyles have been the significant factors propelling the growth of the mammography systems market in the recent years. Estimates claim that breast cancer constitutes for 11.9% of all the forms of cancer that accounted for 1.7 million cases worldwide. This data goes on to demonstrate that the vitality of breast cancer has grown severely in the recent years, owing to which tech behemoths are investing in R&D programs and product development to manufacture better diagnostic equipment.

The rapid technological advances being made in the field of diagnostics and breast cancer screening tests have led to significant advancement in mammography systems that enable early cancer detection, exceptional care, and precise diagnosis. Thus, the availability of cutting edge technology along with increasing awareness among citizens regarding early cancer diagnosis have considerably impelled the growth prospects of mammography systems market. Amidst this scenario where a technology leap is being experienced across the breast cancer diagnostics industry, it is prudent to mention that there has been a visible decrease in the mortality rate of breast cancer due to advanced diagnosis technology. Statistics bearing testament to the aforementioned fact is of the U.S. that has recorded a significant 39% decrease in the mortality rate from breast cancer, owing to rising awareness levels, early diagnostics, and improved treatments.

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Speaking of the technological interventions in treatments and diagnostics of breast cancer, the Tillsonburg District Memorial Hospital has recently announced that it will be offering the patients an advanced option in mammograms with the Senographe Pristina developed by GE Healthcare. According to TDMH one in every eight Canadian women is expected to develop breast cancer in her lifetime and evidence shows that early detection of breast cancer reduces a women’s risk of dying from the disease by 25% to 30% or even more. Reportedly, one of the foremost reason that many women ‘don’t’ schedule a mammogram is because of the exam discomfort and fear or anxiety from the potential result, and Senographe Pristina in this regard is expected to reshape the mammography experience. Such a commitment from industry giants in ensuring state-of-art technology to provide a better patient experience like the Senographe Pristina is expected to further alleviate mammography systems industry share.

North America to emerge as a pivotal growth hub for mammography systems industry

One of the chief factors to have accelerated the growth prospects of mammography systems market in North America is the escalating rate of breast cancer cases in the continent, with U.S. at its foray. If statistics are to be believed, in 2018, about 266,120 fresh cases of invasive breast cancer are projected to be detected in U.S. women along with 63,960 new cases of in-situ (non-invasive) breast cancer. It has also been estimated that over 40,920 women in the U.S are likely to pass away in 2018 from breast cancer, although the demise rates have been decreasing rapidly since 1989 due to advances in treatments, increased awareness, and earlier detection through screening.

The data provides sufficient evidence to the fact that North America, with U.S. at its forefront, has been witnessing surging breast cancer rates that is driving the regional mammography systems industry share. Reports in fact claim North America mammography systems market to have dominated the regional landscape by accounting for an overall share of 33.4% in 2017. The commendable technology adoption rate in the U.S. and favorable governmental policies toward reimbursement & awareness campaigns have played a substantial role in increasing the number of breast cancer screening tests, that has in turn kept the region at the pole position.

With increasing governmental initiatives further leading to greater demand and adoption of mammography systems in emerging economies, Asia Pacific is expected to emerge as next-lucrative growth ground of industry stakeholders. The continent is in fact estimated to witness fastest growth rate of 9% over 2018-2024, which has further attracted investors and healthcare companies to exploit the untapped potential in its member countries, while seizing attractive proceeds.

On the whole, with prominent companies further aiming to develop advanced diagnostics systems and regional governments contributing their bit towards lowering product rates, the commercialization matrix of mammography systems industry is certain to proliferate extensively in the ensuing years. According to a report by Global Market Insights, Inc., the worldwide mammography systems market is expected to exceed USD 3.2 billion by 2024 with a projected CAGR of 7.5% over 2018-2024.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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