Mammography Devices market to Exceed $980 Million

Mammography Devices market to Exceed $980 Million

Breast Cancer Awareness is at an all-time high thanks to the marketing idea to adopt the color pink to call attention to the fight against this sometimes fatal disease. The campaign has brought about awareness, served to raise funds for breast cancer research and powered innovation for more advanced tools to detect, diagnose and fight the disease.

“Substantial support for breast cancer awareness and research funding has helped improve the screening and diagnosis and advances in the treatment of breast cancer. Breast cancer survival rates have increased, and the number of deaths steadily has been declining, which is largely due to a number of factors such as earlier detection, a new personalized approach to treatment and a better understanding of the disease,” according to the Mayo Clinic website.

A recent report by Research and Markets indicates that the global mammography market will exceed $980 million by the conclusion of 2020.

“The global market for mammography devices is poised to reach $983 million by the end of 2020 growing at a CAGR of 5.6 percent,” according to the report. “Mammography is a detailed type of imaging that customs a low-dose X-ray system to inspect breasts. A mammography exam, called a mammogram, is used to support in the early detection and diagnosis of breast diseases in women. An X-ray (radiograph) is a noninvasive medical test that helps physicians analyze and treat medical conditions. Imaging with X-rays involves exposing a part of the body to a small dose of ionizing radiation to produce pictures of the inside of the body. X-rays are the oldest and most frequently used form of medical imaging. Three recent advances in mammography include digital mammography, computer-aided detection and breast tomosynthesis.”

These advances in mammography technology will help fuel the market as health care facilities upgrade to more advanced devices in the fight against breast cancer.

A similar report by GBI Research expects even more growth in the mammography market.

“The Americas’ mammography systems market value will increase from approximately $390 million in 2013 to $1.1 billion by 2020, driven primarily by the uptake of 3D systems in the U.S. and healthy demand for 2D systems in Canada, Mexico and Brazil,” according to business intelligence provider GBI Research.

The report states that the U.S. will continue to hold the dominant share, with its overall market value forecast to exceed $925 million by 2020.

Furthermore, U.S. 3D systems revenue will rise from $99.2 million in 2013 to just over $757 million by 2020, representing an “impressive” compound annual growth rate (CAGR) of 34 percent, while 2D systems sales will decline at a negative CAGR of 4 percent.

“The remarkable expansion of the U.S. market will be caused by continuous replacement of 2D systems with 3D systems,” Srikanth Venkataraman, Senior Analyst for GBI Research, said.

U.S. sales of 3D systems will increase year-on-year during the forecast period and will overtake the falling 2D market next year, according to the GBI report. The gap will continue to widen thereafter, although the U.S. 2D space will still be worth over $168 million by 2020, more than the entire Canadian and Mexican mammography markets combined.