04 Jun 2020
Posted in Medical Devices
Mammography equipment market in APAC to grow at robust CAGR of 25.1% between 2019 and 2028, forecasts GlobalData
The mammography equipment market in the Asia-Pacific (APAC) region is expected to grow at a compound annual growth rate (CAGR) of 25.1% from US$0.6bn in 2019 to US$4.2bn by 2028, according to GlobalData, a leading data, and analytics company.
GlobalData’s report, ‘Mammography Equipment – Diagnostic Imaging Market Analysis and Forecast Model’ states that while inclination towards non-invasive disease diagnosis will be the main market driver, increase in the female population of age 40 years and above and growing number of breast cancer cases will propel the market during the forecast period.
Japan will be by far the fastest growing country in the region growing at a CAGR of 30.7% between 2019 and 2028, which is closely followed by India and Australia, respectively. However, India will remain the leader in the region in terms of revenue.
Manasa, Medical Devices Analyst at GlobalData, comments: “Hologic Inc has remained as the market leader in APAC by employing approaches like innovation of newer technologies and strengthening presence in emerging markets. GE Healthcare LLC, Siemens Healthineers AG and Fujifilm Holdings Corporation have also established themselves as competitors in this space.”
In the APAC region, 2D digital mammography equipment is the major revenue contributor within mammography equipment market, growing at a CAGR of 24.8% between 2019 and 2028, followed by Breast Tomosynthesis.
Manasa concludes: “Tomosynthesis is known for higher rates of cancer detection and when compared to that of 2D mammography equipment, the 3D images obtained from Tomosynthesis provide much accurate results helping the physicians in early detection of breast cancer. This also helps the patients in decreasing the number of times they have to undergo mammography. These features of Tomosynthesis will propel the market in future.”