The Cancer Institute New South Wales (NSW) recently selected South Korean startup Lunit’s artificial intelligence (AI)-based mammography analysis solution “INSIGHT MMG” for its BreastScreen NSW’s (BSNSW) AI evaluation and clinical integration project. Such collaborations will not only help in the early detection of breast cancer, but also further fuel the growth of the mammography market, says GlobalData, a leading data and analytics company.

Australian demographic dynamics indicate that a greater percentage of people are joining the aging population each year. Increasing age is one of the vital factors for the high prevalence of breast cancer in Australia. In addition, DNA mutations (in genes such as BRCA2, BRCA1, and CHEK2), a sedentary lifestyle, obesity, and exposure to natural or administered female hormones increase the risk of developing breast cancer.

GlobalData’s report, “Mammography Equipment Market Size (Value, Volume, ASP) by Segments, Share, Trend and SWOT Analysis, Regulatory and Reimbursement Landscape, Procedures, and Forecast, 2015-2030,” reveals that the Australian mammography market is expected to grow at a compound annual growth rate of approximately 15% through 2030, driven by high breast cancer prevalence, an increasing number of hospitals, and a growing preference for non-invasive imaging combined with government initiatives.

Dr. Satyajeet Salunkhe, Medical Devices Analyst at GlobalData, comments: “The integration of AI-based image identification/analysis solutions will not only make breast cancer diagnoses timely and accurate, but also provide new business opportunities for healthtech companies.”

The BSNSW service of Australia aims to offer free mammograms to women aged 40 and older to detect breast cancer early. The prospective I-III phases of the project will validate the use of the Lunit INSIGHT MMG solution in breast cancer detection. The results from these phases will act as catalysts for the widespread adaption of AI in the healthcare sector. Upon the successful completion of all three phases, Lunit Inc will sign a five-year operating agreement with BSNSW for continued secure supply and operations across Australia.

Dr. Salunkhe concludes: “Surging demand for nationwide breast cancer screening programs will drive the growth of the mammography market. However, healthtech companies must be ready to meet the growing demand to make these programs successful and save the lives of many women.”