AI to drive mammography equipment market at CAGR of 11.6 pc in South Korea: GlobalData

New Delhi: The market for digital mammography equipment in South Korea is expected to grow at a compound annual growth rate (CAGR) of 11.60 per cent between 2015 and 2030. Owing to the growth in the awareness of breast cancer among women and the number of companies leveraging the power of 3D mammography and artificial intelligence (AI) to provide early and accurate diagnostic results in the country, forecasts GlobalData.

Emphasising the need for 3D mammography for accurate diagnosis, Damini Goyal, Medical Devices Analyst, GlobalData, commented, “Denser breasts in younger women, especially Asians, make it more difficult to accurately detect tumours in breast tissue. This demands companies to effectively replace 2D mammography with AI-powered 3D breast tomosynthesis (DBT) to overcome healthcare challenges.”

One such example that highlights the incline in the incidence of advanced digital mammography solutions in South Korea is Lunit. AI-based medical imaging equipment firm Lunit signed a contract in December 2022, to supply AI-based breast cancer screening solution ‘Lunit Insight MMG’ to Hong Kong Women's Imaging (HKWI) diagnosis imaging centre and Mongolia's National Cancer Center.

In November 2022, the company also signed an agreement with CARPL.ai to accelerate AI-powered medical imaging across major international channels. Under the agreement, Lunit has to deploy ‘Lunit INSIGHT CXR’, an AI solution for chest X-ray analysis, and Lunit Insight MMG in the US, Australia, Brazil, India, and Singapore via CARPL's platform. This indicates a growing demand for advanced mammography solutions across the globe.

In its report entitled ‘South Korea Mammography Equipment Market Forecast, 2015-2030’, GlobalData reveals that South Korea accounts for 18 per cent of the mammography equipment market in the Asia Pacific (APAC) region, which is anticipated to grow rapidly.

Against this backdrop, Goyal concluded, “More collaborations are expected between healthcare companies and the tech sector amid the increasing demand for innovative mammography systems. This not only encourages domestic and international companies to invest and expand their market share but also provides convenience to radiologists in cancer detection, reduced false positives and patient recalls.”