Breast Lesion Localization Methods Market– Breakthrough in Breast Cancer Diagnosis
Breast cancer is a condition caused by an uncontrolled multiplication of breast cells that form a lump, which may be malignant or non-malignant in nature. Such cells usually form tumors that can often be observed on an x-ray or felt as a lump. Increasing prevalence of breast cancer, increasing awareness for treatment, presence of favorable reimbursement policy in developed and emerging economies, and increasing product development are expected to drive growth of the breast lesion localization methods market.
The global breast lesion localization methods market size was valued at US$ 530.2 million in 2018 and is expected to exhibit a CAGR of 10.7% over the forecast period (2019–2027).
Figure 1. Global Breast Lesion Localization Methods Market Value (US$ Mn), by Region, 2018
Source: Coherent Market Insights Analysis (2019)
Increasing incidence and prevalence of breast cancer is expected to drive growth of the global breast lesion localization methods market
Increasing prevalence of breast cancer in developed and emerging economies is expected to propel the breast lesion localization methods market growth during the forecast period. According to Breastcancer.org, in 2019, in the U.S., around 268,600 cases of invasive breast cancer are expected to be diagnosed along with over 62,930 cases of non-invasive breast cancer. This in turn creates a highly conducive environment for growth of the global breast lesion localization methods market in the near future.
Moreover, incessant rise in population in emerging economies such as India and increasing focus towards strengthening healthcare infrastructure in the developing economies are expected to drive growth of the breast lesion localization methods market in the near future. For instance, according to The Pink Initiative and Breast Cancer Statistics in India, breast cancer is the most common cancer in most cities in India and second most common in the rural areas, and accounts for 25% to 32% of all female cancers.
However, major players operating in the market are focused towards development of new products to expand their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in January 2019, the U.S. Food and Drug Administration (FDA) approved Hologic Inc.’s radiofrequency identification (RFID) breast lesion localization device for long-term placement.
Figure 2. Global Breast Lesion Localization Methods Market Share (%), by Device Type, (2019-2027)
Source: Coherent Market Insights Analysis (2019)
Increasing adoption of expansion strategies by major players operating in the market is expected to fuel growth of the breast lesion localization methods market
Increasing incidence and prevalence of breast cancer has led to rising demand for efficient products. Therefore, manufacturers are focusing on strengthening their market position through strategic mergers, acquisitions, and collaborations. For instance, in July 2018, Hologic Inc. and SOMATEX Medical Technologies GmbH entered into a distribution agreement. According to the agreement, Hologic Inc. will have distribution rights for SOMATEX Tumark biopsy site markers, in the U.S.
Moreover, increasing product launches is also expected to propel growth of the global breast lesion localization methods market during the forecast period. Manufacturers are expanding their product portfolio by introducing new and advanced products. For instance, in August 2018, SOMATEX Medical Technologies GmbH launched Tumark Eye, an innovative clip marking system for breast cancer with high ultrasound visibility.
Major players operating in the global breast lesion localization methods market include Cook Medical Inc., Argon Medical Devices, Inc., Becton, Dickinson and Company (C. R. Bard), SOMATEX Medical Technologies GmbH, Sterylab Medical, Biopsybell Srl, Hologic Inc., and Tsunami S.r.l.
Breast lesion localization methods are used to detect the abnormalities in terms of a lump or tumor in the breasts. There are various types of breast lesion localization methods used globally to detect a lump or tumor in the breasts. However, rapid increase in number of women opting for preventive screening tests for breast cancer creates a highly conducive environment for growth of the breast lesion localization methods market.
Increasing incidence of breast cancer, increasing adoption of expansion strategies by manufacturers of lesion localization product, product launches, and increasing healthcare expenditure are major factors driving the global breast lesion localization methods market growth. For instance, on October 2018, Endomagnetics Ltd. received premarket approval (PMA) from the U.S. Food and Drug Administration (FDA) for Magtrace. Megatrace is the first non-radioactive, dual-tracer used for lesion localization and sentinel node biopsy. The device will be distributed by Leica Biosystems in North America.
Furthermore, adoption of inorganic strategies such as mergers and acquisitions, and new product development by key players for expanding their product portfolio is expected to drive the market growth. For instance, in December 2017, Becton, Dickinson and Company completed acquisition of C. R. Bard, Inc. Through the acquisition, Becton, Dickinson and Company expanded its product portfolio and geographical footprint.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.
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