The Global Breast Lesion Localization Methods Market was valued at US$ 323.43 million in 2015 and is projected to expand at a CAGR of 11.0% during the forecast period (2016–2024), as highlighted in a new report published by Coherent Market Insights. Increasing number of patients suffering from breast cancer globally is projected to support growth of the breast lesion localization methods market over the forecast period.
Growing development of advanced imaging systems and its use globally are favoring increase in number of surgeries for non-palpable invasive and pre-invasive lesions, as surgeons are now more confident about effective diagnosis and detection of precise location of the tumor. This in turn is projected to support the growth in breast lesion localization methods market over the forecast period. Furthermore, such screening techniques have led to early detection in breast cancer conditions and thus, allow for more effective treatment of the disorder. Advanced imaging systems allow for precise localization of the occult lesion clinically and help prevent any loss to other tissues around the affected mass. These also allow performing breast conserving surgery for better cosmetic outcome. These factors make such systems a preferred choice among users and thus, would fuel the growth of breast lesion localization methods market over the forecast period.
Government regulations and current guidelines implemented in order to maintain women’s health and also to minimize the prevalence of breast cancer, creates a highly conducive environment for breast lesion localization methods market growth in the near future. According to Centers for Disease Control, in 2000, the authority itself funded the National Breast and Cervical Early Detection Program in all states such as the District of Columbia, along with six U.S. territories, and 12 American Indian/Alaska native organizations
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Breast cancer is one of the most prevalent cancer worldwide with an estimated ratio of indirect to direct cost approximately amounting to 3:1. According to U.S. Centers for Disease Control and Prevention, an adult woman (18 -29 years age group) in the U.S. spends US$ 19,435 more on medical care per year than one without breast cancer. Increasing incidence of breast cancer would further augment market growth. New cost-effective methods have been introduced that are expected to support growth in adoption rate for breast lesion localization method in the near future
For instance, according to Xconomy, Inc., in 2017, Elucent Medical, a newly formed organization, raised around US$ 7.0 Mn for development of breast cancer medical devices and to enrich its product portfolio. Industry players are constantly working towards enhancing their product portfolio in order to sustain in the market. This further accelerates growth of the breast lesion localization methods market. Also, increase in healthcare expenditure by local governments has backed up the growth in healthcare infrastructure, primarily in emerging economies on the backdrop of low manufacturing cost and regulations. Also, many regional companies have emerged in India and ASEAN, owing to changing economic profile and favorable government initiatives such as Make in India campaign by the Indian government.
Major market players are laying emphasis on product development, upgrading existing devices, and inorganic growth through various strategic mergers and acquisitions. For instance, in 2016, AbbVie – a global biopharmaceutical company – acquired Stemcentrx, which has four novel compounds under clinical trials for solid tumor indications that further includes triple negative breast cancer, ovarian cancer and non-small cell lung cancer
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