(PharmaNewsWire.Com, March 23, 2021 ) The Breast Lesion Localization Methods Market is expected to grow from 3,974.4 thousands of procedures in 2020 to 5750.9 thousands of procedures by 2025, at a CAGR of 7.5% during the forecast period.
The overall market for breast lesion localization methods market is expected to grow rapidly owing to the increasing number of breast cancer surgeries and increasing awareness on early detection of breast
Breast lesion localization methods Market Dynamics
DRIVER: GROWING INCIDENCE OF BREAST CANCER
Globally, there has been a significant growth in the number of breast cancer cases. This can majorly be attributed to changing lifestyles, increasing use of oral contraceptives, and the growing number of women undergoing cosmetic surgeries, such as breast enhancement. Following are some major statistics in this regard: In the US, one in eight women develops invasive breast cancer over the course of their lifetime.
RESTRAINT: UNCERTAINTY IN REGULATORY APPROVAL PROCEDURES
Breast localization devices are Class II and III medical devices, and have to undergo a stringent regulatory procedure in order to be approved by the FDA. In the US, it takes around 3 to 7 years to prove the medical safety of any new device. As per law, even a new size of a previously approved device needs to go through the entire process before commercialization. With increasing technological advancements and growing focus on patient care, regulatory requirements are becoming more stringent and rigorous, requiring extensive data and documentation for the validation and approval of new technologies.
Opportunity: EMERGING ECONOMIES OFFER HIGH GROWTH POTENTIAL
Governments in emerging countries are also investing heavily in the development and modernization of healthcare infrastructure. For instance, healthcare expenditure in China increased in 2016, as fiscal spending on healthcare grew by 10% year-on-year. Moreover, the incidence of breast cancer in these developing nations is also increasing exponentially.
Challenge: SHORTAGE OF ONCOLOGISTS
Over the years, the incidence of breast cancer has increased significantly, and is expected to increase further in the coming years. However, there has not been a subsequent growth in the number of oncologists, and this situation is more pronounced in developing countries.
Leading Companies
The prominent players in the breast lesion localization methods market are Cianna Medical (US), Endomagnetics Ltd. (UK), and IZI Medical (US), Hologic, Inc. (US), Intra-Medical Imaging LLC (US), and IsoAid, LLC (US).
Recent Developments:
In 2019, Hologic Inc. (US) launched LOCalizer wire-free guidance system. In 2019, Argon Medical Devices (US) acquired Mana-Tech, Ltd. (UK) enabling Argon to distribute its products across UK and Ireland.
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