(PharmaNewsWire.Com, April 08, 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 growth of this market is primarily driven by factors such as the rising incidence of breast cancer, an increasing number of breast cancer surgeries, and growing awareness on the early detection of breast cancer.
However, the uncertain regulatory approval process faced by prominent players is hampering the growth of the breast lesion localization methods market.
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 develop 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.
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.
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. This dearth of trained professionals is expected to hamper the growth of the breast lesion localization methods market during the forecast period.
The Asia Pacific region holds the largest share in the market during the forecast period of 2020–2025.
Geographically, the Wire localization market is segmented into North America, Europe, the Asia Pacific and Rest of the World. The large share of the Asia Pacific region is due to improving healthcare infrastructure, high government spending on breast cancer research, and rising awareness about the importance of the early detection of breast cancer in several APAC countries. Moreover, increasing focus of prominent players on emerging Asian countries will further support the growth of the market in this region.
Key Market Players
The key players operating in the breast lesion localization methods market include Becton, Dickinson and Company (US), Endomagnetics Limited (UK), SOMATEX Medical Technologies GmbH (Germany), Cianna Medical (US), Leica Biosystems (US) and IZI Medical Products (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. In 2019, IZI Medical Products, LLC acquired Cook’s acquired product portfolio of soft tissue biopsy and breast localization needle assets to enable it to capture newer markets. To speak to our analyst for a discussion on the above findings, click Speak to Analyst
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