Breast Lesion Localization Methods Market worth 5750.9 thousands of procedures by 2025
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 cancer. Furthermore, the demand for improved quality of care and growing awareness among patients about breast cancer screening also contributes to market growth. However, uncertainty in regulatory approval procedures may negatively affect the market.
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.
Breast lesion localization methods Market Dynamics
- Market Driver
- Market Restraint
- Market Opportunity
- Market Challenge
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.
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According to the American Cancer Society and the National Cancer Institute, in 2018, over 265,000 new cases of invasive breast cancer were diagnosed among women in the US. The growing incidence of breast cancer is resulting in a growth in the number of breast cancer surgeries. This, in turn, is driving the demand for the pre-operative localization of non-palpable breast cancer.
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. Given the opportunities presented by these emerging markets, key players are focusing on expanding their presence in the Asia Pacific region.
The Asia Pacific region holds the largest share in the market during the forecast period of 2020–2025.
Geographically, the breast lesion localization methods 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.
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Market Key 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).