Global Breast Lesion Localization Methods Market– Breakthrough in Breast Cancer Diagnosis
Breast cancer is a disease in which cells in the breast grow abnormally, in order to form a lump, which may be a 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. Growing 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).
Market Dynamics- Drivers
Increasing incidence and prevalence of breast cancer worldwide to fuel the global breast lesion localization methods market
Increasing prevalence of breast cancer in developed and emerging economies is expected to drive growth of the global breast lesion localization methods market over 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, is expected to propel the global breast lesion localization methods market growth during the forecast period.
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Moreover, significant rise in population in emerging economies such as India and increasing focus towards strengthening healthcare infrastructure are expected to drive growth of the global 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.
Key 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.
Increasing adoption of expansion strategies by major players operating in the market is expected to fuel growth of the breast lesion localization methods market
Key players in the market are involved in various growth strategies such as mergers, agreement, and acquisition, in order to enhance their market presence. 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.
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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.
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