Newark, NJ, July 23, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global breast lesion localization market is expected to grow from USD 280 million in 2019 to USD 416.85 million by 2027, at a CAGR of 5.1% during the forecast period 2020-2027.
Various factors drive the growth of the global breast lesion localization market such as growing number of breast cancer surgeries, increasing incidence of breast cancer, growing awareness about breast cancer, and an increasing number of private & government reimbursement policies for diagnostics. Developing economies such as India and China offer high untapped growth potential; one of the reasons is having a vast population size.
Breast lesion is an abnormal transformation in the breast tissue which can occur due to injury or disease. A benign lesion is deemed to be non-malignant, while a malignant lesion is considered cancerous. Women of all ages can be affected by breast lumps. A physical examination, followed by biopsy & imaging of the breasts, is used to diagnose breast cancer. If it is cancerous, lesion localization devices are used for treatment. There are various kinds of breast lesion localization devices that use different techniques which include radar, wires, radiation, and electromagnetic waves. The choice of the method of localization is vital, and surgeons choose based on different factors like efficacy, mean time of location, patient age, surgery, safety, and ease of use. The earlier breast cancer is detected, the higher are the chances for recovery.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the breast lesion localization market. With less disposable income and broken supply chains, the growth of the market is expected to slow down.
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Key players operating in the global breast lesion localization market include Cianna Medical, Endomagnetics Ltd., IZI Medical, Hologic Inc., Intra-Medical Imaging LLC, IsoAid, LLC, Laurane Medical, SOMATEX Medical Technologies GmbH, Sirius Medical B.V., Argon Medical Devices, and Matek Medical Inc., among others. To gain the significant market share in the global breast lesion localization market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. SOMATEX Medical Technologies GmbH and Hologic Inc. are some of the biggest manufacturers and suppliers of breast lesion localization devices in the global market.
- For instance, Argon Medical Devices acquired Mana-Tech, Ltd. in 2019 which allowed Argon to sell its products all across U.K. & Ireland.
- IZI Medical Products acquired Cook’s portfolio of soft tissue biopsy & breast localization needle assets in 2019 in order to penetrate newer markets
Wire localization dominated the market and held the largest market share of 27.78% in the year 2019
The type segment includes radioisotope localization, electromagnetic localization, magnetic localization, wire localization, and others. Wire localization dominated the market and held the largest market share of 27.78% in the year 2019. This dominance is attributed to its accuracy & precision in abnormal tissue localization, availability of reimbursement for localization devices, minimal removal of healthy tissues, and minimal scarring. The ergonomics of wire localization technologies and the familiarity of end consumers with the technologies has resulted in its growing popularity.
The sentinel lymph node identification segment is forecasted to register the highest growth rate over the forecast period
The usage segment includes lumpectomy, mastectomy, tumour identification, and sentinel lymph node identification. The sentinel lymph node identification segment is forecasted to register the highest growth rate over the forecast period due to its increasing popularity among surgeons as a first-line diagnostic method for breast cancer staging, since it is extra sensitive, and causes less morbidity than typical methods. This segment is further segmented by types of surgery into mastectomy and lumpectomy.
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Regional Segment Analysis of the Breast Lesion Localization Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global breast lesion localization market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Due to factors like increasing government expenditure on breast cancer research, increasing awareness about breast cancer, rising healthcare spending and improving healthcare infrastructure, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The North America market held the majority market share of 35.7% in 2019. The existence of mature healthcare infrastructure and major manufacturers in the U.S. is forecasted to accelerate regional growth. Technological advancements, coupled with fast economic growth, are also expected to boost the demand in this area. In addition, numerous government and private-sector programs to raise awareness are projected to fuel the growth of the region.
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About the report:
The global breast lesion localization market is analyzed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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