Seattle, Nov 8, 2019 (Issuewire.com) - The Global Breast Lesion Localization Methods Market, By Technique (Wire Guided Localization, Radio Guided Occult Lesion Localization, Radioactive Seed Localization, Magnetic Tracers, and Ultrasound Guided Surgery), End User (Hospitals, Specialized Clinics, Research Institutes, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 530.2 million in 2018 and is projected to exhibit a CAGR of 10.7% over the forecast period (2019 - 2027), as highlighted in a new report published by Coherent Market Insights.
Increasing incidence and prevalence of breast cancer is expected to drive growth of the global breast lesion localization methods market
According to WHO report published in 2018, breast cancer is the most frequent cancer among women, impacting 2.1 million women each year though the world. It is estimated that around 627,000 women died due to breast cancer, which is around 15% of all cancer deaths among women globally.
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Moreover, increasing government initiatives to increase awareness about breast cancer in developed and emerging regions is also expected to propel growth of the breast lesion localization methods market during the forecast period. For instance, according to The Pink Initiative and Breast Cancer Statistics in India, in 2014, a significantly large population of patients below the age of 50 years suffered from breast cancer. Around 16% were between the age of 20 and 40, and 28% were between the age of 40 and 50. Increasing patient population in such regions with high potential is expected to improve the time to market of highly effective and advanced products.
Furthermore, increasing number of mergers and acquisitions is also expected to drive growth of the global breast lesion localization methods market during the forecast period. For instance, in January 2019, IZI Medical Products acquired select soft tissue biopsy and breast localization needle assets from Cook Medical. The acquisition is expected to expand product portfolio of IZI Medical Products with addition of MReye Breast Localization Coil.
Browse 32 Market Data Tables and 28 Figures spread through 175 Pages and in-depth TOC on 'Breast Lesion Localization Methods Market, By Technique (Wire Guided Localization, Radio Guided Occult Lesion Localization, Radioactive Seed Localization, Magnetic Tracers, and Ultrasound Guided Surgery), End User (Hospitals, Specialized Clinics, Research Institutes, and Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027"
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Increasing incidence and prevalence of breast cancer has led to rising demand for breast cancer lesion localization products. Therefore, manufactures are expanding their product portfolio and geographical reach by increasing product launches and approvals. For instance, in March 2019, Hologic received CE certification for its LOCalizer wireless radiofrequency identification breast lesion localization system. The system is designed to replace the wire-guided breast lesion localization technique.
Key players in the market are focused on adopting strategies such as partnerships and acquisitions to expand their product portfolio and geographical presence in the global breast lesion localization methods market. For instance, in July 2018, Hologic Inc. announced that it completed the acquisition of Faxitron Bioptics, a privately-held leader in digital specimen radiography, breast lesion localization, and sentinel lymph node biopsy.
Key Takeaways of the Breast Lesion Localization Methods Market:
The global breast lesion localization methods market is expected to exhibit a CAGR of 10.7% over the forecast period, owing to increasing incidence of breast cancer, increasing government initiative to promote awareness and increasing product launches. For instance, according to the American Cancer Society reports published in 2019, around 268,600 new cases of invasive breast cancer will be diagnosed in women during 2019 and the incidence rate increased by 0.4% per year.
Among technique, the wire-guided localization segment exhibited the highest CAGR in the global breast lesion localization methods market in 2018. This growth was due to the early establishment and higher adoption of this technique among end-users.
Among end-user, the hospital segment held a dominant position in the global breast lesion localization methods market in 2017, owing to favorable reimbursement policies. According to the American Cancer Society, one-time screening mammogram every 12 months is covered fully under Medicare for all women aged 40 years and older. Also, it pays for a clinical breast exam (CBE) every 24 months once, for women with an average risk of breast cancer. This, in turn, is expected to increase the rate of breast cancer screening and in turn drive the growth of the breast lesion localization methods market in the near future.
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Key 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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