The latest market report published by Credence Research, Inc. “Breast Lesion Localization Devices Market: Growth, Future Prospects, and Competitive Analysis, 2018 -2026” the breast lesion localization devices market was valued at US$ 0.48 Bn in 2017, and is expected to reach US$ 1.34 Bn by 2026, expanding at a CAGR of 13.48 % from 2018 to 2026.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Constant rise in the incidence rates of breast cancer across the globe has catalyzed to the growth of breast lesion localization devices market. Breast cancer remains the most common cancer in the developed and developing countries. As per the American Cancer Society, invasive breast cancer cases accounted for 252,710, in situ breast cancer accounted to 63,410 and 40,610 deaths due to breast cancer were observed in the U.S. in 2017. Cancer Research UK estimated the occurrence of 55,200 new breast cancer cases in 2014 in the U.K which cumulatively accounted for 15% of all new cases.
The global breast lesion localization devices market is expected to show remunerative growth during the forecast period owing to the emergence of newer technologically innovative solutions such as magnetic tracers; which is slowly gaining demand owing to its lesser side effects when compared to radioisotope localization products. The market growth may be hampered due to uncertainty of the regulatory approval procedures owing to risks associated with breast lesion localization devices. However, the drivers overcome the restraints and contribute to the lucrative growth of the market.
The European Union aggressively performs breast cancer screening programs and have mandated the screening by law in all countries under the EU except Bulgaria, Croatia and Slovak Republic. During the course of such screening, small non-palpable lesions are detected at higher frequency. Such detected cases undergo further diagnostic procedures and are characterized as invasive or in situ breast cancer; wherein it becomes necessary to localize these lesions and perform optimized treatment options. Therefore, aggressive screening initiatives being undertaken worldwide act as potential driver for the breast lesion localization devices market.
Globally, North America dominates the breast lesion localization devices market majorly due to its developed healthcare infrastructure, availability of favorable reimbursement policies, and presence of government organized cancer screening programs. European nations also show a lucrative growth in the breast lesion localization products market owing to a rising incidence rate of breast cancer and the availability and adoption of advanced localization techniques. Asia Pacific shows a steady growth in breast lesion localization devices market. Although the incidence rates are lower in Asia Pacific, the mortality rates remain higher in this region. This factor has urged the demand for more efficient and early screening techniques.
Market Competition Assessment:
The major players dominating the breast lesion localization products market are Best Medical International Inc., C.R. BARD, Inc., Cianna Medical, Cook Medical, CP Medical, Inc., IsoAid, SOMATEX Medical Technologies GmbH and STERYLAB. Presence of number of industrial players in this market makes it highly competitive and challenging for emerging players to attain market dominance.
Key Market Movements:
- Rise in breast cancer incidence rates globally drives the breast lesion localization products market
- The emergence of innovative technology like magnet tracers would further contribute to the growth of breast lesion localization products market owing to its lesser side effects and efficiency