Breast Lesion Localization Market To Generate $653.1 Million Revenue by 2030
- Published: October 2023
The global breast lesion localization market revenue is expected to reach USD 653.1 million by 2030, exhibiting a CAGR of 7.0% during 2024–2030. This can be ascribed to the growing elderly population, the surging spending on medical infrastructure, the rising number of mergers, acquisitions, and business partnerships, and the increasing cases of breast cancer across the world. For instance, middle-aged and older women are more prone to develop breast cancer. Every year, about 80% of women with breast cancer are of 45 years of age or older, and around 43% are of 65 years of age or older.
Additionally, an increase in the number of mergers and acquisitions as well as partnerships between companies to gain a competitive edge is predicted to fuel the industry expansion. The leading players in the sector, particularly in emerging economies, are focusing on ongoing device development because of the presence of a large patient pool and an increase in the geriatric population. For instance, Hologic Inc. acquired Somatex Medical Technologies, in January 2021, to expand its line of breast markers. Moreover, in December 2021, a U.S.-based medical technology company, Becton, Dickinson and Company announced that it has purchased an England-based company, Tissuemed Ltd., to enhance its offerings for surgeons outside the U.S.
Furthermore, top players in the industry have excellent growth prospects in emerging markets like India, China, Brazil, Turkey, Russia, and South Africa. A sizable population base provides a viable market for all types of medical and surgical instruments, particularly in China and India. According to GLOBOCAN 2020, 416371 new cases of breast cancer were recorded in China. In addition, in India, the number of cases recorded was 178361 in 2020.
Also, governments in developing nations are making significant investments in the creation and modernization of healthcare infrastructure. According to a study, healthcare spending in Brazil is projected to rise significantly to improve efficiency in areas including primary healthcare, hospital care, pharmaceuticals, long-term care, and governance.
Hospitals Are End Users in the Market
The hospitals category held the largest revenue share, of 55%, in 2023 in the market. This is because a large number of patients visit hospitals for the diagnosis and treatment of breast cancer, the increasing number of hospitals, and the improving healthcare facilities. Additionally, businesses are concentrating on novel methods of teaching surgeons and radiologists in hospitals to better serve patients, and these methods are gaining ground.
Asia-Pacific Market To Register Highest Growth Rate
The APAC market is expected to witness the fastest growth, advancing at a CAGR of 7.5%, during the projected period. This can be attributed to the increasing levels of disposable income, the growing geriatric population, unmet clinical demands, the surging patient awareness regarding early diagnosis, the improving healthcare infrastructure, the rising demand for breast-conserving surgeries, and the increasing medical tourism in the region.
Some of the key players in the breast lesion localization market are Hologic Inc., Becton, Dickinson and Company, Merit Medical Systems, Argon Medical Devices, Laurane Medical LLC, Endomagnetics Ltd., Intramedical Imaging LLC, IsoAid, Sirius Medical Systems B.V., and IZI Medical.