The latest market research report by Technavio on the lumpectomy market in the US predicts a CAGR of close to 5% during the period 2018-2022.
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Technavio has published a new market research report on the lumpectomy market in the US from 2018-2022. (Graphic: Business Wire)
The report segments the lumpectomy market in the US by product (lumpectomy systems and lumpectomy surgical tools) and by end-user (hospitals and ASCs). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the lumpectomy market in the US, according to Technavio healthcare and life sciences researchers:
- Growing incidence of new breast cancer cases: a major market driver
- Presence of venture capitalists: emerging market trend
- Carl Zeiss Meditec, Cianna Medical, DUNE Medical Devices, Endomagnetics, Focal Therapeutics, and iCAD are some of the players in this market
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Growing incidence of new breast cancer cases: a major market driver
Growing incidence of new breast cancer cases is one of the major factors driving the lumpectomy market in the US According to different sources, the number of new breast cancer cases has increased by 4-5 fold in the US from 1980 to 2017. According to several studies, obesity and hormone replacement therapies are the key factors that have led to an increased number of breast cancer cases. It is estimated that around 252,710 women could be affected by breast cancer in 2017. Nevertheless, the rate of new breast cancer cases remained almost stable after 2009 because of the increasing awareness regarding this issue. This has led to a decrease in the deaths related to breast cancer. The growing awareness has assisted women in receiving medical treatment at an early stage.
According to a senior analyst at Technavio for research onorthopedics and medical devices, "Breast cancer is segmented into early and late stages. The breast cancer stages 0,1, and 2 are considered as early stage and stage 3 and 4 are considered as late stage. In breast cancer stage 0, 1, 2, and 3, lumpectomy procedures alone or lumpectomy with radiation therapy can be performed. However, in stage 4, the person must undergo various surgeries and chemotherapy. In this stage, the cancerous cells can spread rapidly to all the body parts. Due to the growing number of new cancer cases, there is an increased demand for lumpectomy surgical tools and systems that will boost the market growth."
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Presence of venture capitalists: emerging market trend
Most of the companies that are focusing on the development of lumpectomy products are US-based companies. They are concentrating on the development of novel technologies and aim to bring those products to the market. Therefore, they require funding to carry out R&D activities and conduct clinical trials. Subsequently, both small and large companies, which manufacture lumpectomy products, need funding sources or investors.
Global market opportunities
The government is providing funding for cancer-related research areas where there is a need for technologies for early cancer detection, developing cancer vaccines to prevent cancer, and developing cancer immunotherapy to treat cancerous cells. Clinical data can be shared between institutions in both the public and private sectors, which support the development of new tools and devices.
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