Market Research Future published a research report on “Fibroadenoma Market Research Report- Global Forecast till 2023”- Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Synopsis of Global Fibroadenoma market:
Fibroadenomas are benign tumours of the breast which are characterized by a mixture of stromal and epithelial tissue. Fibroadenomas originate from the milk producing glands to form a solid lump. Fibroadenomas are caused due to hormone imbalances and the symptoms are painless, firm, mobile lump in the breast of a woman. According to American Cancer Society, fibroadenomas are most common in young women in their 20s and 30s, although they can be found in women of any age. The growth of these tumours is faster during pregnancy, while menopause causes them to shrink. Fibroadenomas increase the risk of breast cancer by about one and a half times the risk of women with no Fibroadenomas. Removal of fibroadenomas, is the recommended treatment if they keep growing but sometimes these tumours stop growing or even shrink on their own, without any treatment. Fibroadenomas are more common in African-American women. Fibroadenomas are also called breast mice due to their high mobility in the breast.
Fibroadenomas are classified into two types, simple fibroadenoma and complex fibroadenoma. Simple fibroadenoma are about 1–3cm in size and generally do not increase the risk of developing breast cancer in the future. Complex fibroadenoma may increase the risk of developing breast cancer in the future.
Considering all these factors, the market for fibroadenoma diagnosis and treatment is expected to reach $ 800 million by the end of 2023, this market is projected to growing at a CAGR of ~ 4.9 % during 2017- 2023.
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Biopsy is the best procedure to detect fibroadenomas although non-invasive diagnosis such as ultrasound are in greater demand. Minimally invasive surgeries such as cryoablation, which uses an ultrasound to destroy the fibroadenoma are in huge demand. The non-invasive nature of these treatments reduce the pain and trauma associated with traditional surgery, thus, reducing the stay of hospitalization. However, minimally invasive surgeries are more expensive which will act as a drag on the market. Overall, the rising per capita income and the growing acceptance of the surgeries across the globe will drive the future market.
The market for treatment of fibroadenomas is growing due to factors such as growing use of hormonal contraceptives which increases the chances of fibroadenomas, genetic predisposition, greater screening rates, growing awareness etc. Sometimes fibroadenomas are treated with ormeloxifene. Obesity also increases the chances of developing fibroadenoma in breasts. The market restraints are the non-life threatening and self-resolving nature of fibroadenomas.
Key players of global fibroadenoma market:
- IceCure Medical, Inc.
- Alpinion Medical Systems Co., Ltd.
- SonaCare Medical, LLC.
- Torrent Pharmaceuticals Ltd
- Taj Pharmaceuticals Ltd.
- Novartis Pharmaceuticals Limited
- Torrent Pharmaceuticals Limited
US accounts for the maximum market share due to favorable insurance penetration which leads to reimbursement scenario as well as greater expenditure on healthcare. Faster market uptake of new technology and devices in the US is also an important driver of the market for global fibroadenoma diagnosis and treatment. Europe is the second largest market due to large disposable income and rising awareness. Asia Pacific region is expected to have the most future potential and it is estimated to be led by China and India. The Middle East & Africa market is led by the gulf nations particularly Saudi Arabia and UAE. The regions of Africa are expected to witness a moderate growth due to poor economic and political conditions and poor healthcare penetration.
The global fibroadenoma market is segmented on the basis of types, diagnosis, treatment, and end users. Based on types, the market has been segmented as simple fibroadenoma and complex fibroadenoma. Based on the diagnosis, the market has been segmented as physical examination, ultrasound scan, mammogram, biopsy and others. Based on the treatment, the market has been segmented as cryoablation, High Intensity Focused Ultrasound (HIFU), drugs, surgery and others. Based on the end users, the market has been segmented as hospitals and clinics, diagnostic centers and others.
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We are thankful for the support and assistance from Fibroadenoma Market Research Report- Global Forecast till 2023 related technical experts and marketing experts during Research Team survey and interviews.
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