Fibroadenoma Market information: by types (simple, complex) by diagnosis (physical examination, ultrasound scan, others) by treatment (cryoablation, drugs, others) by end users - Global Forecast till 2027
Market Synopsis
Fibroadenomas are benign breast tumors characterized by a mixture of epithelial and stromal tissue. As per a new detailed report by Market Research Future (MRFR), the global market for fibroadenoma is projected to exhibit a 4.9 % CAGR during the forecasted period (2017-2023). It is expected to reach USD 800 million. Caused due to hormone imbalances, the symptoms of fibroadenoma are firm and painless. The growth of these tumors is generally faster during pregnancy, but during menopause, they tend to shrink. They are also known as breast mice due to the high mobility. These tumors generally occur among women in their 20s and 30s. Avoiding drinks and foods which act as stimulants such as chocolate, tea, coffee and soft drinks can improve breast symptoms. Although non-invasive diagnosis like ultrasound is in demand, a biopsy is the best way to detect fibroadenomas. Surgeries such as cryoablation which uses ultrasound to eliminate tumors are also in high demand. The non-invasive nature of these treatments can help in reducing trauma and pain levels associated with these surgeries.
Drivers and Restraints
With the growing acceptance of surgery worldwide and rising per capita income, the market is sure to grow in future. Adoption of latest technologies and devices can also drive the market. Imaging devices which can detect the size of these tumors can bode well for the market. Meanwhile, the self-resolving and non-life threatening nature of fibroadenoma are the key restraints of this market.
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Global Fibroadenoma Market Segmentation
The fibroadenoma market can be segmented on the basis of diagnosis, type, end user, and treatment.
On the basis of type, the market can be segmented into simple and complex fibroadenoma. The simple tumors are harmless and do not increase the cancer risk. The complex tumors contain components such as macrocysts which are large enough to see and feel without the help of a microscope. These complex tumors also contain calcium deposits referred to as calcifications. Complex fibroadenomas increase the risk of breast cancer to a large extent.
Based on diagnosis, the market has been segmented into biopsy, physical examination, ultrasound scan, mammogram, and others.
On the basis of treatment, the market can be segmented into drugs, high intensity focused ultrasound (HIFU), cryoablation, surgery, and others.
Based on end-users, the market can be segmented into diagnostic centers, hospitals and clinics, and others.
Regional Analysis
Regions covered in the fibroadenoma market are North America, Europe, Asia Pacific, and Middle East and Africa (MEA). In the North America market, the United States is considered to hold the maximum market share owing to attractive insurance schemes and higher budgetary expenditure for the healthcare sector. Adoption of new devices and technologies in the U.S. is also an important factor catapulting the North America market to the topmost position.
Europe holds the second position in the market due to rising awareness and high disposable incomes of patients. Innovations in this region are also expected to drive market growth during the forecast period. For instance, Theraclion, a French firm, devised EchoPulse focused ultrasound system for treating fibroadenomas and won the European CE Mark approval. This device uses ultrasound to detect and attack tumors in real time without the need for general anesthesia. Asia Pacific is expected to grow at a rapid growth rate in the coming years. It is likely to be led by China and India.
The MEA market is expected to witness a moderate growth owing to poor political and economic conditions and poor healthcare penetration.
Industry Developments
In June 2016, Theraclion, a company specializing in leading-edge medical equipment for echotherapy, announced that Tübingen University had presented promising results from its ablation of breast fibroadenoma (BFA) trial, where 90 % of patients were treated with echotherapy and showed no presence of vital fibroadenoma tissue twelve months post-treatment.
Competition Analysis
Some of the noteworthy players in the market are SonaCare Medical, Insightec, Torrent Pharmaceuticals Ltd., IceCure Medical Inc., Alpinion Medical Systems Co. Ltd., and others. Development in imaging techniques to discern abnormal lumps rapidly can increase the competition among players. For instance, IceCure Medical Inc., after reporting clinical trial results with 99% efficacy in eradicating breast cancer tumors without surgery through freezing with liquid nitrogen, witnessed their share price jump 130 % on the Tel Aviv Stock Exchange.
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