US - Lumpectomy Market by Product, End-user and Type - Forecast and Analysis 2024-2028

US - Lumpectomy Market 2024-2028

The US - Lumpectomy Market size is estimated to grow by USD 1.22 billion at a CAGR of 5.51% between 2023 and 2028. 

The Union for International Cancer Control (UICC)'s Breast Cancer Program was started in 2016 to accelerate breast cancer research programs. This program aims to strengthen and engage the breast cancer community by 2025. Further, the US FDA established the Oncology Center of Excellence (OCE), which leverages the combined skills of regulatory scientists and reviewers with expertise in drugs, biologics, and devices. The OCE can help to expedite the development of devices, drugs, and biologics, which can be used to cure cancer. The presence of the OCE enables manufacturers to receive the US FDA's approval for lumpectomy systems and surgical tools. Before approval, the products are reviewed by the US FDA's Center for Devices and Radiological Health in partnership with the OCE. Such government initiatives will thereby be driving the growth of the US lumpectomy market during the forecast period.

Technavio has segmented the market into  Product, End-user and Type

• The product segment is classified into lumpectomy systems, lumpectomy surgical tools, and consumables
• The end-user segment is classified into ASCs, hospitals, and research institutes and academic centers
• The Type  segment is classified into DCIS, breast cancer stage 1, and breast cancer stage 2

It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.

What will be the size of the US Lumpectomy Market During the Forecast Period?

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US Lumpectomy Market Segmentation by Product, End-user and Type Analysis

Product Analysis

Lumpectomy systems

The market share growth by the lumpectomy systems segment will be significant during the forecast period. Key companies such as IceCure Medical Ltd. and Endomagnetics Ltd. dominated the market. The companies are striving to provide better clinical results that can prove the efficacy of their products and increase their adoption in the market.

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The lumpectomy systems segment was the largest and was valued at 1.49 billion in 2018. For instance, ClearCut Medical developed the ClearSight MRI System, which is an investigational device limited by US Federal law for investigational use only. It helps scan and differentiate between cancerous and non-cancerous cells. The presence of such products helps to reduce the number of re-excision cases. The increasing number of product approvals will spur  US - lumpectomy market growth. To improve surgical efficacy, companies are focusing on developing markers that can help to excise the margin area of cancerous tissue. For instance, Vector Surgical LLC Inc. developed Margin Marker, a sterile ink kit marker that helps to define cancerous and non-cancerous cells. The Margin Marker kit contains six ink colours, applicators, fixative, and annotation labels. These factors will drive the lumpectomy systems segment growth and will propel the US lumpectomy market during the forecast period.

End-user Analysis

ASCs

ASCs conduct breast cancer surgeries in outpatient settings, which helps patients save on the cost and duration of the treatment. It is a fast-growing healthcare setting, which consists of advanced operating equipment, specialist surgeons, and operating rooms, and has no complex administrative procedures. The cost of surgery in these centers is lower than in hospitals. ASCs have a limited number of supplier groups. ASCs have increased patient adoption, which boosts market growth. The surgeons use the BioZorb marker, an implantable device. The center performed 130 lumpectomy procedures by using this device, for which the center receives reimbursement using the Healthcare Common Procedure Coding System (HCPCS) Code C9728 from the government. Such factors will drive the growth of the ASCs segment and will propel the growth of the US lumpectomy market during the forecast period.

Hospitals

Hospitals have increased the adoption of lumpectomy devices for treating breast cancer. Due to budget constraints, there has been a reduction in the purchase of systems for imaging and APBI therapy, which is impacting market growth. University Hospitals Seidman Cancer Center provides comprehensive patient-centered care with cancer screening through diagnosis, treatment, and survivorship. Their oncologists offer the latest medical advances and the most effective treatments for cancer. The sales of surgical tools in hospitals will increase due to the growing number of hospital admittances for surgical care. These factors under the hospitals segment will expand the growth during the market forecasting period. 

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Key US Lumpectomy Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market analysis and report  also includes detailed analyses of the competitive landscape of the market and information about 10 market companies, including:

Becton Dickinson and Co. - The company offers lumpectomy such as UltraClip dual trigger breast tissue markers that are intended for use to attach to soft breast tissue at the surgical site during an open surgical breast biopsy.

• Carl Zeiss AG
• ClearCut Medical
• Dilon Technologies Inc.
• Endomagnetics Ltd.
• Hologic Inc.
• IceCure Medical Ltd.
• Merit Medical Systems Inc.
• Novian Health Inc.
• Vector Surgical LLC Inc.

Qualitative and quantitative market research and growth analysis of companies have been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

US Lumpectomy Market: Key Drivers, Trends, Challenges, and Customer Landscape

There are multiple factors influencing market growth. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. 

Key US Lumpectomy Market Drivers

The strategy to raise public funding for breast cancer research is notably driving the market growth. The government is focusing on creating public awareness and raising funds, which can help them to utilize for cancer research. For instance, every year, October is celebrated as Breast Cancer Awareness Month in the US. Further, as the burden of healthcare is increasing, governments are focusing on developing a few programs that can help to raise public funding, which can be used to develop a device or invent a therapy to treat breast cancer. Such funding can help the companies develop a novel lumpectomy procedure, which can ensure the margin and reduce the number of re-excision cases.

Moreover, a few products are available in the US - lumpectomy market to conduct lumpectomy procedures. At present, the companies are focusing on developing lumpectomy products, which can reduce the number of re-excision cases. Hence, they are focusing more on probes and markers, which can help to detect cancer. These above-mentioned factors will drive the market during the forecast period.

Significant US Lumpectomy Market Trends

The presence of venture capitalists is an emerging trend shaping the market growth. Most of the companies that are focusing on developing lumpectomy products are US-based companies. They are focused on developing novel technologies and bringing those products into the market, for which they need funding for R&D and conducting clinical trials. Hence, both small and large companies, which manufacture lumpectomy products need funding sources or investors. For instance, In October 2021, Susan G. Komen, a global leader in breast cancer organization, announced the awarding of a USD 1.5 million grant for three new research projects that metastatic breast cancer research.

Furthermore, in May 2020, The Sarcoma Foundation of America (SFA) announced that it had awarded three-quarters of a million dollars in research funds for the 2020 SFA Research Grant program. The foundation aims to fill the research funding gap and make progress in the discovery sarcoma cure. Such funding will aid R and D for lumpectomy procedures, thereby driving the growth of the market during the forecast year.

Major US Lumpectomy Market Challenges

 The high cost of the lumpectomy procedure is a significant challenge hindering the market growth. The overall cost may vary depending on various factors such as the hospital choice, the complexity of the case, the surgeons experience, and others. The average cost of non-cancerous breast lump removal cost starts from USD 4000 at the top medical facilities. The costs of lumpectomy procedures are higher for patients whose cancer is more advanced at diagnosis. The average costs per patient lumpectomy procedures are allowed by the insurance company a year after cancer diagnosis depending upon the stages of cancer.

However, there is a significant increase in incremental costs associated with the treatment of advanced breast cancer in comparison to early-stage breast cancer. Understanding the relevant stage-specific cost data helps support programs such as breast cancer screening that are focused on shifting breast cancer diagnosis toward earlier disease stages. Thus, the high cost of the lumpectomy procedure can restrain the growth of the US lumpectomy market during the forecast period.

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Key US Lumpectomy Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.

US Lumpectomy Market Customer Landscape

Segment Overview

The US lumpectomy market report forecasts market research and market growth and forecasting by revenue and provides a market growth analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028. 

• Product Outlook
  • Lumpectomy systems
  • Lumpectomy surgical tools
  • Consumables

• End-user Outlook
  • ASCs
  • Hospitals
  • Research institutes and academic centers

• Type Outlook
  • DCIS
  • Breast cancer stage 1
  • Breast cancer stage 2

Lumpectomy Market in US Scope
Report Coverage	Details
Page number	137
Base year	2023
Historic period	2018 - 2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 5.51%
Market growth 2024-2028	USD 1.22 billion
Market structure	Concentrated
YoY growth 2023-2024(%)	5.07
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Becton Dickinson and Co., Carl Zeiss AG, ClearCut Medical, Dilon Technologies Inc., Endomagnetics Ltd., Hologic Inc., IceCure Medical Ltd., Merit Medical Systems Inc., Novian Health Inc., and Vector Surgical LLC Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this US Lumpectomy Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of US lumpectomy market between 2024 and 2028
• Precise estimation of the US lumpectomy market size and its contribution of the market in focus to the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies position and classification
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across US
• A thorough analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of US lumpectomy market companies

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