Breast Reconstruction Market 2022 Business Scenario

Breast Reconstruction Market 2022 Business Scenario | Top Factors that Will Boost the Acute Care Nurse Call Systems Market Trend

Posted 2024-03-01 04:59:04

Synopsis of the Market: The global market for breast reconstruction was valued at USD 496.3 Million in 2022 and is projected to experience a robust compound annual growth rate (CAGR) of 6.7% during the forecast period. Factors such as the increasing demand for Three Dimensional (3D) printing in breast reconstruction surgeries, government initiatives promoting breast health awareness, and the introduction of insurance schemes covering such surgeries are driving revenue growth.

Furthermore, the rising prevalence of breast cancer is a significant contributor to market expansion. Breast reconstruction procedures aim to restore the shape of the breast post-mastectomy or correct congenital deformities, not only improving the aesthetic appearance but also enhancing the emotional and social well-being of individuals. For example, breast cancer is the most prevalent cancer among women in Canada, with approximately 28,600 new cases expected in 2022, according to statistics from the Canadian Cancer Society.

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Additionally, ongoing clinical trials and expedited product approvals by regulatory authorities are expected to fuel market growth. For instance, Sientra, Inc. received approval from Health Canada to introduce its smooth surface High-Strength Cohesive Silicone gel breast implants, collaborating with a local partner for distribution and promotion in Canada.

Market Dynamics: Driving Forces: The increasing demand for 3D printing in breast reconstruction surgeries, coupled with insurance coverage schemes, is propelling market growth. This demand is fueled by the desire for enhanced aesthetic outcomes, improved symmetry and proportion, and reduced surgical risks and operating time. Companies are investing in research and development (R&D), exemplified by partnerships like that of Stratasys Ltd. and CollPlant Biotechnologies for bioprinting human tissues and organs.

Health insurance typically covers reconstruction surgeries following mastectomy, ensuring access to comprehensive care. However, there are restraints such as the clinical risks and complications associated with breast reconstruction procedures, including but not limited to Breast Implant-Associated Anaplastic Large Cell Lymphoma (BIA-ALCL) and Breast Implant-Associated Squamous Cell Carcinoma (BIA-SCC).

Key Takeaways: Procedure Outlook: Immediate breast reconstruction procedures, combining mastectomy and reconstruction, dominate the market due to factors such as improved recovery and natural breast symmetry retention.

End-Use Outlook: Hospitals are expected to witness steady revenue growth, driven by specialized cancer treatment facilities and ongoing research and development efforts.

Regional Outlook: North America leads the market due to a high prevalence of breast cancer, government support, and quick regulatory approvals. Europe is expected to experience significant growth, supported by government campaigns and technological advancements, while the Asia Pacific region is driven by healthcare investments and awareness initiatives.

Competitive Landscape: The market is highly competitive, with key players focusing on portfolio expansion, R&D, and strategic alliances to enhance market presence. Companies like Mentor Worldwide LLC., Abbvie Inc., and Sientra, Inc. are prominent in the market, engaging in partnerships and product launches to meet evolving consumer needs.

In December 2022, Integra LifeSciences Holding Corporation announced the acquisition of Surgical Innovation Associates (SIA), expanding its presence in breast reconstruction with FDA-approved devices.

Segments Covered in the Report: The report provides comprehensive segmentation based on type, product type, procedure, placement, end-use, and region, offering insights into market trends and growth opportunities.

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