Fibroadenoma Market Overview:
The Fibroadenoma Market is projected to reach USD 1,093.6 Million by 2030 at 6.5% CAGR during the forecast period 2022-2030.
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.
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 fibroadenoma market 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.
Sources: Mayo Clinic, MRFR Analysis.
Figure 1 Fibroadenoma Market by Type, 2016 (% Market Share)
The 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.
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 fibroadenoma market. 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.
Key players of fibroadenoma market:
Key players profiled in the fibroadenoma market are IceCure Medical, Inc., Alpinion Medical Systems Co., Ltd., SonaCare Medical, LLC., Insightec, Torrent Pharmaceuticals Ltd, Taj Pharmaceuticals Ltd., Novartis Pharmaceuticals Limited, Torrent Pharmaceuticals Limited, and others.
Fibroadenoma market valuation would be USD 1,093.6 Million by 2030.
Fibroadenoma market CAGR would be 6.5% during the forecast period.
The US would dominate the North American fibroadenoma market.
The players included in the fibroadenoma market report are Alpinion Medical Systems Co., Ltd., IceCure Medical, Inc., Torrent Pharmaceuticals Ltd, Taj Pharmaceuticals Ltd., SonaCare Medical, LLC., Insightec, Torrent Pharmaceuticals Limited, Novartis Pharmaceuticals Limited, and others.
The end users recorded in the fibroadenoma market report are diagnostic centers, clinics, and others.