One of the significant reasons impeding market expansion is the high cost of cancer treatment. The price might range from USD 10,000 to USD 200,000 on average, depending on the nation and its healthcare system. Until 2017, many individuals in the world's major emerging countries, such as India, China, Brazil, and Mexico, spent money from their own pockets.
However, the situation has shifted. More individuals are purchasing healthcare plans. In reality, these countries have the world's lowest healthcare insurance coverage. More than 500 million individuals have health insurance in India now, up from less than 300 million in 2016.
Furthermore, with the growing number of working women in India and China, most businesses have begun to provide them with free health insurance. The Indian government has started to provide insurance up to USD 10,000 at less than USD 10 a year, increasing the availability of health insurance. As a result, more people are likely to consult oncologists since they are less concerned about the expense of therapy.
Developing nations such as India, China, Brazil, Mexico, and Colombia provide profitable opportunities for industry participants. More people are relocating to cities as these nations' urbanization accelerates. This has prompted the government and corporate sector to invest in expanding their healthcare infrastructure. Government hospitals lack the necessary technologies, and thus private hospitals invest heavily in new technologies to attract more patients and benefit from the existing shortfall in public healthcare.
Additionally, governments are also providing various incentives for the construction of new hospitals, such as cheap or free land, incentives for each patient's treatment, subsidies on treatment costs, and accessible loan facilities for purchasing necessary machinery, among other things. As a result, many private companies construct hospitals and extend their network to develop their brand and market reach.
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The pandemic had an adverse effect on all the economies around the world. The early months of the pandemic saw a reduction in the number of outpatients, frequency of doctor visits, and surgical procedures. The major reasons behind this are fear of contracting infection, strict lockdown guidelines, public transport issues, a ban on interstate travel, etc.
All the healthcare facilities worldwide followed stringent protocols for protecting cancer or other terminally ill patients from contracting the infection. The other side of the coin is that patients with cancer received a delay in treatments, follow-up sessions, radiation therapies, infusion therapies, and surgeries. Recently, the United Kingdom predicted that delays in diagnosis and treatment of cancer might surge the mortality rate by 9.6% in the next five years.
The healthcare infrastructure in North America is well-established. The United States has the most significant market share for breast lesion localization methods. Pharmaceutical and healthcare providers are well-represented in the United States. In addition, the country invests billions of dollars each year on healthcare infrastructure development.
Furthermore, the United States government goes overhead to make healthcare cheap for everyone by granting reimbursement and incentives for some therapies, particularly cancer treatments. The most significant market for breast lesion localization methods is in Europe. More than 576,000 women were diagnosed with breast cancer by 2020, and more than 355,000 cases were diagnosed in the EU-27. Breast cancer is less common in Europe than in the United States.
According to our research, over 35% of breast cancers are detected in women under 50, and 1 in 11 women acquire cancer by 74. Breast cancer is the most common and leading cause of mortality among women, and it kills more than 16% of all women diagnosed with breast cancer every year. According to the WHO, over 127,000 died from breast cancer in 2020, and over 91,800 of them were from the EU-27.
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* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now