The factors driving the growth of the market are growing incidence of breast cancer, improved reimbursement scenario, and increased awareness of early detection of breast cancer. However, risk of infections associated with the use of biopsy needles and stringent regulatory approval procedures are expected to restrain the growth of this market in the coming years.
The breast biopsy market is projected to reach USD 1,094 million by 2025 from USD 725 million in 2020, at a CAGR of 8.6% during the forecast period.
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In 2019, the breast biopsy market was dominated by Hologic, Inc. (US), Danaher Corporation (US), Becton, Dickinson and Company (US), QIAGEN (Netherlands), and Illumina, Inc. (US). The players adopted key strategies, such as, new product launches, mergers and acquisition, high R&D investment to increase their market penetration.
Hologic, Inc. (US) holds the leading position in the breast biopsy market, owing to its robust portfolio of breast biopsy products and related accessories. The company has expanded its product portfolio through insight-driven innovation and product launches to establish its position in the market. For instance, during the last three years, Hologic launched the Brevera Breast Biopsy System with CorLumina Imaging Technology in the US and Europe, which are the leading markets for breast biopsy. Hologic is expected to witness sustainable growth during the forecast period with its broad and technologically advanced product portfolio, wide geographic reach, and high product promotional activities.
Owing to the strong focus on R&D and new product developments, QIAGEN (Netherlands) has established itself as a leading player in the liquid breast biopsy market segment. The company’s large market share is attributed to its broad portfolio of products and its vast geographical presence across 130 countries. Strong R&D activities have enabled the company to deliver novel products in the market. New product launches and approvals will further increase its penetration in the liquid breast biopsy segment. For instance, during the last three years, QIAGEN received US FDA and CE mark approvals for its Therascreen PIK3CA RGQ PCR Kit; and launched the RNeasy Midi and Maxi Kits and miRNeasy 96 Advanced QIAcube HT Kit.
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However, in May 2020, Thermo Fisher Scientific acquired Qiagen for USD 11.5 billion. This acquisition has expanded Thermo Fisher’s infectious diseases, cancer, and genetic disorders product portfolio. Thermo Fisher Scientific is expected to emerge as a leader in the liquid biopsy market 2020 onwards.
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