Introduction to the Breast Biopsy Market
A breast biopsy is a medical procedure in which a sample of suspicious tissue is taken from the breast to determine if it is cancerous. It is a minimally invasive procedure and is usually done under local anaesthetic. The biopsy is typically performed in a doctor's office or hospital. The market for breast biopsy is growing due to the increasing awareness about breast cancer, technological advancements, and increasing government initiatives for the early detection of breast cancer.
Global Breast Biopsy Market Overview
The global Breast biopsy market is projected to reach USD 1,094 million by 2025, at a CAGR of 8.6%.
Breast biopsy is a procedure used to diagnose breast cancer or other abnormalities. It is a procedure used to remove a sample of tissue from the breast, which is then examined under the microscope by a pathologist to determine the presence of breast cancer or other abnormalities. Increase in prevalence of breast cancer and rising awareness among women regarding breast cancer are the major factors driving the growth of the global breast biopsy market. However, lack of skilled professionals and side effects associated with biopsy procedures are anticipated to hamper the market growth. On the other hand, technological advancements in biopsy procedures are expected to provide lucrative opportunities for the market growth.
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Drivers of the Breast Biopsy Market
· Rising prevalence of breast cancer: The global prevalence of breast cancer is increasing, with over 2.1 million new cases being diagnosed in 2018. As a result of this, the need for breast biopsy to diagnose and stage the cancer is also increasing.
· Technological advancements: Advances in imaging technology have improved the accuracy and efficiency of breast biopsy procedures. This has enabled physicians to diagnose and/or stage breast cancer more accurately and efficiently.
· Increasing awareness about early diagnosis: There is increasing awareness among people regarding the importance of early diagnosis of breast cancer. This is driving the demand for breast biopsy procedures, as early diagnosis can help improve the prognosis of the disease.
· Increase in healthcare expenditure: The increase in healthcare expenditure, especially in developing countries, has facilitated the availability of advanced diagnostic and therapeutic techniques, including breast biopsy.
· Growing geriatric population: The geriatric population is more prone to developing breast cancer, which is driving the demand for breast biopsy procedures.
Opportunities of Breast Biopsy Market
· Increased Awareness: Increasing awareness about the importance of breast biopsy among women of all ages has created a larger demand for the procedure in recent years. This has opened up new opportunities for the market.
· Expansion of Health Insurance Coverage: The expansion of health insurance coverage for breast biopsy has increased access to the procedure and has made it more affordable for many women. This has also opened up new opportunities for the market.
· Technological Advancements: Technological advancements in biopsy techniques have improved the accuracy and efficiency of the procedure. This has created new opportunities for the market.
· Growing Demand for Early Diagnosis: The growing demand for early diagnosis of breast cancer has increased the demand for breast biopsy. This has created new opportunities for the market.
· Increase in the Number of Specialty Clinics: The number of specialty clinics providing breast biopsy services has increased in recent years. This has opened up new opportunities for the market.
Regional Breast Biopsy Market Analysis
The healthcare infrastructure in emerging economies such as China, India, and South Korea is evolving at a rapid pace, leading to major investments in advanced systems (including liquid breast biopsy, and vacuum-assisted biopsy instruments, among others) by hospitals and breast care centers. This factor is driving the growth of Asia pacific breast biopsy market. Moreover, rising prevalence of breast cancer, growing number of awareness programs for the early detection of breast cancer, and the high government spending on breast cancer research studies are the other major factors driving the growth of the breast biopsy market in Asia Pacific.
Major Players in the Breast Biopsy Market
Hologic, Inc. (US), Danaher Corporation (US), and Becton, Dickinson and Company (US), QIAGEN (Netherlands), and Illumina, Inc. (US) are the top five players in the global breast biopsy market. Other prominent players operating in this market include Merit Medical Systems (US), Medtronic (Ireland), IZI Medical Products (US), Argon Medical (US), STERYLAB S.r.l. (Italy), Scion Medical Technologies, LLC (China), Biocept Inc. (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Menarini Silicon Biosystems, Spa (Italy), Exact Sciences Corporation (US), and Thermo Fisher Scientific, Inc. (US), among others.
Recent Developments of Breast Biopsy Market
In 2018, Hologic received the European CE mark approval for its Brevera Breast Biopsy System with CorLumina Imaging Technology. This system is designed to increase biopsy accuracy with real-time imaging, improve patient satisfaction, and streamline workflow in the biopsy suite.
In 2017, Hologic announced the launch of its Brevera Breast Biopsy System with CorLumina Imaging Technology for commercial availability in the US. This system is designed to increase biopsy accuracy with real-time imaging, improve patient experience, and streamline the biopsy process from start to finish.
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Conclusion:
Factors such as the increasing prevalence of breast cancer, technological advancements in breast biopsy, and the rising awareness of breast cancer are driving the growth of the market. Moreover, the increasing adoption of minimally invasive procedures, government initiatives to promote the early detection of breast cancer, and the availability of reimbursement for breast biopsy procedures are also propelling the market growth. Additionally, the rising number of medical tourism and the increasing disposable income of people in developing countries are expected to contribute to the growth of the market.
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