Breast Biopsy Market Expected to Reach $1,420 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, October 6, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research titled, Breast Biopsy Market by Product and End User - Global Opportunity Analysis and Industry Forecast, 2017-2023, the global breast biopsy market was valued at $977 million in 2016, and is projected to reach at $1,420 million by 2023, growing at a CAGR of 5.3% from 2017 to 2023. Core needle biopsy (CNB) segment accounted for about half of the global market share in 2016.
A breast biopsy is the procedure of locating a diseased tissue in the breast and collecting the specimen sample of the area for further examination and diagnosis. Breast biopsies are performed by using minimally invasive biopsy systems, owing to minimal disfigurement and pain. Non-invasive biopsy techniques provide preventive measures that assist physicians in diagnosing and treating high-risk breast cancer. This information prevents the application of chemotherapy in breast cancer, reducing the complexities of chemo-radiations. Vacuum assisted breast biopsy devices (VAB), core needle biopsies and fine needle aspiration biopsy are commonly used to perform biopsy procedures.
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The major factors that boost the market growth include rise in incidence of breast cancer, growth in awareness toward cancer screening programs, and increase in demand for minimal invasive breast biopsies. Moreover, the ongoing technological advancements of diagnostic and treatment technology for breast cancer have undergone a gradual transition from open surgery to minimal invasive biopsy procedures. Breast cancer is the most common type of cancer in women, especially in the U.S., where it is the second leading cause of death propels the demand for breast biopsy procedures. Furthermore, requirement of robust measures for disease control, the thrust for newer technologies has led to the development of minimal invasive surgeries. This has made breast biopsy as preferred modality to diagnose breast cancer and identify complex tumors and make accurate diagnosis. However, lack of awareness toward the availability of novel breast biopsy techniques and risk of infection involved in the procedures are projected to hamper the market growth.
The core needle biopsy (CNB) segment dominated the global market in 2016, and is expected to maintain this trend throughout the analysis period, owing to the less invasive procedure compared to others and it provides more definitive diagnosis. Moreover, use of CNB and ultra sonographic and mammographic guidance is highly accurate for diagnosing breast cancer that supplements the market growth.
The ultrasound guided biopsy is poised to grow at the highest rate during the forecast period, owing to the sound waves used instead ionizing radiation to locate abnormality or lump and is less invasive in nature with reduced scars. Ultrasound guided biopsy segment is expected to grow at a high CAGR of 6.1% from 2017 to 2023.
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Asia-Pacific is anticipated to grow at a highest rate throughout the analysis period, owing to the continuous growth in countries, such as Japan, India, China, and Australia. For instance, in Japanese women between the age group of 30-64, breast cancer is one of the leading cancer types over the past decade. In addition, as per Japanese Society of Breast Health, one in every 20 women are diagnosed with breast cancer in Japan. This is a clear trend toward the increase in demand for breast biopsy procedures for screening and diagnosis of breast cancer at early stages. Furthermore, commandment by the government bodies for routine screening for breast cancer after the age of 40 for women has raised the demand for breast biopsy devices. Technological advancements for cost-effective devices in these nations offer a lucrative opportunity for the breast biopsy market growth.
Key Findings of the Breast Biopsy Market:
- In 2016, core needle biopsy (CNB) led the overall breast biopsy market revenue, and is projected to grow at a CAGR of 5.6% during the forecast period.
- The mammography guided stereotactic biopsy segment occupied the highest share among image guided technology in 2016, and is expected to grow at a CAGR of 5.6%.
- In 2016, North America generated highest revenue, region-wise, with over three-sevenths share of the global market.
- The number of breast biopsy procedures is growing at a CAGR of 4.2% from 2017 to 2023.
- The ultrasound guided biopsy segment is expected to witness the highest growth rate from 2017 to 2023.
Key players operating in the market include Hologic Inc., Leica Biosystems Nussloch GmbH (Devicor Medical Products, Inc.), C. R. Bard, Inc., Becton and Dickinson Company, Argon Medical Devices, Cook Medical Incorporated, Encapsule medical Devices LLC., Ethicon Endo Surgery (Johnson & Johnson), Intact Medical Corporation, and Galini SRL.
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