The global breast biopsy devices market generated a revenue of $761.2 million in 2017 and it is predicted to reach a value of $1,426.2 million by 2023. According to the estimates of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 11.1% from 2018 to 2023. The increasing prevalence of breast cancer, surging number of breast cancer screening programs, rapid technological advancements being made in breast imaging equipment, mushrooming population of geriatric women, and burgeoning requirement for minimally invasive procedures are the major factors driving the market expansion.
Furthermore, both under-developed and developing countries reported several cases of breast cancer, accounting for around 53% of the cases across the world. The growing incidence of this disease is one of the major growth drivers of the breast biopsy devices market. Besides, the rapid technological advancements being made in breast imaging devices such as the development of ultrasound- and mammography-guided biopsy, core-needle biopsy, excisional breast biopsy, and fine-needle aspiration biopsy are also fueling the growth of the market.
Based on product, the market is divided into guidance systems, biopsy needles/guns, biopsy wires, and biopsy tables category. Out of these, the biopsy needles or guns category is predicted to exhibit the fastest growth in the market in the forthcoming years. In addition to this, this category is also expected to hold the largest share in the market in the upcoming years. When procedure type is taken into consideration, the breast biopsy devices market is categorized into vacuum-assisted, core-needle, surgical, and fine-needle aspiration.
Out of these, the vacuum-assisted biopsy category dominated the market in 2017, owing to the large-scale adoption of this procedure, on account of its ability to accurately locate the abnormality area, so that only a few samples from the infected region are taken. This category is also expected to demonstrate the fastest growth in the market in the years to come. Geographically, Europe and North America led the breast biopsy devices market in 2017.
The U.S. recorded huge sales of breast biopsy devices during the last few years, primarily because of the surging geriatric population, rising incidence of breast cancer, rapid economic growth, booming private healthcare sector, and high healthcare expenditure of the country. In addition to this, many biotechnology and pharmaceutical companies, federal agencies, public health associations, research institutes, local and state governments, and professional societies are making huge investments in country’s health-related research and development (R&D) and medical programs.
Access Report Summary - Breast Biopsy Devices Market Growth
