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What are the Significant Developments in the Breast Biopsy Market?
The breast biopsy market has seen a remarkable surge in recent years. The market size is projected to escalate from $1.33 billion in 2023 to $1.42 billion in 2024, reflecting a compound annual growth rate CAGR of 7.3%. This growth during the historical period can be credited to the rising prevalence of breast cancer, an aging population, expansions in awareness programs, increased healthcare expenditure, and a shift toward outpatient and ambulatory settings.
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What is the Projected Growth of the Breast Biopsy Market?
The breast biopsy market is poised for strong growth over the next few years. It is forecasted to reach $1.89 billion by 2028, with a compound annual growth rate CAGR of 7.4%. This expansion during the forecast period is expected to be driven by infrastructural developments in the healthcare sector, the rise of personalized medicine, improved healthcare access in emerging regions, regulatory support, and advantageous reimbursement policies, as well as the emergence of telemedicine and remote diagnostics.
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What are the Primary Drivers and Trends in the Breast Biopsy Market?
The increasing prevalence of breast cancer is poised to accelerate the growth of the breast biopsy market. Breast cancer, a malignant tumor that initiates in the cells of breast tissue, can metastasize to other body parts if not treated promptly. Increased life expectancy, improved detection methods, and rising awareness about the disease contribute to its prevalence. Breast biopsies, which are used to secure tissue samples from suspicious areas in the breast to diagnose and determine breast cancer's characteristics, play a crucial role here. For instance, in January 2023, the American Cancer Society recorded a significant increase in invasive breast cancer cases among American women, from approximately 281,550 in 2021 to 297,790 in 2023. Consequently, the proliferating incidence of breast cancer is bolstering the breast biopsy market.
Who are the Leading Players in the Breast Biopsy Market?
Major companies operating in the breast biopsy market include Medtronic PLC, Siemens Healthineers AG, Fujifilm Holdings Corporation, Becton Dickinson and Company BD, Koninklijke Philips, GE HealthCare Technologies Inc., Hologic Inc., The Cooper Companies Inc., Merit Medical Systems, Argon Medical Devices, Canon Medical Systems Corporation, Devicor Medical Products Inc., Mermaid Medical Group, Planmed Oy, Menarini-Silicon Biosystems, Seno Medical Instruments Inc., Surgical Innovations Group, Sterylab Srl, Dilon Technologies Inc., INRAD Inc., and Promaxo Inc.
What are the Emerging Trends in the Breast Biopsy Market?
Emerging trends in the breast biopsy market encompass innovative solutions such as a vacuum-assisted breast biopsy system. This medical device uses suction to extract multiple tissue samples from a suspicious breast area through a single needle insertion. In August 2022, US-based medical device company Devicor Medical Products, Inc. unveiled the Mammotome Revolve EX Dual Vacuum-Assisted Breast Biopsy System. The system enjoys a dual vacuum mechanism for enhanced tissue collection, high-volume sampling, and improved accuracy, an ergonomic design with a rotating probe for outstanding maneuverability, and a single insertion process to lessen patient discomfort. Additionally, the system integrates real-time imaging for precise targeting and efficient biopsy procedures.
How is the Breast Biopsy Market Segmented?
The breast biopsy market report segments the market as follows:
1 By Type: Biopsy Needles, Guidance Systems, Biopsy Tables, Localization Wires, Assay Kits, Liquid Biopsy Instruments, Other Types
2 By Image Guided Technology: Magnetic Resonance Imaging MRI Guided Breast Biopsy, Ultrasound Guided Breast Biopsy, Mammography Guided Stereotactic Biopsy, Computed Tomography CT Guided Biopsy, Other Image Guided Breast Biopsy
3 By Procedure: Needle Breast Biopsy, Open Surgical Breast Biopsy, Liquid Breast Biopsy
4 By Application: Hospitals, Clinics, Diagnostic Centers, Other Applications
What are the Regional Insights into the Breast Biopsy Market?
North America retained the largest market share in the breast biopsy market in 2023. However, Asia-Pacific is projected to be the fastest-growing region over the forecast period. The report provides a comprehensive analysis of all regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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