New York, June 19, 2023 (GLOBE NEWSWIRE) -- The Global Breast Biopsy Market is expected to reach a valuation of US$ 3.8 billion by the end of 2033. Several cutting-edge cancer treatments are available all over the world. Growing need for innovation in cancer treatments has led the global breast biopsy market to reach US$ 2.1 billion in 2022, and it is further projected to expand at a CAGR of 5.5% over the forecast period (2023 to 2033).
Rising prevalence of breast cancer and the growth of breast cancer screening programs are driving the market for breast biopsy instruments. Early detection and accurate diagnosis through biopsies are crucial for effective treatment planning and improved patient outcomes. Modern surgical techniques for treating breast cancer have created new revenue streams for the pharmaceutical and medical device industries.
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Programs are held to raise awareness of breast cancer and lessen the stigma associated with its signs and treatments. Raising public awareness to support breast cancer diagnosis is anticipated to boost sales of breast biopsy devices, coupled with expansion and product introductions in developing countries. To increase their position in the cancer devices industry, companies are concentrating on the development of innovative breast biopsy equipment, focusing on particular female groups, and pursuing strategic mergers and acquisitions.
Early detection and accurate diagnosis through biopsies are crucial for effective treatment planning and improved patient outcomes. The breast biopsy market has witnessed significant technological advancements in recent years. These include the development of minimally invasive biopsy techniques such as stereotactic, ultrasound-guided, and MRI-guided biopsies. These techniques offer higher accuracy, improved patient comfort, and reduced invasiveness compared to traditional open surgical biopsies.
Key Takeaways from Market Study
- The global breast biopsy market is forecasted to reach US$ 3.8 billion by the end of 2033.
- By product, biopsy needles held a market share of 23.3% in 2022.
- By indication, complex cysts accounted for 37.4% share of the global market in 2022.
- By end user, hospitals held a market share of 34.3% in 2022.
- North America dominated the global market with the U.S. contributing US$ 594.7 million in 2022.
“Increasing research funding for cancer and growing awareness surrounding breast cancer diagnosis are set to drive the sales of breast biopsy devices over the coming years,” says an analyst of Persistence Market Research.
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Market Competition
Key players in the breast biopsy market are Argon Medical Devices, Becton Dickinson and Company, C. R. Bard, Inc., Cook Medical Inc., Devicor Medical Products, Inc., F. Hoffmann-La Roche Ltd., GE Healthcare, Hologic, Inc., Leica Biosystems, Medax Srl Unipersonale, Planmed Oy, Scion Medical Technologies, LLC, Siemens Healthineer, and more.
Key market players are determined to develop biopsy devices that are easy to handle and convenient for patients. Manufacturers are actively working with researchers to be able to acquire enhanced and innovative concepts to widen their product portfolio and on mergers and acquisitions that can drive their revenue growth.
- In April 2021, Argon Medical Devices, Inc. launched Halo™ single-loop snare kits for interventional procedures.
- In March 2020, Merit Medical included the SCOUT Access Guide in its current portfolio of wire-free radar localization.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the breast biopsy market in its latest study, presenting a historical demand assessment for 2012 to 2022 and projections for 2023 to 2033.
The research study is based on the product [biopsy needles (core needles, fine aspiration needles), MRI-guide biopsy systems, ultrasound-guided breast biopsy systems (two-dimensional (2D) mammographic ultrasonic scanning systems, three-dimensional (3D) b-mode mammographic ultrasonic scanning systems),vacuum-assisted devices (VAD), guide wire (localization wire), breast biopsy markers], indication (complex cysts, solid mass, suspicious solid mass (fibroadenoma), suspicious micro-calcifications), and end user (hospitals, specialty clinics, ambulatory surgical centers, cancer research institutes), across seven key regions of the world.
For additional insights on how the growth of the breast biopsy market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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