Breast Biopsy Devices Market Overview
The global breast biopsy devices market is estimated to be valued at $761.2 million in 2017, and is projected to grow at a CAGR of 11.1% during the forecast period. Rising number of breast cancer screening programs and increasing demand for minimally invasive surgeries are driving the growth of the breast biopsy devices market.
GLOBAL BREAST BIOPSY DEVICES MARKET, BY IMAGING MODALITY, $M (2013-2023)
On the basis of procedure type, the breast biopsy devices market is categorized into vacuum-assisted, core needle, fine needle aspiration, and surgical biopsy. Vacuum-assisted biopsy is expected to be the fastest growing procedure during the forecast period, as it can be used under sonographic, mammographic, and magnetic resonance imaging (MRI) guidance for conducting biopsies of clustered microcalcifications.
Of all imaging modalities, the fastest growth during the forecast period will be witnessed by the ultrasound category, as it avoids the need for ionizing radiation exposure when compared to other modalities. On the basis of end-user, the breast biopsy devices market is categorized into hospitals, diagnostic centers, and other providers, where diagnostic centers account for the largest demand for biopsy devices, globally.
Globally, North America is the largest market for the breast biopsy devices, owing to increasing prevalence of breast cancer, growing aging population, high healthcare expenditure, economic growth, and expanding private healthcare sector. Furthermore, rising awareness of newly developed technologies, increasing per capita income, and growing number of United States Food and Drug Administration (USFDA) approvals for breast biopsy devices, are some of the other factors fueling the growth of the market in the region.
Breast Biopsy Devices Market Dynamics
The emergence of liquid biopsy technique for examining breast cancer has been witnessed as a key trend in the breast biopsy devices market. Liquid biopsy or circulating tumor deoxy ribonucleic acid analysis is a non-invasive and low-risk procedure. It is used to detect a cancer-related genetic profile, routinely monitor therapeutic responses over time, and further aid in the detection of the presence of cancer. As the cancer cells proliferate and die, the DNA is released and some of it makes its way into the circulatory system, making the cancer easily detectable.
Companies in the breast biopsy devices market are using this technology for early detection of breast cancer, for instance, Oncocyte Corporation, an innovator in procedures for early detection of cancer, presented encouraging data from its study done by using its breast cancer diagnostic test at the 2017 San Antonio Breast Cancer Symposium. The study revealed that this breast cancer test allows for sensitive and non-invasive detection of breast cancer in BI-RADS category IV patients, thereby differentiating patients who have breast cancer from those who do not.
Some of the major factors contributing to the growth of the breast biopsy devices market are the increasing incidence of breast cancer, rising number of breast cancer screening programs, technological advancements in breast imaging equipment, increasing demand for minimally invasive surgeries, and rising aging population of women.
Breast cancer is the most common cancer in women worldwide, with nearly 1.7 million new cases diagnosed in 2012 (second most common cancer overall). According to the National Cancer Institute, in 2014, an estimated 3,327,552 women were living with breast cancer in the U.S. World Cancer Research Fund International reported that Belgium had the highest rate of breast cancer, followed by Denmark and France.
Government authorities in developed and developing economies have taken active initiatives by conducting public awareness programs to diagnose and treat breast cancers. For instance, the government of Australia conducts a national screening program, BreastScreen Australia, that invites women aged 50–74 to undergo free mammograms every two years. Similarly, the government of U.K. also conducts a National Health Service breast screening program for all the women aged 50 to 70.
The untapped market in emerging economies and rising worldwide awareness regarding breast cancer provides lucrative opportunities to the players in the breast biopsy devices market.
Developing economies face major health related challenges due to increase in the prevalence of cancers and growing geriatric population. Currently, the disease diagnosis market in Asian countries is dominated by conventional breast biopsy devices and technologies such as core needle biopsies and surgical biopsies. In 2012, a report named GLOBOCAN was published by International Agency for Research on Cancer, which stated that breast cancer is the most common cancer in women, occurring both in developed and developing regions, with slightly more cases in developing (883,000 cases) than developed (794,000 cases) regions.
Breast Biopsy Devices Market Competitive Landscape
With a number of technological advancements taking place in breast biopsy devices market, the players are attaining government approvals from different regions for their products, to capture larger share in the market. For instance, in January 2018, Hologic Inc. obtained a Conformité Européenne (CE) mark in Europe for the Brevera breast biopsy system with CorLumina imaging technology, a real-time breast biopsy and verification system that improves the patient experience and streamlines the biopsy process from start to finish. In December 2017, Planmed Oy received approval from USFDA for Planmed Clarity 2D full-field digital mammography system. The system received the European Economic Area’s CE mark in early 2016 and is also available in Latin America, Africa, Australia, and Asia.
Some of the other key players operating in the breast biopsy devices industry are Danaher Corporation, Argon Medical Devices Inc., Becton, Dickinson and Company, Sterylab S.R.L., Scion Medical Technologies LLC, Siemens AG, Medtronic plc, and Cook Medical LLC.