Sentinel Node Biopsy Market Size, Share & Trends Analysis Report By Product (Surgical Instruments, Imaging Agents, Diagnostic Kits), By Application (Breast Cancer), By Procedure, By End Use (Hospitals & Clinics, Others), By Region And Segment Forecasts, 2

Sentinel Node Biopsy Market Size, Share & Trends Analysis Report By Product (Surgical Instruments, Imaging Agents, Diagnostic Kits), By Application (Breast Cancer), By Procedure, By End Use (Hospitals & Clinics, Others), By Region And Segment Forecasts, 2024 - 2030

Sentinel Node Biopsy Market Growth & Trends

The global sentinel node biopsy market size is anticipated to reach USD 1.1 billion by 2030, expanding at a CAGR of 7.0% from 2024 to 2030, based on a new report by Grand View Research, Inc. This growth can be attributed to the increasing investment in cancer research and the rising awareness about sentinel node biopsy and other cancer treatment options. Moreover, the increasing competition among companies operating in the industry is expected to propel the market growth.

The growing funding for developing novel cancer treatments and increasing cancer research projects is anticipated to boost market growth. Several government and nonprofit organizations are increasing funding for cancer research. For instance, in September 2024, the Breast Cancer Research Foundation (BCRF) revealed that it is investing USD 70.3 million for breast cancer research in 2024-2025. Sentinel node biopsy is widely used in breast cancer. Thus, such funding for breast cancer disease research is expected to bring innovation in the market in the coming years.

In addition, the rising approvals from regulatory authorities for sentinel node biopsy products are anticipated to boost the market growth over the forecast period. For instance, in December 2022, Magtrace and Sentimag Magnetic Localization System from Endomagnetics Ltd. Obtained approval from the U.S. Food and Drug Administration (FDA). These systems are useful for lymph node biopsies in patients with breast cancer. Such authorizations from regulatory authorities of numerous countries are anticipated to boost the demand for the sentinel node biopsy products.

Furthermore, the rising number of initiatives focusing on increasing awareness about cancer disease and available treatment options is anticipated to support the market growth. Industry players, academic institutions, government bodies, and nonprofit organizations are undertaking several initiatives to increase knowledge of cancer treatments and symptoms. For instance, in September 2023, Hologic, Inc., a manufacturer of sentinel node biopsy products, collaborated with a nonprofit organization, Know Your Lemons, to enhance the early detection of breast cancer across the globe through empowering and creative education. Such initiatives are projected to have a positive impact on the industry growth.

Sentinel Node Biopsy Market Report Highlights

• Based on product, in 2023, the surgical instruments segment dominated the market, accounting for 50.63% of the revenue share. This dominance can be attributed to the increasing adoption of minimally invasive surgical techniques and a growing number of clinical trials focusing on sentinel node biopsy.
• Based on application, the breast surgery segment dominated the market in 2023 and accounted for the largest revenue share of 61.51%. The other segment, which includes several types of cancer, such as melanoma and gynecological cancers, is anticipated to grow fastest from 2024 to 2030.
• Based on procedure, the open surgery segment dominated the market in 2023. In contrast, the minimally invasive surgery segment is expected to grow fastest, with the highest CAGR of 8.35% over the forecast period.
• Based on end use, the hospitals & clinics segment dominated the market in 2023, accounting for a revenue share of 74.77%. In contrast, the ambulatory surgery center segment is expected to grow fastest over the forecast period.
• Based on region, North America accounted for the largest revenue share, 44.62%, in 2023. It is also expected to grow fastest due to the growing approvals for sentinel node biopsy products from the FDA and the presence of key market players in the region.

Please note The report will be delivered in 2-3 business days upon order notification.