Global Breast Biopsy Market 2022-2028

Global Breast Biopsy Market 2022-2028

Global Breast Biopsy Market Size, Share & Trends Analysis Report by Type (Fine Needle Biopsy, Core Needle Biopsy, Surgical Biopsy and Others), by Product Type (Biopsy needles, Guidance Systems, Biopsy table, Localization Wires, Assay Kit and Others), By GUIDED Technology (MRI-Guided Biopsy, Ultrasound-Guided Biopsy, Mammography Guided Stereotactic Biopsy, CT-Guided Biopsy and Others), and by End-User (Hospitals, Diagnostic Centre and Research Institute ) Forecast Period (2021-2028)

The global breast biopsy market is estimated to grow at a significant CAGR of 8.2% during the forecast period (2021-2028) and is further projected to reach $926 million in 2028 from $534 million in 2021. The growing prevalence of breast cancer across the globe is the primary factor that propels the market growth during the forecast period. Breast cancer is the most common and widely occurring cancer among women around the globe. It forms in tissues of the breast, usually in the ducts (tubes that carry milk to the nipple) and lobules (glands that make milk). A breast biopsy is a procedure in which tissues are removed from the affected or suspicious area. The removed cells are then examined under a microscope and further tested to check for the presence of breast cancer. As per the WHO (World Health Organization), around 2.1 million cases were registered globally related to breast cancer in 2021 which is expected to reach more than 2.4 million cases in 2028. Asia-Pacific had the highest cases of breast cancer with 911,000 cases, whereas 522,000 and 262,000 cases were registered in Europe and North America, respectively, in 2021. Therefore, the growth in breast cancer is significantly generating the demand for breast biopsy across the globe. Along with that the rising funding for breast cancer research and significant demand for early diagnose of breast cancer are the other factors that propel the growth of the market during the forecast period. For instance, in October 2021, The Breast Cancer Foundation (BCRF) announced the grant of $40 million for breast cancer research for 2021-21, funding 275 scientists at leading academic and medical institutions across the globe.

Moreover, the cohesive government regulation is working in various ways in the market. Governments with various domestic and international NGOs, organize awareness programs for the early diagnosis, treatment, and social stigma related to breast cancer. For instance, every year, October is celebrated as Breast Cancer Awareness month globally. NGOs campaign, volunteer, and raise funds for care, support, and research for women's health across the globe. For instance, Cancer Research GLOBAL and Avon Foundation are working together for Women as part of Avon’s Breast Cancer Promise. This collaboration promises to reach out to 100 million women each year with vital information about breast cancer. The cohesive government regulations support the breast biopsy industry by the development of healthcare infrastructure such as the adoption of the different breast cancer diagnostic techniques such as liquid breast biopsy across the globe. However, the risk of infection and side effects associated with the use of biopsy needles, high cost of biopsy procedures are further projected to hinder the growth of the market during the forecast period.

SEGMENTAL OUTLOOK

The global breast biopsy market is segmented based on type, product, guided technology, and end-user. Based on the type, the market is segmented into fine needle biopsy, core needle biopsy, surgical biopsy, and others (vacuum-assisted biopsy, liquid biopsy). Based on the product, the market is segmented into biopsy needles, guidance systems, biopsy tables, localization wires, assay kit, and other. Based on the guided technology, the market is classified into MRI-guided biopsy, ultrasound-guided biopsy, mammography-guided biopsy, CT-guided biopsy, and others. Based on end-user, the market is segregated into hospitals, diagnostic centers, and research institutes.

Among type, core needle biopsy held the largest share of 45.0% in 2021. The market was valued at $240 million in 2021, which is further estimated to reach $413million in 2028 and is growing at a CAGR of 8.1% during the forecast period. The core needle biopsy uses a larger needle than a fine needle biopsy for the purpose of removing a small cylinder (core) of tissue, rather than a collection of cells. The sample is taken by a surgeon or radiologist easily, in order to do testing. The core needle biopsy method is widely used for the detection of breast cancer over the other type. The benefit of the core needle biopsy is that it usually does not leave a scar and the particular area is covered with a sterile dressing. Moreover, the fine needle biopsy segment is projected to grow at the fastest CAGR of 8.8% during the forecast period. The fine needle procedure is quick and minor that gives coherentinformation related to the nature of a lump and is considered to be completely safe and secure. Moreover, the growing adoption of the less invasive biopsy procedure is further projected to contribute to the growth of the market.

REGIONAL OUTLOOK

Geographically, the global breast biopsy market study covers the analysis of four major regions, including North America (the US and Canada), Europe (UK, Germany, Italy, Spain, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), and Rest of the World (Latin America, and Middle East and Africa (MEA)).North America held a dominant position with a share of around 40.6% in the global breast biopsy market in 2021. As per OMR analysis, the North American breast biopsy market was valued at $217 million in 2021, which is estimated to reach $384 million in 2028, by projecting a modest CAGR of 8.5% during the forecast period. In North America, the US held around 95.5% market share in 2021 that was valued at $207 million and is estimated to to reach $366 million in 2028. The market is mainly driven due to increasing breast cancer screening programs,growing inclination towards minimally invasive and image-guided needle biopsies (such as vacuum-assisted biopsy and core needle biopsy), rising adoption of minimally invasive breast biopsies, and high expenditure on breast cancer research.Moreover, product approvals and new launches by major key players such as Hologic inc., Becton Dickinson & Co., Illumina Inc., and others also driving the growth of the breast biopsy market. For instance, in August 2021, Hologic, Inc, an innovative medical technology company primarily focused on improving women’s health, announced improvements to the Brevera Breast Biopsy System with CorLumina Imaging Technology. The system streamlines the entire biopsy process from start to finish - with real-time imaging for verification of sample acquisition and automated post-biopsy specimen handling.

Europe is projected to hold the second-largest market share of around 31.3% in 2021. Favorable government regulations for breast screening and well-developed infrastructure are some of the major factors for the substantial market share of the region. Europe witnesses the second highest cases of breast cancer across the globe. As per the WHO (World Health Organization), around 5.22 million new cases of breast cancer were registered in Europe in 2021. The European breast biopsy market is estimated to reach $282 million in 2028 from $167 million in 2021, growing at a CAGR of 7.9% during the forecast period. In November 2021, the European Commission announced the availability of the European Commission Initiative on Breast Cancer (ECIBC) recommendations related to breast cancer screening in the region. The ECIBC develops the European Breast Guidelines, evidence-based references to provide women and healthcare providers bright, objective, and individualistic guidance on breast cancer screening and diagnosis.

Asia-Pacific is estimated to register the fastest growth of 9.4% during the forecast period in the global breast biopsy market. The Asia-Pacific breast biopsy market is anticipated to reach $197 million in 2028 as compared to $106 million in 2021. As per the WHO, the region witnessed the highest cases of breast cancer in 2021. Moreover, the increasing awareness related to breast cancer, rising government focus on disease diagnosis and treatment, and the increasing disposable income in emerging economies are some of the major factors for the growth of the market. Moreover, the developed economies such as Japan, Australia, and South Korea have a well-developed breast cancer diagnosis infrastructure with high disposable income & a high geriatric population base, driving the market growth.

Market Players Outlook

The major players in the global breast biopsy market include Becton, Dickson and Co., Danaher Corp., Hologic, Inc., QIAGEN GmbH, F. Hoffman-La Roche Ltd., Argon Medical Devices, Inc., Cigna International, and others. These players focus on providing novel and technically advanced breast biopsy solutions for different end-users such as hospitals and clinics to gain a considerable market share in the market. Furthermore, mergers and acquisitions, partnerships, collaborations, and product launches are some crucial strategies that are being adopted by the market players to stay competitive. For instance, in August 2021, Hologic Inc., announced the development of the BreveraBreast Biopsy System with CorLumina Imaging Technologyto combine vacuum-assisted tissue acquisition, real-time imaging verification and advanced post-biopsy handling in one integrated system.