How Is Rising Breast Cancer Incidence Steering Breast Biopsy Devices Market Growth?

By Author: Pramod Kumar
Total Articles: 97
Comment this article

A number of factors, such as the increasing cases of breast cancer, surging number of breast cancer screening programs, burgeoning demand for minimally invasive surgeries, aging female population, and technological developments in breast imaging equipment, are projected to propel the breast biopsy devices market at a healthy CAGR of 11.1% during the forecast period (2018–2023). According to P&S Intelligence, the market revenue will grow from $761.2 million in 2017 to $1,426.2 million by 2023.

The burgeoning breast biopsy device demand can be primarily ascribed to the growing prevalence of breast cancer worldwide. According to the International Agency for Research on Cancer (IARC), 2,261,419 cases of breast cancer were recorded worldwide in 2020. Furthermore, the World Health Organization (WHO) states that this cancer was responsible for 685,000 female deaths globally in 2020. This chronic disease arises in the lining cells (epithelium) of the lobules (15%) or ducts (85%) in the glandular tissue of the breast.

Browse In-depth Breast Biopsy Devices Market Revenue Forecast Report@ https://www.psmarketresearch.com/market-analysis/breast-biopsy-devices-market

The ...
... product segment of the breast biopsy devices market is classified into biopsy tables, biopsy wires, biopsy needles/guns, guidance systems, and others. Among these, the guidance systems category generated the highest revenue in 2017 because a single guidance system offers options for both stereotactic breast biopsy and tomosynthesis, which are needed in almost every breast biopsy procedure. Whereas, the biopsy needles/guns category is expected to exhibit the fastest growth in the forecast years.

Geographically, North America contributed the highest revenue to the breast biopsy devices market in 2017. The usage of these devices is substantially high in the U.S. due to the surging cases of breast cancer, escalating healthcare spending, booming private healthcare sector, and rising population of the elderly. Additionally, the prospering economy of the U.S. and mounting investments being made by federal, state, and local government agencies, research institutions, voluntary healthcare associations, professional societies, and pharmaceutical and biotechnology companies in healthcare research and development (R&D) will support the market growth.

Whereas, the Asia-Pacific (APAC) breast biopsy devices market is projected to display the fastest growth during the forecast period, due to the surging geriatric population, rising prevalence of breast cancer, soaring public awareness regarding the disease, increasing technological advancements in these devices, and booming healthcare expenditure in the region. For instance, the IARC states that 178,361 women in India were diagnosed with breast cancer in 2020. Similarly, the National Breast Cancer Foundation, Australia, estimates nearly 20,000 breast cancer diagnoses every year.

Therefore, the escalating number of breast cancer cases and the surging use of the liquid biopsy technique for its diagnosis and staging are expected to steer the market growth in the upcoming years.

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others. He has successfully delivered multiple projects on go-to-market strategies, pricing strategy, price point analysis, Business Expansion, market entry and exit, share analysis and others. Prior to joining P&S Intelligence, he worked with different research companies, including Transparency Market Research and MarketsandMarkets Pvt Ltd. Some of the projects delivered by him include Scar Treatment Market, Skin Replacement and Substitutes Market, and Energy-Based Aesthetic Devices Market.