CHICAGO, Sept. 28, 2020 /PRNewswire/ -- According to the new market research report "Breast Biopsy Market by Product (Needles, Tables, Assay Kit), by Type (Needle Biopsy (CNB, FNAB, VAB), Liquid Biopsy (CTC, ctDNA)), Guidance (Image-Guided (Mammography, Ultrasound, MRI), Liquid Biopsy (NGS, PCR, Microarray-based)) - Global Forecasts to 2025", published by MarketsandMarkets™, is projected to reach USD 1,094 million by 2025 from USD 725 million in 2020, at a CAGR of 8.6% during the forecast period.
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The Technological advancements in the field of a breast biopsy and the rising incidence of breast cancer are the major factors driving the growth of this market. Additionally, the growing adoption of advanced techniques for breast cancer screening and rising government and private investments for improving breast cancer care are some of the other significant factors driving the growth of this market.
The biopsy needles segment accounted for the largest share of the market, by product, in 2019
Based on the product, the Breast Biopsy Market is segmented into biopsy needles, guidance systems, biopsy tables, localization wires, assay kits, liquid biopsy instruments, and other products. In 2019, the biopsy needles held significant share of the market. The major share of this segment is primarily attributed to the rising incidence of breast cancer and the growing breast cancer diagnosis rate in developing countries. Moreover, rising preference to the minimally invasive procedures and favorable reimbursement scenario in both developed as well as developing countries will further drive the market growth.
Technological advancements to drive the growth of NGS-based biopsy segment during the forecast period
Based on guidance, the Breast Biopsy Market is segmented into image-guided biopsy and liquid biopsy. The liquid biopsy segment is further divided into NGS-based, PCR-based, and Microarray-based biopsy. Among these, the NGS-based biopsy segment is expected to register significant growth over the forecast period. Technological advancements and new product launches are other factors leading to segment growth. Companies operating in the segment, such as Illumina, Inc. (US), Thermo Fisher Scientific (US), and Fluxion Biosciences Inc. (US), are focusing on high R&D investment to deliver novel and advanced platforms for tumor diagnosis.
Needle biopsy segment is anticipated to hold major share of the global Breast Biopsy Market in terms of type
Based on type, the market is segmented into needle breast biopsy, open surgical breast biopsy, and liquid breast biopsy. In 2019, the needle breast biopsy held a major share of the market. Needle biopsy has replaced conventional excisional biopsy as the standard diagnostic procedure for breast cancer. Rising adoption of core needle biopsy by healthcare professionals due to advantages such as high sensitivity and specificity and technological advancements are driving the growth of the segment.
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North America to hold a significant share of the Breast Biopsy Market during the forecast period
The market is segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American region accounted for the largest share of the market in 2019. The rising incidence of breast cancer, easy accessibility and high adoption of advanced diagnostic technologies (owing to the significant per capita annual healthcare expenditure in the US and Canada), presence of a favorable reimbursement scenario, and the rapidly increasing geriatric population in the region are some of the major factors driving the growth of the market in North America.
The major players operating in the Breast Biopsy Market are Hologic, Inc. (US), Becton, Dickinson and Company (US), Danaher Corporation (US), Merit Medical Systems (US), QIAGEN (Netherlands), Biocept Inc. (US), Bio-Rad Laboratories, Inc. (US), F. Hoffmann-La Roche Ltd (Switzerland), Menarini Silicon Biosystems, Spa (Italy), Exact Sciences Corporation (US), Illumina, Inc. (US), and Fluxion Biosciences Inc (US), among others.
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