The global breast biopsy devices market generated a revenue of $761.2 million in 2017 and it is predicted to reach a value of $1,426.2 million by 2023. According to the estimates of P&S Intelligence, a market research company based in India, the market will advance at a CAGR of 11.1% from 2018 to 2023. The increasing prevalence of breast cancer, surging number of breast cancer screening programs, rapid technological advancements being made in breast imaging equipment, mushrooming population of geriatric women, and burgeoning requirement for minimally invasive procedures are the major factors driving the market expansion.
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Breast cancer is highly prevalent among women and it is caused due to uncontrolled cell growth, which generally leads to the formation of a tumor that is felt as a lump. As per the statistics released by the National Cancer Institute (NCI), in the U.S., over 3 million women were diagnosed with breast cancer in 2014. Furthermore, the incidence of breast cancer was the highest in Belgium in 2012, as per the observations of the World Cancer Research Fund International (WCRF).
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Out of these, the vacuum-assisted biopsy category dominated the market in 2017, owing to the large-scale adoption of this procedure, on account of its ability to accurately locate the abnormality area, so that only a few samples from the infected region are taken. This category is also expected to demonstrate the fastest growth in the market in the years to come. Geographically, Europe and North America led the breast biopsy devices market in 2017.
Hence, it is clear that the market will grow massively in the upcoming years, primarily because of the growing incidence of breast cancer and the surging population of geriatric women all over the world.
