The global breast biopsy device market size is poised to grow by USD 504.94 million during 2020-2024, progressing at a CAGR of about 10% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Breast Biopsy Devices Market 2020-2024 (Graphic: Business Wire)
The rising incidence rate of breast cancer has been providing significant business growth opportunities to market vendors. Prominent vendors in the market are focusing on expanding their product portfolios and obtaining approvals for their offerings. They have been leveraging various platforms such as conferences to gain exposure and increase awareness about breast cancer. Furthermore, various governments and private organizations are providing funding and grants to vendors to create innovative products with technologically advanced solutions to detect breast cancer at early stages. These factors will significantly contribute to the market growth over the forecast period.
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The major breast biopsy device market growth came from the biopsy needles and systems segment. Breast biopsy needles are primarily used for collecting breast tissue from the suspicious areas of the breast during a breast biopsy. Needle biopsies are majorly performed as minimally invasive biopsy procedures for a better assessment of breast cancer in an outpatient setting. The need for highly skilled operators to handle imaging modalities and the reduced technical complexities of this method are driving the demand for breast biopsy needles for the extraction of normal tissues for biopsy.
North America was the largest breast biopsy devices market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. High technology adoption among the healthcare sector, increasing healthcare expenditure, the prevalence of breast cancer, and awareness among patients about mammograms that helps to identify breast cancer incidence will significantly drive breast biopsy devices market growth in this region over the forecast period.
The global breast biopsy device market is concentrated. Argon Medical Devices Inc., Becton, Dickinson and Co., Carestream Health Inc., Danaher Corp., FUJIFILM Holdings Corp., General Electric Co., Hologic Inc., Planmed Oy, Scion Medical Technologies LLC, and Siemens Healthineers AG are some of the major market participants. To help clients improve their market position, this breast biopsy device market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the breast biopsy device market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we reevaluate the impact on businesses and update our report forecasts.