Hologic is one of the major company for breast biopsy devices market
Key players operating the breast biopsy devices market include Biomed Diagnostics, Inc., Bard Peripheral Vascular Inc., F. Hoffmann-La Roche Ltd., Hologic Inc., Intact Medical, Mammotome, OncoCyte Corporation and Laboratory Corporation of America Holdings (Labcorp), among others.
Major companies in the market are constantly working towards introducing innovative products and lowering production costs in order to enhance profitability. For instance, in recent times C. R. Bard expanded the use of its devices by offering reusable biopsy handles for free when disposable biopsy needles are purchased.
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A breast biopsy is the process of extraction of breast tissue or cells for testing of breast cancer or other breast-related disorders.
It is mainly recommended when a female patient has an uncharacteristic lump in the breast. It is also used to detect any abnormal changes in the nipple such as cellulite, congealing, scaling, or crusting of the skin.
A higher incidence of breast cancer is primarily fueling the growth of the breast biopsy market. According to the Occupational Safety and Health Agency (OSHA) and the National Institute of Occupational Safety and Health (NIOSH), U.S., around 50,000 workers die each year as a result of past exposure to hazardous agents. However, high procedure cost and side effects such as bleeding and infections post-procedure are some of the factors hampering market growth of breast biopsy devices.
A vacuum-assisted breast biopsy is a dominating segment in the global breast biopsy devices market
Vacuum-assisted breast biopsy (VABB) is widely used because of its low price and quick response time as compared to other diagnostic devices such as ultrasound, x-ray, computed tomography (CT), or magnetic resonance imaging. For instance, according to Hologic, C.R. Bard, and Mammotome Company, VABB accounts for 90% of its revenue in the breast biopsy devices. The American Cancer Society, Inc, advises men and women to attend self-awareness exams conducted through the year, which helps individuals to detect any change in their breast which would be further diagnosed by the physician.
VABB and fine aspiration needles contribute major share in breast biopsy devices market
The global breast biopsy devices market is segmented on the basis of product type, procedure type, technology, end-user, and geography. On the basis of product type, the market is divided into biopsy needles, biopsy tables, biopsy wires, and guidance systems.
On the basis of procedure type, the market is segmented into fine needle aspiration (FNA) biopsy, core needle biopsy, surgical biopsy, and biopsy markers. Core needle biopsy is sub-segmented into stereotactic core needle biopsy, vacuum-assisted biopsies, and magnetic resonance imaging biopsy guidance; a surgical biopsy is sub-segmented into incisional biopsy and excisional biopsy.
On the basis of guidance technology, the market is divided into ultrasound-guided, mammography-guided and magnetic resonance.
On the basis of the end-user, the market is classified into hospitals, ambulatory surgical centers, diagnostic centers, research laboratories, and others.
Growing breast cancer cases is propelling the regional growth of the North America market
Regional segmentation by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America accounts for the largest market share, mainly due to the presence of a well-established healthcare sector, the presence of major players, and the rapid adoption of advanced medical technologies in countries such as the U.S. and Canada. In 2015, according to Susang Komen—a non-profit organization that focuses on breast cancer awareness—there were over 2.3 million breast cancer cases diagnosed in the U.S. According to The European Breast Cancer Coalition, in EU-28 361,600 cases of breast cancer were reported in 2012, and 1 in 8 women in the EU-28 are projected to develop breast cancer before the age of 85. Europe is the second-largest market, due to a large target population—especially comprising elderly people who are more susceptible to such diseases due to compromised immune system—along with the high acceptance of VABB devices for diagnosis of breast cancer. Growing disposable income and growing awareness level regarding breast cancer among the populace in the Asia Pacific, along with a large population base is expected to position the Asia Pacific as a high growth market in the near future. According to the International Association of Cancer Registries, in 2012, over 600,000 new breast cancer cases were reported in Asia, accounting for 39% of all breast cancers diagnosed worldwide.
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- Major companies in the market focused on various business strategies such as mergers and acquisitions, in order to enhance their market presence. For instance, in December 2017, Becton, Dickson and Company, a medical technology company, acquired C.R. Bard, Inc. for US$ 16 million. The acquisition will provide improved treatment for serious medical conditions such as cancer.
- Major companies in the market focused on various business strategies such as product launches, in order to expand their product portfolio and cater consumer base. For instance, Hologic Inc. a U.S.-based medical technology company launched Brevera breast biopsy system with CorLumina technology. This novel system will enhance the entire biopsy process.
- Major companies in the market focused on various business strategies such as gaining regulatory approvals, in order to expand their product portfolio and enhance market presence. For instance, in August 2017, OncoCyte Corporation, a developer of cancer detection tests, announced that its clinical laboratory has passed inspection and review from California Department of Public Health Laboratory Field Services for CLIA certification and State Clinical Laboratory Licensing.
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