The global sentinel node biopsy market is growing pervasively mainly due to the increasing prevalence of various types of cancer including melanoma, colon cancer, breast cancer, esophageal cancer, head and neck cancer among others. Moreover, the spreading awareness towards the advantages of sentinel node biopsy escalates its market on the global platform.
The Sentinel Node Biopsy Market Share is projected to reach at 4.90% CAGR during the forecast period 2023-2032.
Additional factors propelling the growth of the market include the changing lifestyle led by the growing urbanization & industrialization. Improving economic conditions worldwide are defining the growth of the sentinel node biopsy market, enabling access to the quality of life & to the improved healthcare. Furthermore, factors such as increasing number of biopsy procedures and rising demand for new techniques for the diagnosis of cancerous growth provide significant impetus to the market growth.
On the other hand, factors such as prohibitive costs associated with the biopsy and the large unmet need are some of the key factors impeding the market growth, especially in the developing nations. Nevertheless, factors such as the availability of new products and services and the presence of well-established market players in the developing as well as developed countries will support the market growth, filling up the demand and supply gap.
Major Key Players:
Key Market Players include Devicor Medical Products, Inc. (Germany), C. R. Bard, Inc. (U.S.), Hilfe Engineering Corporation (India), Intramedical Imaging LLC (U.S.), KUB Technologies, Inc. (U.S.), Surgic Eye (Germany), and Navidea Biopharmaceuticals, Inc. (U.S.) among others.
Sentinel Node Biopsy Market Outlook and Analysis By-Product (Breast Localization Wire, Tissue Marker, Gamma Probe, Drainage Catheters), Indication (Breast Cancer, Melanoma, Colon Cancer, Esophageal Cancer), End-User (Hospitals & Clinics, Diagnostic Centers) - Forecast Till 2032.
Segment Analysis
The MRFR analysis is segmented into four key dynamics for enhanced understanding.
By Product : Breast Localization Wire, Tissue Marker, Gamma Probe, and Drainage Catheters, liquid biopsy among others.
By Indication: Breast Cancer, Melanoma, Colon Cancer, and Esophageal Cancer among others.
By End-user : Hospitals & Clinics, and Diagnostic Centers among others.
By Regions : North America, Asia Pacific, Europe, and the Rest-of-the-World.
Regional Analysis
The North American region, heading with the increasing number of market players offering biopsy devices and instruments, accounts for the leading market for sentinel node biopsy, globally. Factors such as the extensive and early uptake of medical technology for advancing medical devices and the increasing governmental support for R&D activities alongside the high health care expenditures substantiate the market growth in the region.
Furthermore, the increasing number of women suffering from breast disorders and rising prevalence of breast cancer along with the availability of quality care drives the growth of the regional market. With the constant developments by companies operating in cancer diagnostics, the market is expected to create the major revenue pocket during the review period.
The sentinel node biopsies market in the European region led by the increasing emphasis on the development of advent diagnostic devices, accounts for the next largest market, globally. Moreover, factors propelling the growth of the regional market include rising government support with the increased funding for R&D activities in the field of oncology and the rising numbers of specialty services offered by various healthcare providers.
Germany leads the European sentinel node biopsies market owing to an increasing demand for cancer diagnosis. Whereas France and the U.K heading with the availability of tertiary care facilities in these countries and rising healthcare expenditures, secure second and third position, respectively.
The Asia Pacific region is emerging as a profitable market for Sentinel Node biopsies, growing rapidly. Increasing incidents of breast cancer is a key driving factor fostering market growth. Furthermore, factors such as the increasing demand for quality devices in healthcare and rapidly developing healthcare technology are fuelling the market growth in the APAC region, leading to increased use of advanced biopsy equipment.
India and China led by the presence of the highly skilled workforce and the increasing demand for biopsy procedures in hospitals and specialty care centers, exhibit enormous growth opportunities. Moreover, growing occurrences of chronic diseases, an increase in the number of women suffering for reproductive disorders, and increasing expenditure on surgical procedures in developing economies throughout the APAC foster the growth of the regional market.
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