The study involved four major activities in estimating the current size of the breast biopsy devices market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. A bottom-up approach was employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial breast biopsy devices market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the breast biopsy devices market. The primary sources from the demand side include hospitals, surgical centers, imaging centers, diagnostic centers, and breast care centers. Primary research was conducted to validate the market segmentation, identify key players, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
Note: Companies are classified into tiers based on their total revenue. As of 2022, Tier 1 = >USD 10 billion, Tier 2 = USD 10 billion to USD 1 billion, Tier 3 = < USD 500 million to USD 1 billion
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
In this report, the breast biopsy devices market’s size was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the market business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
Segmental revenues were calculated based on the revenue mapping of major solution/service providers to calculate the global market value. This process involved the following steps:
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Generating a list of major global players operating in the breast biopsy devices market.
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Mapping annual revenues generated by major global players from the product segment (or nearest reported business unit/product category)
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Revenue mapping of major players to cover a major share of the global market share, as of 2022
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Extrapolating the global value of the breast biopsy devices market industry
Bottom-up Approach
In this report, the size of the global breast biopsy devices market was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the breast biopsy devices business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and marketing executives.
Approach 1: Company revenue estimation approach
To calculate the global market value, segmental revenues were calculated based on the revenue mapping of major solution/product providers. This process involved the following steps:
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Generating a list of major global players operating in the breast biopsy devices market
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Mapping the annual revenues generated by major global players from the breast biopsy devices segment (or the nearest reported business unit/product category)
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Mapping the revenues of major players to cover at least 60-70% of the global market share as of 2022
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Extrapolating the global value of the breast biopsy devices industry
Approach 2: End user-based market estimation
During preliminary secondary research, the total sales revenue of breast biopsy devices was estimated and validated at the regional and country level, triangulated, and validated to estimate the global market value. This process involved the following steps:
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Generating a list of major customer facilities across each Region and country
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Identifying the average number of breast biopsy devices product supplies used by major customer facilities across each product type at the regional/country level, annually
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Identifying the percentage contribution of major customer facilities to the overall breast biopsy devices expenditure and usage at the regional/country level, annually
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Extrapolating the annual usage patterns for various products across major customer facilities to estimate the size of each product segment at the regional/country level, annually
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Identifying the percentage contributions of individual market segments and subsegments to the overall breast biopsy devices market at the regional/country level
Source: MarketsandMarkets Analysis
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global breast biopsy devices market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the breast biopsy devices market was validated using top-down and bottom-up approaches.
Market Definition
A breast biopsy is a procedure in which a sample of breast tissue or fluid is removed to test for breast cancer. There are several types of breast biopsy procedures, such as core needle biopsy, vacuum-assisted biopsy, liquid biopsy, and open surgical breast biopsy, among others. Conventional breast biopsy procedures often utilized a free-hand technique wherein the needle was positioned at the target site while operating the imaging transducer. These advancements have improved the accuracy, efficiency, and safety of biopsy procedures, leading to increased adoption and market growth.
Stakeholders
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Biopsy needles and guidance system manufacturing companies
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Liquid biopsy assay kit manufacturers and suppliers
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Breast care facilities and imaging centers
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Cancer research centers
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Hospitals and surgical centers
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Ambulatory care centers
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Research laboratories and academic institutes
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Contract research organizations
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Breast biopsy software providers
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Medical device distributors and suppliers
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Market research and consulting firms
Report Objectives
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To define, describe, and forecast the breast biopsy market by Type, Procedure, Technique, Application, End User and Region
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To provide detailed information regarding major factors influencing the market growth (drivers, restraints, opportunities, and industry-specific challenges)
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To strategically analyze micro markets with respect to their individual growth trends, prospects, and contributions to the market
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To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
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To forecast revenue of the market segments with respect to five regions: North America (US and Canada), Europe (Germany, France, the UK, Spain, Italy, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America), and the Middle East & Africa.
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To strategically profile the key players and comprehensively analyze their market shares and core competencies
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To track and analyze competitive developments in the breast biopsy market, such as product launches and product enhancements; agreements, partnerships, and collaborations; acquisitions; and R&D developments.
HIGHEST CAGR MARKET IN 2023
US FASTEST GROWING MARKET IN THE REGION
Growth opportunities and latent adjacency in Breast Biopsy Devices Market