Sentinel node biopsy refers to the surgical procedure used to determine whether cancer has spread from its original site to other parts of the body. A sentinel lymph node biopsy involves the identification and removal of the sentinel lymph nodes, which are the first lymph nodes that drain a cancer site. Sentinel node biopsy is most commonly used for breast cancer and melanoma diagnosis. The procedure helps accurately stage disease and guide further treatment decisions while avoiding a full axillary lymph node dissection in a majority of breast cancer patients.
The global sentinel node biopsy market size is estimated to reach US$ 1,209.2 million by 2031 registering a CAGR of 7.0% over the forecast period.
Sentinel Node Biopsy Market Growth is increasing incidence of breast cancer and melanoma globally is a key driver for the sentinel node biopsy market. According to WHO, breast cancer is the most common cancer in women with an estimated 2.3 million new cases and 685,000 deaths in 2020 alone. Early detection through biopsy procedures like sentinel lymph node biopsy aids timely treatment and improves survival rates. Technological advancements in radiopharmaceuticals and navigation equipment used for sentinel lymph node identification during surgery are further propelling market growth.
Key Takeaways
- Key players operating in the sentinel node biopsy market are Hologic, Inc., Stryker Corporation, Devicor Medical Products, Inc., Boston Scientific Corporation, KUBTEC Medical Imaging, LabLogic Systems Ltd., SurgicEye GmbH, CareWise Health, Navidea Biopharmaceuticals, Inc., Intramedical Imaging, LLC, GE Healthcare, Siemens Healthineers, Philips Healthcare, Medtronic, and C. R. Bard, Inc.
- Rising awareness about early cancer detection and favorable government initiatives in developed economies are fueling demand for sentinel node biopsy procedures. According to American Cancer Society, over 284,000 new cases of invasive breast cancer were estimated to be diagnosed among U.S. women in 2021.
- Major players are focusing on geographical expansion across emerging Asian and Latin American markets to capitalize on their high unmet medical needs and improving healthcare infrastructure. This is expected to open new revenue streams for market participants over the forecast period.
Market Key Trends
Increased adoption of radioimmunoguided surgery (RIGS) for accurate sentinel lymph node identification is a key trend in the sentinel node biopsy market. RIGS uses radiopharmaceuticals such as technetium-99m sulfur colloid which are injected around the tumor site and taken up by the sentinel lymph nodes for easy detection. RIGS provides high detection rates for sentinel nodes in breast cancer and melanoma compared to other techniques like blue dye mapping alone. This has led to its increased uptake among hospitals and oncology centers globally.
Porter’s Analysis
Threat of new entrants: Low startup costs require but awareness of new technologies and techniques is required.
Bargaining power of buyers: Moderate bargaining power as there are alternative diagnosis methods available.
Bargaining power of suppliers: Moderate bargaining power as raw materials suppliers have established relationships.
Threat of new substitutes: Low as sentinel node biopsy itself is substitute for lymphadenectomy but new substitutes are yet to emerge.
Competitive rivalry: High as key players are focusing on innovations to gain market share.
Geographical Regions
North America holds the major share in terms of value in sentinel node biopsy market owing to increased adoption of advanced techniques and presence of key players. Asia Pacific is expected to witness fastest growth during the forecast period due to rising healthcare expenditure, growing aging population and increasing investments by market players.
Geographical Regions
The North American region accounts for the largest share in terms of value in the sentinel node biopsy market due to increasing research activities and adoption of advanced technologies. The Asia Pacific region is estimated to witness the fastest growth during the forecast period majorly driven by factors such as growing medical tourism, rising awareness regarding cancer diagnosis and improving healthcare infrastructure in emerging countries.
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