Global Biopsy Devices Market All Set to Flourish: Expected to Reach Worth USD2.63Mn in 2020
Published | September 2020
According to a study conducted recently by the strategic consulting and market research firm, BlueWeave Consulting, the global biopsy devices market was worth USD 2.63 million in 2020, and is further projected to reach USD 2.69 million by 2027, at a CAGR of 5.50% during the forecast period 2021-2027.
The market is primarily supported by factors such as increasing occurrence of cancer in human and the continually growing need for high-end diagnostic and therapeutic procedures. Also, the rising awareness about cancer treatment and diagnosis is likely to augment the biopsy devices market size in the forthcoming years.
Different Initiative by Government
Several Initiatives has been taken by the governments of different emerging economies to spread awareness about cancer treatment. The National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) was launched in India in 2010 under the National Health Mission (NHM) to keep a check on non communicable diseases. NPCDCS focus on spreading awareness about cancer prevention, along with screening, early detection and referral to an appropriate institution for treatment. For cancer, the three common types of cancer; breast, cervical and oral cancer.
To help the underprivileged sections deal with the expenses of for cancer treatment, financial assistance is provided to below poverty line (BPL) patients under the Rashtriya Arogya Nidhi (RAN). Besides this, the Health Minister’s Cancer Patient Fund (HMCPF) under the Rashtriya Arogya Nidhischeme provides immediate financial assistance up to INR 2 lakh to BPL cancer patients. These initiatives motivate more people to go for a cancer checkup, which is propelling the overall growth of biopsy devices market.
Rise in Establishments of Cancer Foundations
Different establishments of cancer foundations have propelled the growth of global biopsy devices. For example, Breast Cancer Research Foundation, The Max Foundations, UV Can, Prevent Cancer Foundation, CURE Foundation, Maina Foundation, and others have been doing a commendable task to assist cancer patients in fighting cancer.
Moreover, with the rising number of Non-Profit Organizations, there has been a surge in awareness of cancer checkups and treatments. For example, the Breast Cancer Research Foundation is an independent, non-profit organization that has raised $569.4 million to support clinical and translational research on breast cancer at medical institutions in the United States and abroad. With the rise of such organizations, the demand for global biopsy devices has fueled up significantly.
The Growth of Robot-Guided MRI Biopsy
Over the past years, robotic systems have been integrated with imaging technology to facilitate the discovery and management of cancer, especially breast cancer. Within the medical and scientific communities, these systems have been of growing interest. The advantages of robotic manipulators can be extended to enhance the real-time acquisition and use of. The transducer can be traced and handled accurately by robots, and they can also produce uniformly spaced slices, facilitating three-dimensional (3D) volume reconstruction that is greater than that of unassisted or free-handed techniques. Moreover, these robots were not subjected to human afflictions such as hand tremors, fluctuating relevancy forces, or lapses in concentration creating a lucrative opportunity in the market.
Global Biopsy Devices Market: Regional insights
The global biopsy devices market is segmented into five regions:(i) North America, (ii) Europe, (iii) the Asia-Pacific, (iv) Latin America, and (v) Middle East & Africa.
North America occupied the largest share of the market in 2020 and is expected to maintain its dominance during the forecast period owing to extensive accessibility of trained medical professionals, availability of well-developed infrastructure facilities, and the existence of main stream players. However, the Asia-Pacific is likely to witness the highest growth rate throughout the forecast period, due to its large population base, the surge in disposable income, and the rise in patient consciousness toward disease screening. However, the increase in the geriatric population that is highly vulnerable to cancer is the crucial funder for its market growth.
The Leading Players in the Market- Argon Medical Devices, Inc., B. Braun Melsungen AG, Becton Dickinson and Company (C.R. Bard, Inc.), Boston Scientific Corporation, Cardinal Health, Inc., Cook Medical, Inc., Danaher Corporation (Leica Microsystem), Fujifilm Holdings Corp., Hologic, Inc., and Medtronic plc. many others prominent players.
The market players compete on the basis of the given product quality and the new and cost effective manufacturing process, which can give them better yield and optimize the process for more and better production.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global biopsy devices market size, along with current trends and forecast. The report promises to provide recent technology trends of global biopsy devices market and industry insights to help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.
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