Global Biopsy Devices Market to witness a surge in its valuation with a 6 % CAGR by 2026
Published | September 2020
to BlueWeave Consulting, Global Biopsy Devices Market is estimated to be USD
3.8 billion by 2026 from USD 2.53 billion in 2019, at a CAGR of 6% from 2020 to
A biopsy is a type of process to eliminate a piece of tissue or a sample of cells from a patient’s body. It is majorly used to extract tissue samples for finding and definitively recognize cancerous tissue and cells. The global market for biopsy devices is rising rapidly. The market is increasing the occurrence of cancer and the continually growing need for high-worth diagnostic and therapeutic procedures are majorly accountable for the development of the global biopsy devices market. Also, the rising awareness concerning cancer treatment and diagnosis will support the increase in the biopsy devices market size in the forthcoming years. Many countries hold courses for the early diagnosis of breast cancer. Therefore, such initiatives will accelerate the acceptance rate of biopsy devices, thereby positively impacting the growth of the biopsy devices business in the predictable future. North America is found to be the leading revenue contributor in the market. The well-known market players in the region will continue to account for a considerable share in the market throughout the forecast period.
“The Breast Biopsy dominates the Application Segment”
Based on the application, the market is classified into breast biopsy, gastrointestinal (GI) biopsy, prostate biopsy, liver biopsy, lung biopsy, kidney biopsy, gynecological biopsy, and others. Based on the application, the breast biopsy in the application segment generated the highest revenue in 2018 and is expected to maintain its supremacy during the forecast period. This is attributed to the rise in the number of breast cancer patients witnessed over the years throughout the globe and is predictable to maintain this trend in the future. Presently, breast cancer can be recognized efficiently using progressive biopsy devices with higher efficacy in less time. Besides, the surge in the public consciousness for disease screening and technological advancement in biopsy devices has driven the request for the use of biopsy devices universal.
Rising cases of cancer
The growing occurrence of cancer universal and the occurrence of untapped opportunities in developing economies, especially of Asia Pacific, along with refining healthcare infrastructure in these regions, are amid the key trends stoking market growth. Surging demand for effective diagnostic procedures for cancer is also predictable to work in favor of the market.
R&D in the medical field
The outline of technologically advanced products such as the Aspiration biopsy syringe gun by INRAD Inc. supports the section's development. Moreover, the burgeoning demand for vacuum-assisted devices is inducing the biopsy devices market positively. These devices are manual, semi-automatic, and automatic with a spring-loaded mechanism for minimally invasive insertion to obtain laboratory testing samples. Such devices prove high efficiency and accuracy in the withdrawal of large volumes and excellent quality tissue samples with minimal passes through the skin.
Continual research and development in medical devices have led to the introduction of various novel gear and systems in the market, such as robotic medical systems. Robotic guidance systems offer multiple welfares in a process such as growing the total number of surgeries executed by a surgeon and reducing patient stay in the hospital. These systems are used to reduce the entire procedural duration to safeguard minimal patient discomfort.
Growing cancer-related expenditure is triggering the need for actual diagnostic procedures. Government and healthcare regulatory bodies worldwide are engaged continuously in curbing high costs related to the treatment of cancer. Primary and secondary healthcare centers in emerging nations are boosting patients to experience regular diagnostic examinations. Biopsy devices involve a comparatively lesser number of hospitals stays and, therefore, is economically viable.
“North America dominates the Global Biopsy Devices Market”
North America occupied the largest share of the market in 2018 and is expected to maintain its dominance during the predicted period owing to extensive accessibility of trained medical professionals, availability of well-developed infrastructure facilities, and the existence of mainstream of crucial players. However, Asia-Pacific is probable to see 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. Besides, the increase in the geriatric population that is highly vulnerable to cancer is the crucial funder for its market growth.
Global Biopsy Devices Market: Competitive Landscape
Some of the leading players operating in the Global Biopsy Devices Market are 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. Other prominent players.
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