Market Research Report
Biopsy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Biopsy Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 114 Pages
Delivery time: 2-3 business days
The Biopsy Devices Market is expected to register a CAGR of 6.8% during the forecast period. The propelling factors for the growth of the biopsy devices market include the increasing preference for minimally invasive procedures, an increase in the number of cancer cases worldwide, and initiatives undertaken by the government for diagnosis.
Biopsy has been one of the major diagnosis techniques for cancer disorders and is widely used in the diagnosis of breast, skin, and prostate cancer. According to the World Cancer Report, cancer rates could further increase by 50% to 15 million new cases by 2020. Therefore, with the increasing incidence of cancer cases and developments in the biopsy devices, the market is expected to increase in the forecast period.
There is also a demand for minimally invasive biopsy procedures that is rising at a significant rate in the market. The different types of technologies and products, such as biopsy guiding systems, needle-based biopsy guns, and vacuum-assisted devices are anticipated to witness the high growth during the forecast period.
In addition, the growing awareness regarding breast cancer treatment and diagnosis will support the increase in the biopsy devices market size in the upcoming years. There are many countries that hold programs for the early diagnosis of breast cancer. Therefore, such initiatives will accelerate the adoption rate of biopsy devices, thereby positively impacting the growth of the biopsy devices business in the foreseeable future.
Needle-based biopsy holds the leading share in the market due to the increasing demand for these instruments, for acquiring samples from soft tissues of internal organs, such as breasts, kidneys, and lungs. This is poised to contribute to the growth of the overall market during the forecast period.
According to the National Cancer Institute (NCI), in 2019, it was estimated that there were 61,780 cases of leukaemia and an estimated 22,840 people died due to leukaemia in the United States in 2019. Hence, the above benefits of needle-based biopsy guns coupled with the increasing demand for minimally invasive procedures will spur the segmental growth.
North America is found to be the leading revenue contributor in the market. The established market players in the region will continue to account for a substantial share in the market throughout the forecast period. The number of biopsies performed in the United States is also found to be the highest, helping in the expansion of the overall market. As per the American Cancer Society's 2020 report, estimates that about 60,530 new cases of leukemia and approximately 23,100 deaths from leukemia are expected to occur in the United States in 2020. Furthermore, sophisticated healthcare infrastructure and the growing prevalence of infections will positively impact the biopsy devices growth over the projected timeframe.
The Biopsy Devices Market is fragmented competitive. The major market players operating in the biopsy devices market are Hologic, C.R. Bard Inc., Devicor Medical Products Inc., among other players. These companies are undertaking strategies, such as product launch through technological innovations and partnerships to gain profits in the industry. Thus, the new product launches are the most preferred strategy followed by collaborations and geographical expansion for market capitalization.