Biopsy Devices Market Surpass US$ 3,584.20 million by 2027 COVID-19 Impact and Global Analysis by The Insight partners
According to our new research study of “Biopsy Devices Market to 2027 – COVID-19 Impact and Global Analysis by Product (Needle-Based Biopsy, Localization Wires, Procedure Trays, and Others); Technology (CT Scan, Ultrasound-Guided Biopsy, Stereotactic-Guided Biopsy, MRI-Guided Biopsy, and Others); Application (Lung Biopsy, Kidney Biopsy, Liver Biopsy, Breast Biopsy, and Others), and Geography,” the market is expected to reach US$ 3,584.20 million by 2027 from US$ 2,230.86 million in 2019; it is projected to grow at a CAGR of 6.2% during 2020–2027. The report highlights trends prevailing in the global biopsy devices market with the factors driving the market growth and those hampering it.
A biopsy is a medical examination generally implemented by surgeons, interventional radiologists, or interventional cardiologists to extract sample cells or tissues; these examinations assist in the identification and determination of disease conditions. The tissue is generally observed under a microscope by pathologists and can also be examined chemically. Biopsies are most commonly performed to identify cancerous and inflammatory conditions.
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Biopsy Devices Market: Competition Landscape & Key Developments
The biopsy devices market majorly includes the players such as BD, B. Braun Melsungen AG, Boston Scientific Corporation, Cardinal Health, Inc., Cook Medical LLC, Danaher, Fujifilm Corporation, Hologic, Inc., Medtronic, and Argon Medical Devices.
Although there have been various investigations regarding biopsy for various tissue masses, there is presence of scant data that proves the accuracy associated with the biopsy procedures. The amount of cells and tissues obtained in several cases after performing biopsy is insufficient to investigate them and reach an appropriate medical inference. These limitations are particularly observed in cases of lymphoma diagnosis. Moreover, in a few cases, the lesser invasive biopsy procedures are unable to detect lesions and determine the extent to which the disease is prevailing in the patient’s body, thereby resulting in an uncertain diagnosis even after the performance of a technically successful procedure. Moreover, the minimally invasive biopsy techniques fail to provide appropriate diagnosis of the disease, which leads to the need to perform open biopsy procedure a surgical treatment consuming ample time and requiring long hospital stays, coupled with pain and discomfort to patients. These limitations associated with the technique of biopsy hinder the growth of biopsy devices market.
Increasing Cancer Rates
Biopsy refers to a diagnostic test that helps identify various types of cancer and non-cancerous abnormalities in the human body. The increasing prevalence of cancer among population is likely to augment the growth of the biopsy devices market across the world. For instance, in Canada, cancer is the leading cause of death among population, and it is witnessed to be a second-leading cause after heart diseases in the US. As per the American Cancer Society, ~1.9 million new cancer cases and 693,000 cancer deaths were recorded in 2018. Prostate cancers are the most commonly diagnosed cancers among males in North America; however, breast cancers remain leading in females. Additionally, lung cancer remains the most common cause of death in both sexes. It is estimated that the number of new cases of cancer incidence is 439.2 per 100,000 men and women per year.
According to the National Health Profile, the cases of common cancers, including cervical, oral, and breast cancers, have increased by 324% in India from 2017 to 2018. Additionally, the total number of patients visiting Non-Communicable Diseases (NCD) clinics has doubled between 2017 and 2018, which is recorded to be 35 million and 66 million, respectively. Rapid change in lifestyle and consumption of alcohol and tobacco products is among the prominent factors increasing the incidences of cancer among the population.
BD, Qiagen, F.Hoffmann La-Roche Ltd., Hologic, and Boston Scientific Corporation are among the major companies manufacturing biopsy devices and accessories to diagnose cancer and other diseases. Therefore, the increasing prevalence of cancer across the world is expected to drive the growth of the global biopsy devices market during the forecast period.
Biopsy Devices Market: Segmental Overview
The biopsy devices market is segmented on the basis of product into needle-based biopsy, procedure trays, localization wires, and others. In 2019, the needle-based biopsy segment accounted for the largest share of the global biopsy devices market. The growth of the market for this segment is attributed to increasing adoption of needle based-biopsy procedures due to their high accuracy, with minimal injury. Furthermore, the segment is also likely to witness the fastest CAGR in the market during the forecast years.
Based on technology, the global biopsy devices market is segmented into CT-scan, ultrasound-guided biopsy, stereotactic biopsy, MRI, and others. In 2019, the ultrasound-guided biopsy segment held the largest share of the market. However, the CT-scan segment is anticipated to register a significant CAGR during the forecast period.
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