Expansion of the geriatric population base and the consistent prevalence of cancer will drive the demand for biopsy devices.
Expansion of the geriatric population base and the consistent prevalence of cancer will drive the demand for biopsy devices. The spike in the number of cancer cases can be attributed to the adoption of sedentary lifestyles and the consumption of unhealthy food items. There is a growing requirement for advanced diagnostic procedures and technological advancements to facilitate improvements in the healthcare infrastructure.
Also, the presence of unexplored growth opportunities in the developing countries of the Asia Pacific will bolster the penetration of cancer treatment solutions. A research report collated by Global Market Insights, Inc., states that the global biopsy devices market size will reach an annual estimation of more than USD 3 billion by 2024.
Preference for biopsy guidance systems and needles
Industry share of biopsy guidance systems reached a significant level and the value is slated to rise at a CAGR of 7.1% over the next few years. The influx of technical innovations in biopsy devices, for example the Affirm breast guidance system by Hologic which offers a simplified user interface to accelerate the biopsy procedure with a limited number of steps and minimum patient dose.
Biopsy needles can be segmented into disposable and reusable segments in the biopsy devices market. Demand for disposable needles was responsible for close to 65% of the total remuneration in the past few years and is anticipated to strike a 5.6% CAGR through 2024. The growth can be attributed to the ease of access and the minimal adverse effects incurred from the use of these needles.
Demand in hospitals and ASC’s
Application of biopsy devices across hospitals accounted for a significant revenue share in 2017 considering the surge in the number of patients opting for biopsy procedures in these facilities. Hospitals can be regarded as home to expert healthcare professionals and witness the adoption of some of the most technically advanced devices.
On the other hand, biopsy device market share across ambulatory surgical centers is likely to record a 9% CAGR up to 2024 owing to a rise in consumer preference and lower rates of treatment procedures.
To access sample pages of this report titled, “Biopsy Devices Market Size By Product (Biopsy Guidance Systems [Manual, Robotic], Needle Based Biopsy Guns [Vacuum-Assisted, Fine Needle, Core Needle], Biopsy Needles [Disposable, Reusable], Biopsy Forceps [General Biopsy, Hot Biopsy]), Others [Brushes, Curettes, Punches]), By End-use (Hospitals, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast 2024” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/731
U.S and China to see a considerable footprint
The U.S. registered the largest revenue share in 2017 and could observe an intense demand for biopsy devices over the coming years. This can be owed to the continued prevalence of cancer across the region. There are various policies like Medicare reimbursement initiated in the U.S for vacuum-assisted biopsy surgeries. Furthermore, technological innovations and the presence of some of the leading manufacturers will enhance regional device penetration.
China biopsy devices industry size is pegged to register a 12.1% CAGR up to 2024 due to the expansion of the regional population, mainly the older aged individuals. The increasing rate of cancer cases, emergence of newer technologies, and multiple growth opportunities across the country will foster the adoption of biopsy devices.
Product innovations to favor device demand
Biopsy device manufacturers are implementing numerous marketing strategies like mergers, acquisitions, product launches as well as R&D programs to initiate innovations in the devices, even during and post the COVID-19 pandemic. For instance, Hologic, a global supplier, incorporated the CorLumina imaging technology in its breast biopsy device, Brevera, in August 2020.
DTR Medical, Medtronic, Dickinson and Company, C.R. Bard, B. Braun, Olympus Corporation, Argon Medical Devices and Melsungen AG, Becton, Cardinal Health are some of the other device suppliers in the sector. These firms are also working towards initiatives to expand their reach in the sparsely addressed regions across the world.
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