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Technology Evolution on Biopsy Devices Market| Medtronic, Cardinal Health, Argon Medical Devices, Inc., BD, Boston Scientific, Mammotome, Hologic, Inc., FUJIFILM Holdings America Corporation
Biopsy Devices Market
Growing awareness regarding breast cancer treatment and diagnosis will support increase in biopsy devices market size in upcoming years. Several countries hold campaigns and programs for early diagnosis of breast cancer. In U.S., early detection camps are set-up in rural areas wherein diagnosis of cancer is done through biopsy of suspicious lesions and oral examinations, every four months. Such initiatives will accelerate the adoption rate of biopsy devices, thereby positively impacting biopsy devices business growth in foreseeable future.
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Global biopsy devices industry is segmented into various products like needle based biopsy gun, biopsy forceps, biopsy needles and biopsy guidance system. Needle based biopsy gun segment is sub-segmented into core needle segment, vacuum-assisted segment and fine needle segment.
Biopsy forceps segment is also segmented into sub-segments like hot biopsy segment and general biopsy segment. Biopsy needles segment is segmented into reusable segment and disposable segment. Biopsy guidance system is sub-segmented into robotic and manual segments. Biopsy guidance system dominated the product segment and it was followed by needle based biopsy gun segment as well as biopsy needles segment.
Biopsy guidance system segment contributed about 44% to total revenue for 2015 and the size of the segment is projected to surpass $1.2 billion by end of forecast timeframe. High costs related with robotic guidance systems added significantly to the revenue growth of the segment.
Vacuum assisted biopsy sub-segment contributed maximum revenue share to needle based guns segment. Demand for this sub-segment is increasing owing to rising preference for minimally invasive methods. Biopsy guidance system segment was led by manual sub-segment for 2015. Disposable needles sub-segment is predicted to record high growth due to its capability to prevent infection and cross contamination.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• Medtronic
• Cardinal Health
• Argon Medical Devices, Inc.
• BD
• Boston Scientific
• Mammotome
• Hologic, Inc.
• FUJIFILM Holdings America Corporation
• Olympus Corporation of the Americas
• INRAD
Hospitals end-user segment held the largest market share of 69.2% in 2017 and will dominate the market throughout the forecast timeframe. Biopsy accounts for the most frequently performed procedures in hospital settings. As per Journal of Clinical Pathways, image-guided percutaneous liver biopsy (PLB) is rising at a fast pace in patients affected by hepatocellular carcinoma. With escalating epidemiology of infectious diseases along with rising healthcare spending, hospitals end-user segment is forecasted to grow robustly in coming years.
Ambulatory surgical centers (ASCs) end-user segment will record high CAGR at 9.0% over the projected period. ASCs are witnessing rapid demand for procedures due to its speciality, faster procedural time as well as shorter stays. Availability of reimbursement for biopsy devices coupled with procedural reimbursement will further serve as high impacting factor, favouring significant segmental growth in future.
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Few notable players operating in biopsy devices market are Becton, Dickinson and Company, Medtronic, B. Braun Melsungen AG, DTR Medical, Argon Medical Devices, Olympus Corporation, and Cardinal Health. Companies are currently focusing on research and development to develop advanced biopsy devices to gain significant market share and increase consumer base especially in developing countries anticipated to witness robust growth rate during the analysis period.
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