Biopsy Devices Market Size to be Worth USD 3,584.20 Mn by 2027; Final in-depth analysis of the report by The Insight Partners

The biopsy devices market is anticipated to reach US$ 3,584.20 million by 2027 from US$ 2,230.86 million in 2019. The market is projected to grow at a CAGR of 6.2% from 2020 to 2027. 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 report highlights trends prevailing in the global biopsy devices market with the factors driving the market growth and those hampering it.

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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.

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.

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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.

Product-Based Market Insights

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.

Technology-Based Market Insights

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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Application-Based Market Insights

The global biopsy devices market, based on application, is segmented into lung biopsy, kidney biopsy, liver biopsy, breast biopsy, and others. In 2019, the breast biopsy segment held the largest share of the market, and it is also expected to register the highest CAGR during 2020-2027.

Strategic Insights

Partnerships, product launches, and acquisitions are the most commonly adopted strategies by companies to expand their footprints worldwide and meet the growing demand by broadening their product portfolios. For instance, in December 2017, BD, a leading provider of medical technology, acquired C. R. Bard, Inc. This acquisition has created a new healthcare industry leader in the global market. Bard, with its strong product portfolio and innovation pipeline, has increased the scope for opportunities in fast-growing medical devices business in the global markets.

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.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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