Biopsy Devices Market Size, Forecast, Developments and Future Scope to 2024| Top Key Players- Merit Medical Systems, Inc, Hologic, Inc.

The Biopsy Devices Market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Biopsy devices are medical devices used to extract sample cells or tissues for diagnostic examination and analysis. Key products are biopsy needles, biopsy forceps, biopsy guides, and other disposables.

Market Dynamics:

The biopsy devices market is expected to exhibit significant growth over the forecast period owing to the rising incidences of cancer diseases worldwide. According to the World Health Organization (WHO), cancer is one of the leading causes of death globally, accounting for nearly 10 million deaths in 2020. The increasing prevalence of various types of cancer such as breast cancer, lung cancer, prostate cancer, etc. has augmented the demand for early detection and diagnosis. This is expected to fuel the adoption of biopsy devices for tissue sampling procedures. Additionally, technological advancements in biopsy devices including digital and robot-assisted systems are also estimated to boost market growth during the forecast period from 2024-2031.

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The following manufacturers are covered in this report:

Merit Medical Systems, Inc, Hologic, Inc., Becton, Dickinson and Company, Medtronic plc, Stryker Corporation, Leica Biosystems Nussloch GmbH, Gallini Srl, TSK Laboratory, Remicalm, Meditech Devices, Agilent Technologies Inc., Guardant Health, Inc., Agena Bioscience, nRichDX, Epic Sciences, Inc., Predicine, Inc., Argon Medical Devices, Cook Medical, Hologic Inc., and Intact Medical Corporation

Segment Analysis :

By Product Type: Procedure Tray, Needle Based Biopsy Instruments, Liquid Biopsy Instruments, Biopsy Table, Biopsy Forceps, Others
By Biopsy Type: Bone marrow biopsy, Cone biopsy, Excisional biopsy, Liquid biopsy, Needle biopsy, Others
By Application: Prostate, Endometrial, Liver, Heart, Others
By End User: Hospital, Diagnostic Labs, Academic & Research Institutes

Two Major Drivers Fueling Growth in the Biopsy Devices Market

Increased Prevalence of Cancer Diseases: Cancer is one of the leading causes of death worldwide and as per estimates provided by the World Health Organization, around 1 in 6 deaths is caused due to cancer. Breast cancer, lung cancer, prostate cancer and colorectal cancer are some of the most common forms of cancer diagnosed globally. Early detection of these diseases is crucial for effective treatment and improved survival rates. This has resulted in greater demand for biopsy procedures for diagnosis purposes.

Advancements in Biopsy Technologies: Continuous research and development activities in the field of biopsy devices have led to introduction of innovative products with improved functionalities. Companies are focusing on development of automated, minimally invasive and image-guided biopsy systems for accurate targeting and collection of tumor samples. Launch of advanced biopsy guns, liquid biopsy tests, 3D biopsy systems and others is positively impacting market growth. Integration of robotics, AI and IoT capabilities is also expected to transform the traditional biopsy procedures in the coming years.

One Major Market Restrain Hampering Widespread Adoption

High Procedure and Device Costs: Biopsy procedures often require utilization of expensive medical devices and systems. Advanced robotic, CT or MRI guided biopsy devices especially carry high price tags which makes them unaffordable for many healthcare facilities in cost sensitive markets. The high capital expenditure on such niche medical technologies restricts their widespread adoption. Additionally, the consumables and disposables used during biopsy procedures such as needles, trays, kits also adds to the overall cost of treatment. This acts as a major restraint for the biopsy devices market.

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One Key Market Opportunity with High Growth Potential

Growing Liquid Biopsy Segment: Liquid biopsy is an emerging non-invasive diagnostic technique that analyzes body fluids like blood for fragments of tumor DNA (ctDNA) shed by cancerous tumors. It provides real-time monitoring of disease without the need for invasive tissue biopsies. With continued scientific advancements, liquid biopsy tests are gaining acceptance for cancer screening and monitoring. This presents a lucrative opportunity for market players as demand for liquid biopsy kits, reagents and other consumables continues to grow. Increased application of liquid biopsy in treatment decision making and recurrence monitoring of cancer is likely to drive future growth.

One Notable Upcoming Trend Shaping Market Dynamics

Integration of AI and Digital Pathology: Artificial intelligence (AI) and digital pathology are demonstrating immense potential to transform cancer diagnosis and treatment. AI assisted analysis of whole slide images (WSI) can help pathologists in screening, detection and disease classification. When integrated with biopsy devices, AI has the capability to provide real-time guidance during biopsy procedures by mapping lesion locations. Advanced algorithms are also being developed to interpret liquid biopsy test results more accurately. Growing investments by industry players to develop AI-guided biopsy systems and integrate AI/ML capabilities with digital pathology workflows indicate it will be a major trend going forward.

Market Geography:

➤North America (U.S., Canada, Mexico)
➤Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
➤Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
➤Latin America (Brazil, Argentina, Rest of LA)
➤Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

Key Reasons to Purchase:

◈To gain insightful analyses of the market and have a comprehensive understanding of the Biopsy Devices Industry Analysis and Forecast 2024-2031" and its commercial landscape
◈Learn about the market strategies that are being adopted by your competitors and leading organizations
◈To understand the future outlook and prospects for Biopsy Devices market analysis and forecast 2024-2031.To assess the ◈growth of a specific region or country, economic, social, environmental, technological, and political factors have been carefully considered.
◈The section also provides readers with revenue and sales data for each region and country, gathered through comprehensive research.
◈The report provides a detailed overview of the business with both qualitative and quantitative information.
◈It provides scope and forecast of the global Biopsy Devices market based on various segments.

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Our Market Research Solution Provides You Answer to Below Mentioned Question:

✦Which are the driving factors responsible for the growth of market?
✦What are the new opportunities, by which market will grow in coming years?
✦What are the trends of this market?
✦Which are main factors responsible for new product launch?
✦How big is the global & regional market in terms of revenue, sales and production?
✦How far will the market grow in forecast period in terms of revenue, sales and production?
✦Which region is dominating the global market and what are the market shares of each region in the overall market in 2024?
✦How will each segment grow over the forecast period and how much revenue will these segments account for in 2031?

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