Biopsy Devices Market report for 2017-2024 – companies, applications, products and more

Biopsy devices market, an integral part of the overall medical devices business spectrum, has achieved an appreciable popularity since the last few years. The commercialization potential of this industry is evident from the estimates analyzed by Global Market Insights, Inc., a research firm that claims biopsy devices market to cross a valuation of USD 3 billion by 2024. While the expanding medical sector plays a crucial role in the development of this industry, one of its significant drivers includes the extensive prevalence of cancer across the globe. The International Agency for Research on Cancer presents vital statistics that support the authenticity of the aforementioned statement – in the year 2012, the incidence of cancer (excluding non-melanoma skin cancer) across the globe was pegged at 14.1 million, and has been estimated to cross 23.6 million by 2030. The massive rise in the occurrences of cancer will consequently lead to an upsurge in the number of biopsy procedures, and by extension, will be responsible for the growth of biopsy devices market.

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The latest trends in biopsy devices industry are extensively driven by technological advancements, given that IoT has extensively proliferated the medical devices business space. Bearing testimony to the aforesaid fact is the recent scoop regarding CAMPROBE being awarded the GBP 789,000 i4i (Invention for Innovation) Product Development Award by the NIHR (National Institute for Health Research). CAMPROBE, a prostate biopsy device, is apparently equipped with high-grade technology, on the grounds of which it carries the ability to transform the trans-rectal prostate biopsy from the conventional process to a safer, trans-perineal process, without any specialized equipment. Reports cite that this device depicted a zero-infection rate in pilot trials when compared to the standard biopsy method, which exhibited an infection rate of 5% to 12%. Path-breaking innovations such as these will serve to bring about a massive disruption in biopsy devices market dynamics.

Speaking of the product domain defining biopsy devices industry, research classifies this business sphere in terms of biopsy needles, biopsy forceps, biopsy guidance systems, and needle-based biopsy guns. Judging by the statistics provided below, it would not be incorrect to state that market players are likely to garner profits through the sales of guidance systems.

• Guidance systems dominated the overall biopsy devices industry in 2015, having held more than 43% of the total revenue share.

• With a base valuation of USD 755.5 million, biopsy devices market size from guidance systems was pegged at the topmost position in 2015, successively followed by needle-based biopsy guns and biopsy needles respectively.

• Biopsy devices industry share from guidance systems is forecast to surpass a valuation of USD 1.1 billion by 2024, increasingly influenced by the transformative trend of deploying robotics in these devices.

Robotics technology plays a vital role in shaping the trends of guidance system biopsy devices market. For instance, recently, a 3D-printed robot model has been developed by the University of Twente, that may, in all probability revolutionize the biopsy devices industry. Tentatively called the Stormram 4, this robot has been designed to combat the inefficiencies depicted by manual MRI-guided breast biopsy procedures. While it may take a few years to gain approval post clinical trials, it is likely to bring about a massive change in the outlook of biopsy devices market from guidance systems.

Guidance systems market is thus, certain to emerge as a potential business ground, given the novel product innovations launched by business players. The Affirm breast biopsy guidance system by Hologic, for instance, is endowed with high-grade 3D biopsy capabilities, enabling radiologists to conveniently detect areas to perform biopsy, accurately target the same, and deliver consolidated results. Another lucrative product segment constituting the product landscape of biopsy devices industry is the biopsy needle. In fact, it is preferred by most of the physicians owing to the factors such as minimal associated pain and accurate cancer detection.

Considering the global prevalence of cancer, biopsy devices market is expected to penetrate most of the geographies worldwide. Nonetheless, given that technology plays a vital role in the development of this business space, it is indisputable that developed economies such as Europe and North America will accumulate a major chunk of biopsy devices industry share. In fact, statistics claim UK and Germany to have contributed more than 22.8% and 28.6% toward Europe biopsy devices market share in 2015. Subject to the growing proliferation of technology and a highly sophisticated healthcare architecture, it is expected that Europe biopsy devices industry will witness a modest growth over 2016-2024. Germany, the developed hub of the continent, is slated to contribute more than 28% toward the overall share by 2024.

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North America, in 2015, garnered the title of being the largest regional industry, with a contribution of more than 55% toward global biopsy devices market share. The United States stands at the helm of this region, having accounted for more than 80% of the regional biopsy devices industry share in 2015. The country is home to most of the companies operating in this oligopolistic business, such as CareFusion Corporation, C.R. Bard, Hologic Inc., and Devicor Medical Products Inc., which will undoubtedly help the regional biopsy devices market to carve out a profitable growth curve. Besides, the country observes a linear escalation in the number of cancer incidences as well as the funding procedures undertaken for improved diagnostics, both of which will majorly contribute toward U.S. biopsy devices industry size. Pegged at USD 1 billion in 2015 and forecast to attain a sizable portion of the regional market by 2024, the U.S. will remain one of potential growth grounds for investors.

Forecast to be the most profitable region with regards to investment, APAC biopsy devices industry will record a CAGR of 11.8% over 2016-2024. Growth drivers, as predicted by analysts, include the expanding medical care infrastructural development sector and the presence of a huge cancer patient pool.

Product differentiation will continue to be a major business strategy adopted by the limited number of players operating in biopsy devices market. The Celero breast biopsy device for instance, is a one-of-a-kind device that is vacuum-assisted and designed to be used under ultrasound. With the rising deployment of technological innovations, the diagnosis cost, time, and patient discomfort is likely to reduce immensely over a period, eventually supporting the growth of biopsy devices industry.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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