The global Biopsy Devices Market size is estimated to reach USD 2.3 billion by 2020, exhibiting a 6.4% CAGR during the forecast period. Growing incidence of cancer and rising demand pertaining to patient’s unmet need for accurate diagnosis is expected to drive the market forward in the coming years.
Rising income levels and growing modern healthcare infrastructure has increased the life expectancy considerably. This has led to increment in the number of geriatric population and reduction in immunity which makes them prone to infection. Aforementioned factors are anticipated to propel progress in this market.
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Rising cancer incidence is anticipated to drive the demand for this technology thus leading to substantial growth over the forecast period. As per American Cancer Society, by the end of 2030, the global cancer burden is estimated to reach 21.7 million with respect to number of cases and reach 13 million cancer deaths.
Advantages associated with the use of these procedures include less invasiveness and fast recovery as compared to the conventional approaches. Use of a needle-based biopsy enables tumor screening with minimal invasion approach. Application of this method prior to the initiation of complex surgeries is anticipated affect industrial growth.
Some key products include needle based gun, forceps, guidance system and needle. Among these products, guidance system contributed for the highest share of over 42% of total revenue owing to the price and usage of the robotic guidance system which is comparatively high.
Factors that have led to increase in the revenue share of the guidance system are high demand for less invasive and high accuracy system, growing tumour prevalence rate and increase in demand for the user-friendly products and products based on innovative technology.
Needle based guns is a segment with most lucrative nature. As a consequence of increase in demand for procuring internal organ samples from soft tissue sources such as prostate gland, kidneys, bone marrow, and breast tissues this segment is anticipated to witness fastest growth.
Technological innovations drive the progress rate of the market. For instance, Aspirational syringe gun developed by INRAD Inc. is gaining huge popularity due to the novel technology incorporated in the same. Other products including Celero VAB by Hologic Inc. and Vacora and Finesse Ultra Breast System developed by BARD is expected to exhibit positive growth especially in Canada, Japan and the U.S. With soaring demand for core needle devices and fine needle aspiration, positive growth is expected in the industry.
North American biopsy market dominated with nearly 60% share in 2016. With the presence of government support and favorable policies coupled with high awareness among the healthcare providers and patients this region is anticipated to maintain its dominance in the coming years.
European region follows the North American region with respect to revenue share. Contributing factors include high geriatric population which is expected to increase the prevalence of the oncology disease, especially in the Western Europe. The government in this region encourages early diagnosis and tumor screening which drives the amount of investment done for technologically advancement of devices that can efficiently work for this matter. Aforementioned factors are attributive to fuel progress.
Asia-Pacific region is expected to exhibit fastest YoY growth owing to improving infrastructure in the healthcare industry and rising demand for efficient procedures in developing economies such as China and India. As per the estimation made by WHO, number of deaths caused by cancer in Asia is estimated to reach up to 6.4 million.
Contributing companies towards developing the biopsy devices include DTR Medical Hologic, Inc., INRAD, Inc., Devicor Medical Products Inc. and Angiotech. These companies are engaged in producing breakthrough technologies in order to gain significant share in the sector.
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Biopsy Devices Product Outlook (Revenue USD Million, 2012 – 2020)
• Needle-based Biopsy Guns
• Vacuum-assisted Biopsy (VAB) Devices
• Fine Needle Aspiration Biopsy (FNAB) Devices
• Core Needle Biopsy (CNB) devices
• Biopsy Guidance Systems
• Biopsy Needles
• Biopsy Forceps
• General Biopsy Forceps
• Hot Biopsy Forceps
Biopsy Devices Regional Outlook (Revenue USD Million, 2012 – 2020)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/medical-devices
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