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.
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.
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- B. Braun Melsungen AG
- Boston Scientific Corporation
- Cardinal Health, Inc.
- Cook Medical LLC
- Fujifilm Corporation
- Hologic, Inc.
- Argon Medical Devices
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.
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.
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.
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.
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.
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.
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