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“The global biopsy devices market is projected to grow at a CAGR of 6.8%.”
The global biopsy devices market is projected to reach USD 2.42 billion by 2022 from USD 1.74 billion in 2017, at a CAGR of 6.8% during the forecast period. The significant increase in the number of people who have cancer, growing number minimally invasive biopsies, and government initiatives in various countries & global health organizations are the major factors responsible for the growth of the biopsy devices market during the forecast period. However, factors such as patient safety risks associated with biopsy devices leading to product recalls and risk of infections related to biopsy procedures are expected to hinder the growth of this market to a certain extent.
“The needle-based biopsy instruments segment is expected to grow at the fastest rate during the forecast period.”
By product, the global biopsy devices market is segmented into needle-based biopsy instruments, procedure trays, localization wires, and other products such as forceps, markers, probes, punches, curettes, and sutures. The needle-based biopsy instruments segment is expected to register the highest CAGR during the forecast period owing to increasing preference for minimally invasive surgeries and higher preference for needle-based biopsies over open surgical biopsies.
“The breast biopsy segment dominated the biopsy devices market in 2016.”
On the basis of application, the biopsy devices market is segmented into breast biopsy, lung biopsy, colorectal biopsy, prostate biopsy, and others. In 2016, the breast biopsy segment accounted for the major share of the global biopsy devices market. This is primarily due to the rising prevalence of breast cancer and growing awareness of the disease.
“Stereotactic-guided biopsy segment to witness the highest growth during the forecast period.”
On the basis of guidance technique, the biopsy devices market is segmented into ultrasound-guided biopsy, stereotactic-guided biopsy, magnetic resonance imaging (MRI)-guided biopsy, and other guidance techniques (positron emission tomography, fluoroscopy, and thermography). The stereotactic-guided segment is expected to register for the highest CAGR during the forecast period. This is primarily due to the advantage of this guidance technique in evaluating even tiny masses which are not visible on ultrasound; moreover, it is a cost-effective procedure as compared to open surgical biopsies and leaves fewer scars with almost no pain.
“APAC to witness the highest growth during the forecast period.”
Geographically, the global biopsy devices market is broadly segmented into five major geographies, namely, North America, Europe, Asia-Pacific (APAC), Latin America, and the Middle East & Africa. In 2016, North America commanded a major share of the global biopsy devices market. However, Asia-Pacific is expected to witness the highest growth during the forecast period. The significant growth of the Asia-Pacific market is mainly attributed to the large population in countries like China and India, rising prevalence and awareness of cancer, improving healthcare infrastructure, increasing healthcare spending, increasing per capita income, government initiatives, and rising focus of key market players in the region.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–42%, Tier 2–38% and Tier 3–20%
- By Designation – C-level–40%, Director Level–35%, Others–25%
- By Region – North America–35%, Europe–30%, Asia-Pacific–20%, RoW–15%
Some of the prominent players in the biopsy devices market include C. R. Bard, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Cook Group Incorporated (U.S.), Devicor Medical Products, Inc., (Leica Biosystems) (Germany), Argon Medical Devices (U.S.), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (U.S.), Olympus Corporation (Japan), Boston Scientific Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), INRAD, Inc. (U.S.), and Medtronic plc (Ireland).
The report analyzes the various types of biopsy devices in the market and their adoption patterns. It aims at estimating the market size and future growth potential of the biopsy devices market for different segments such as product, guidance technique, application, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and market strategies.
Reasons To Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below-mentioned five strategies for strengthening their market position.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the biopsy devices market
- Product Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new product launches in the biopsy devices market
- Market Development: Comprehensive information about lucrative emerging markets by product, guidance technique, application, end user, and region
- Market Diversification: Exhaustive information about new products, growing geographies, recent developments, and investments in the biopsy devices market
- Competitive Assessment: In-depth assessment of growth strategies, products, and manufacturing capabilities of leading players in the biopsy devices market