The global biopsy devices market is anticipated to reach US$ 3,584.20 Mn by 2027 from US$ 2,230.86 Mn in 2019. The market is projected to grow at a CAGR of 6.2% from 2020 to 2027.
Factors such as increasing prevalence of cancer, and government support and initiatives boost the growth of the global biopsy devices market. However, limitations associated to biopsy devices restrain the market growth.
The early detection of chronic diseases, such as cancer, increases the chances of successful treatment. Screening and appropriate education to generate awareness regarding the benefits of early detection are the two major factors involved in the adoption of the biopsy. Biopsy is one of the most commonly performed screening techniques to test the presence of cancerous cells among various parts of the human body. The global health organizations such as World Health Organization (WHO) are also taking significant efforts to generate awareness among general populace through ruling out guidelines on the benefits and procedures of early cancer diagnosis. Thus, the rising awareness among patient population is leading to increasing number of diagnostic tests performed, which, in turn, is likely to provide an opportunistic scenario for the growth of the biopsy devices market over the coming years.
The global biopsy devices market is segmented on the basis of product, technology, application, and geography. The market based on product is segmented 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 segment is attributed to the increasing adoption of needle-based biopsy due to high accuracy of the procedure, with minimal injury. Further, the market for the segment is also expected to grow at the highest CAGR during the forecast years. The global biopsy devices market on the basis of technology is segmented into, CT-scan, ultrasound guided biopsy, stereotactic biopsy, MRI, and others. Based on application, the market is segmented into breast biopsy, lung biopsy, liver biopsy, kidney biopsy, and others.
A few of the crucial secondary sources referred to while preparing this report are the Food and Drug Administration (FDA), World Health Organization (WHO), Organization for Economic Co-operation and Development, National Institute of Cancer Prevention and Research (NICPR), Cancer Association of South Africa (CANSA), Australian Cancer Research Foundation (ACRF), and European Society for Medical Oncology (ESMO).