Biopsy Devices Market estimated to grow with 5.5% CAGR from 2016 to 2022
A new report published by MarketIntelReports titled, “World Biopsy Devices Market“, states that the world biopsy devices market generated $1,621 million in 2015. The MRI-guided biopsy segment held a dominant share in 2015, and is expected to maintain this trend over the forecast period.
Browse 158 pages World Biopsy Devices Market – Opportunities and Forecasts, 2014 – 2022 Research Report
Biopsy is the surgical removal of tissue from an organ to determine the presence or extent of a disease, mostly cancerous and inflammatory conditions. This diagnostic procedure is generally performed by surgeons, radiologists, and interventional cardiologists, to confirm the presence of cancerous tissue. Biopsy procedures can be performed for almost any organ with the help of a specific biopsy device. Conventional biopsy devices can be complemented with advanced imaging technologies such as MRI-guided biopsy, stereotactic-guided biopsy, ultrasound-guided biopsy, CT scan, and others to perform a biopsy procedure with accuracy and minimal invasiveness. These integrated procedures are important to perform biopsies in critical areas of the body such as the lungs, liver, and kidney.
Increasing incidences of cancer such as breast, prostate, & lung, and rapid technological advancements have been stimulating the growth of the biopsy devices market. Moreover, increase in awareness for the diagnosis of chronic diseases such as breast cancer and lung cancer is also increasing the demand for integrated biopsy technologies such as MRI-guided biopsy. On the contrary, the use of advanced biopsy devices in developing countries is still restricted due to high cost, unawareness for the diagnosis of chronic diseases, and lack of technical expertise. However, companies are now concentrating on developing cost-effective biopsy devices, which would decrease the overall cost of biopsy procedures.
The world biopsy devices market is poised to grow at a CAGR of 5.5% from 2016 to 2022, owing to increase in several types of cancer such, as breast, prostate, & lung, and rapid technological advancements in the field of diagnostics. The emerging economies have witnessed an upsurge in the prevalence of chronic diseases due to increase in the aged population and change in lifestyles. The Emergence of novel biopsy techniques and advanced integrated imaging technology, such as MRI, CT, ultrasound scan, and others, are expected to supplement the diagnosis of chronic diseases namely, cancer using biopsy procedures. However, high cost associated with advanced biopsy technologies may restrict the market growth.
Breast biopsy application segment is expected to continue to lead the market because of increased incidences and mortality rates of breast cancer. Moreover, initiatives by various government bodies to spread the awareness about breast cancer is expected to supplement the growth of the breast biopsy devices market. Breast biopsy is followed by liver & bile duct biopsy, which is the second highest revenue-generating application segment globally.
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Key findings of the study:
- CT-guided biopsy segment is anticipated to grow at the highest CAGR of 6.3% during the forecast period.
- The diagnostic centers would continue to lead the revenue generating end use segment by garnering around half of the share in the overall market.
- Lung biopsy is projected to be the fastest growing application segment, registering a CAGR of 7.0%.
- The robotic guidance system segment is expected to register the highest CAGR of 7.0%.
- The Asia-Pacific region is projected to be the fastest growing market, with a CAGR of 7.2%.
- Hospitals are projected be the fastest growing end use segment, owing to increase in integration of diagnostic facilities within the premises.
North America was the highest revenue generating region due to rise in incidences of chronic diseases in 2015. North America and Europe, collectively, accounted for more than three-fourths of the overall market in 2015; this trend is likely to continue over the forecast period. Factors that drive the growth of biopsy devices in the developed regions are awareness about cancer diagnosis, high purchasing power, and availability of skilled personnel to perform biopsy procedures.
Product launches was the most preferred strategy followed by collaborations & geographic expansion for market capitalization. The report provides a comprehensive analysis of the leading companies operating in the world biopsy devices market. The key companies profiled in the report are C.R. Bard, Inc., Leica Biosystems, Hologic, Inc., Becton, Dickinson and Company, Ethicon EndoSurgery Inc., Fujifilm Medical Systems, Veran Medical Technologies, Boston Scientific Corporation, MDxHealth, Mauna Kea Technologies, Cook Medical, Inc., Medtronic, Argon Medical Devices, Inc, Intact Medical Corp., and others.
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