As per the latest study by ESOMAR-certified consulting firm FMI, the global biopsy devices market is estimated to surpass US$ 1862.5 million by 2021. In response to the rapidly improving healthcare infrastructure in developing economies and increasing demand for minimally invasive surgeries, the market for biopsy devices is projected to grow at a CAGR of 5.2% during the forecast period 2021 to 2031.
Rising burden of diseases such as lung cancer, breast cancer, leukemia, and others across the globe is accelerating the growth of the market. According to the American Cancer Society, approximately 1.9 million new cases of cancer are likely to be diagnosed in the U.S., out of which 608,570 of patients are predicted to succumb in the year 2021.
Thus, the demand for effective diagnostic procedures will rise as patients and their families look for advanced healthcare solutions for the treatment of cancer.
Increasing number of initiatives undertaken by governments and healthcare organizations concerning cancer diagnosis and treatment will facilitate the growth of the market. Driven by the rising healthcare expenditure and progressive research and development (R&D) activities, the market is projected to reach a valuation of US$ 3.08 Bn by the end of 2031.
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As per FMI, North America is expected to lead the global biopsy device market. Supported by the rising prevalence of cancer in countries such as the U.S. and Canada, the region is estimated to account for around 34% of the market share in 2021.
“Rising discretionary funding for cancer research, growing government expenditure for upgrading healthcare infrastructure, and implementation of favorable reimbursement policies will collectively propel the growth of the global biopsy device market,” says the FMI analyst.
Key Takeaways from FMI’s Biopsy Devices Market Survey
- The U.S. is expected to lead the North America market, favored by the presence of favorable reimbursement scenarios in the country.
- Germany is anticipated to hold around 28% of the Europe market share, owing to the growing healthcare expenditure and extensive R&D activities.
- China is projected to account for the highest share in the Asia Pacific biopsy devices market, due to the high patient pool of cancer.
- Japan and South Korea is forecast to cumulatively account for nearly 8.4% of the global market share in 2021.
- Based on product type, the biopsy needles segment is predicated to create an absolute dollar ($) opportunity of US$ 30 million in 2021.
Key Drivers
- Rising prevalence of fatal diseases such as breast cancer and leukemia is fueling demand for biopsy devices.
- Increasing consumer preference towards minimally invasive procedures is spurring sales of biopsy devices.
- Rapid technological advancements such as ultrasound-guided biopsies and 3D optical biopsies is driving the market.
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Competitive Landscape
As per FMI, the global biopsy device market is highly fragmented and around 69% of the global share is contributed by Dickinson and Company, CR Bard, Becton, B. Braun, Argon Medical Inc., Melsungen AG, Hologic, Inc, Devicor Medical Products Inc. and Cook Medical.
Leading companies in the market are focusing to developing new products and gaining regulatory approvals. Some of the players are adopting expansion strategies such as collaboration, mergers, partnership, and acquisitions to maintain their lead in the landscape. For instance,
- In 2021 Biocept, Inc., a commercial-stage cancer diagnostics company, announced entering into collaboration with an American clinical laboratory, Quest Diagnostics to offer laboratory testing services to patients in Quest for its Target Selectortm NGS-based liquid biopsy targeted lung cancer panel.
- In October 2020, GE Healthcare, a subsidiary of American multinational conglomerate General Electric incorporated, announced launching its new Serena Bright biopsy technology in the U.S. It is particularly designed to offer advanced breast cancer diagnosis and treatment.
Some of the prominent players operating in the biopsy device market profiled by FMI are:
- Argon Medical Devices, Inc.
- Braun Melsungen AG
- Becton Dickinson and Company
- Boston Scientific Corporation
- Cardinal Health, Inc.
- Cook Medical, Inc.
- Danaher Corporation
- Fujifilm Holdings Corp.
- Hologic, Inc.
- Medtronic plc.
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The post Biopsy Device Market Is Anticipated to Grow Significantly to Reach US$ 3089.2 Million By the Year 2031 appeared first on Future Market Insights.
