In 2023, the global Biopsy Device Market size is expected to be worth US$ 2.1 billion. The market is expected to grow at a 4.9% CAGR between 2023 and 2033, reaching a value of US$ 3.3 billion by the end of 2033.
The industry’s growing desire for minimally invasive biopsy techniques drives up demand for Biopsy Devices. Several technologies and items, including vacuum-assisted devices, needle-based biopsy guns, and biopsy guiding systems, are expected to increase rapidly during the forecast period.
Because of increased knowledge of breast cancer therapy and diagnostics, the Biopsy Device market is expected to grow in size in the coming years. Several countries have programmes in place to detect breast cancer early.
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For example, a study titled Increasing breast cancer awareness and breast examination practises among women through health education and capacity building of primary healthcare providers published in the BMJ Journal in April 2021 discovered that after health education interventions among these subpopulations in India, there was a significant improvement in knowledge of breast cancer signs and symptoms.
“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
- With a market size of US$ 172 million and absolute currency growth of US$ 63 million, China is expected to rise significantly.
- With a market size of US$ 126.6 million and absolute currency growth of US$ 39.9 million, India is expected to rise significantly.
- With a market size of US$ 150 million, USA is expected to rise significantly in forecast period.
- Over the projected period, revenue from the guiding system category is expected to grow at a CAGR of 7.9%, reaching a market worth of roughly US$ 480 million by the end of 2033.
- With a CAGR of 5% from 2023 to 2033, the medical diagnosis category is likely to lead the market for Biopsy Devices.
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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.
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,
- IZI Medical Products LLC (IZI), a well-known manufacturer of medical equipment used in interventional radiology and interventional oncology treatments, introduced the Quick-Core Auto Biopsy System (Quick-Core Auto) for soft tissue biopsy in March 2021. The Quick-Core Auto is a portable, completely automatic biopsy instrument that improves on the dependability, accuracy, and quality of the IZI Quick-Core semi-automatic biopsy system.
- NeoDynamics AB, a MedTech firm focusing on improving breast cancer diagnosis and care, has announced a partnership with the Buckinghamshire Healthcare NHS Trust in London to deploy its NeoNavia pulse biopsy technology in November 2020.
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Biopsy Device Market – Market Segmentation
By Product Type:
- Guidance System
- Stereotactic X-Ray Guided Biopsy
- Ultrasound Guided Biopsy
- MRI Guided Biopsy
- Needles
- Core Needles
- Fine Aspiration Needles
- Guns
- Reagents and Kits
- Others (Brushes, Curettes and Punches etc.)
By Application:
- Medical Diagnosis
- Scientific Research
By End Use:
- Hospital
- Specialised Oncology Centres
- Diagnostic Centres
- Research Institutes
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