According to the latest market insights, the global biopsy device market is poised to achieve a valuation of USD 2,274.1 million in 2024, marking the onset of a period characterized by moderate yet steady growth. The market is projected to expand at a compound annual growth rate (CAGR) of 3.70% during the forecast period, with an estimated value of USD 3,270.4 million by the end of the decade.
Growth Drivers and Opportunities:
The thematic analysis of the biopsy device ecosystem highlights a robust 1.4x growth trajectory from 2024 to 2034, driven by increasing demand across healthcare settings worldwide. Key factors contributing to this growth include:
- Advancements in Biopsy Technologies: Continuous innovation in biopsy procedures is enhancing accuracy and efficiency.
- Rising Incidences of Cancer and Chronic Diseases: An increase in diagnostic procedures is necessitated by higher rates of cancer and chronic diseases.
- Expanding Healthcare Infrastructure: Emerging economies are investing in healthcare infrastructure, boosting demand for biopsy devices.
“We are optimistic about the growth prospects of the biopsy device market over the next decade,” stated a Future Market Insights. “The steady adoption of minimally invasive biopsy procedures and ongoing research and development activities are expected to further fuel market expansion.”
Market Highlights:
- India: Expected to have the highest growth rate, with a CAGR of 5.8% among all countries.
- France: Leading the European market with a forecasted growth rate of 4.3%.
- Needle Biopsy Market Segment: Projected to secure the largest market share of 36.6% by 2024.
- Medical Diagnosis: The largest application segment, holding 61.3% of the market share by 2024.
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Challenges and Recommendations:
Ethical and legal considerations surrounding biopsy procedures present significant challenges. Adherence to strict procedural standards is essential to ensure clean practices and maintain market integrity.
Competitive Landscape:
The global biopsy device market is highly competitive, with several key players strengthening their positions through strategic initiatives:
- B. Braun Melsungen AG acquired Intermedt Medizin & Technik GmbH in March 2022, diversifying the Avitum division’s product portfolio.
- Becton, Dickinson, and Company collaborated with GOCC in March 2024 to advance bloodstream infection testing and expand operations in Poland.
Key Companies in the Market:
- CR Bard
- Becton, Dickinson, and Company
- B. Braun Melsungen AG
- Hologic Inc.
- Cook Medical
- Devicor Medical Products Inc.
- Argon Medical Inc.
Market Segmentation:
- By Product Type: Guidance System, Needles, Guns, Reagents and Kits, Others
- By Application: Medical Diagnosis, Scientific Research
- By End Use: Hospital, Specialized Oncology Centres, Diagnostic Centers, Research Institutes
- By Region: North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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