Biopsy Devices Market worth over $3.4bn by 2027
Published Date: July 6, 2021 Authors: Sumant Ugalmugle
Biopsy Devices Market size is set to surpass USD 3.4 billion by 2027, according to a new research report by Global Market Insights Inc.
Physicians recommend biopsy to patients reported with abnormal or malignant tissues in body during diagnosis. Thus, significant increase in number of infectious diseases and cancerous diseases has offered growth opportunities to the market. According to the World Health Organization, nearly 2.2 million new breast cancer cases were reported in 2020. Growing awareness regarding early diagnosis and treatment of cancer has driven procedural demand for biopsies as it is one of the vital tools for histopathological examination of tissues. Moreover, biopsy has been also used in analyzing organ tissue before transplants to avoid organ rejection that will further boost the demand for devices, thereby fostering the industry growth in the coming years.
Development of sophisticated techniques having capability to detect tumor in body will contribute towards paradigm shift in cancer diagnosis. Integration of such techniques offers information to physicians regarding tumor presence and its evolution, thus assisting in decision making of appropriate treatment therapies. There is an increasing interest in advancing photonics with its advantages over other biosensing platforms in terms of ultrahigh special resolution, compactness and immunity to external disturbance. Such innovations will enable higher accuracy and efficiency in disease diagnosis and treatment.
COVID-19 has negatively affected the overall biopsy devices market due to restrictions on non-emergent healthcare services resulting in procedural deferral. However, with decline in number of infection cases, the market will register steady growth in the upcoming years.
Advancements in needle biopsies to offer precision and accuracy in diseases diagnosis will strengthen the biopsy devices market growth
Needle based biopsy guns segment accounted for more than 33% of revenue share in 2020. Core needle biopsy offers more definitive histologic diagnosis with distinction between in-situ and invasive cancer. Additionally, it also provides adequate sampling for immunohistochemistry evaluation. In addition, VAB reduces the possibility of uncertain outcomes and need for surgical biopsies. It also eliminates hospital admissions as it is performed as an outpatient procedure. Such advantages will increase adoption of these procedures by physicians, thereby augmenting the product demand during the forecast period.
Browse key industry insights spread across 180 pages with 339 market data tables & 11 figures & charts from the report, “Biopsy Devices Market Size By Product (Biopsy Guidance Systems [Manual, Robotic], Needle Based Biopsy Guns [Vacuum-Assisted, Fine Needle, Core Needle], Biopsy Needles [Disposable, Reusable], Biopsy Forceps [General Biopsy, Hot Biopsy], Others [Brushes, Curettes, Punches]), By End-use (Hospitals, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027”” in detail along with the table of contents:
Growing demand for outpatient procedures stimulate the market expansion
Ambulatory surgical centers segment in the biopsy devices market is anticipated to witness 9.9% growth rate through 2027. Reduced admission time resulting in shorter facility stay will propel the preference for outpatient procedures in these facilities. This will also result in demand for biopsy devices to cater to increasing number of procedures. Furthermore, reimbursements associated with procedures highly impact the segment growth. Also, presence of skilled workforce and advanced devices for diagnosis will further offer unprecedented opportunities for the market progression.
High disease prevalence drives the demand for efficient diagnostic methods in European region
Europe biopsy devices market is predicted to expand at a CAGR of over 7.5% CAGR by 2027. Increasing prevalence of cancer with acceptance of sedentary lifestyle, facility expansion and R&D on development of effective diagnostic solutions are some of the regional growth drivers. In Europe, cancer is one of the leading causes of death with more than 3 million new cases each year. With such high incidence rate, the demand for biopsy devices will also increase in disease management and care. Presence of leading players expanding business in the region will positively impact the market revenue.
New product introductions will strengthen companies market footprint
Few of the notable players operating in the market are Hologic, Becton, Dickinson and Company and Devicor Medical Products, Inc. (Leica Biosystems). Collaborations, partnerships and augmentation of product base are some of the key strategies undertaken by companies to expand their market footprint.