Biopsy Device Market: Increasing Prevalence of Cancer Cases Worldwide Stands as a Key Factor Augmenting the Market Growth - Future Market Insights, Inc.
The biopsy devices market has been segmented by Product (Needle-based Biopsy Instruments [Core Biopsy Devices, Aspiration Biopsy Needles, Vacuum-assisted Biopsy Devices], Procedure Trays, Localization Wires, and Other Products), Application (Breast Biopsy, Lung Biopsy, Colorectal Biopsy, Prostate Biopsy and Other Applications), & Region - Forecast to 2021-2031
DELAWARE CITY, Del., June 23, 2022 (Newswire.com) - The global biopsy devices market is estimated to surpass US$1862.5 million by 2021. In response to the rapidly improving healthcare infrastructure in developing economies and increasing demand for minimally invasive surgeries, the market for biopsy devices is projected to grow at a CAGR of 5.2% during the forecast period 2021 to 2031.
Rising burden of diseases such as lung cancer, breast cancer, leukemia, and others across the globe is accelerating the growth of the market. According to the American Cancer Society, approximately 1.9 million new cases of cancer are likely to be diagnosed in the U.S., out of which 608,570 of patients are predicted to succumb in the year 2021.
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An increasing number of initiatives undertaken by governments and healthcare organizations concerning cancer diagnosis and treatment will facilitate the growth of the market. Driven by the rising healthcare expenditure and progressive research and development (R&D) activities, the market is projected to reach a valuation of US$ 3.08 Bn by the end of 2031.
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 biopsy device market," says Sabyasachi Ghosh, principal consultant at Future Market Insights.
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.
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
CR Bard, Becton, Dickinson and Company, B. Braun Melsungen AG, Hologic, Inc., Cook Medical, Devicor Medical Products Inc. and Argon Medical Inc.
Source: Future Market Insights