Biopsy Devices Market Expected to Reach US$ 3,584.20 million by 2027

According to the latest study on “Biopsy Devices Market is anticipated to reach US$ 3,584.20 million by 2027 from US$ 2,230.86 Million in 2019; it is projected to grow at a CAGR of 6.2% from 2020 to 2027. The report highlights trends prevailing in the global biopsy devices market along with the factors driving market growth as well as those hindering it.

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Top Companies Analysis- Leading companies operating in the biopsy devices market include BD, B. Braun Melsungen AG, Boston Scientific Corporation, Cardinal Health, Inc., Cook Medical LLC, Danaher, Fujifilm Corporation, Hologic, Inc., Medtronic, and Argon Medical Devices.

The early detection of chronic diseases, such as cancer, increases the chances of successful treatment. Screening and appropriate education to generate awareness regarding the benefits of early detection are the two major factors involved in the adoption of the biopsy. Biopsy is one of the most commonly performed screening techniques to test the presence of cancerous cells among various parts of the human body. The global health organizations such as World Health Organization (WHO) are also taking significant efforts to generate awareness among the general population through ruling out guidelines on the benefits and procedures of early cancer diagnosis. Thus, the rising awareness among patient population is leading to increasing number of diagnostic tests performed, which, in turn, is likely to provide an opportunistic scenario for the growth of the biopsy devices market over the coming years.

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North America is the largest regional market for biopsy devices. The factors that are contributing to the dominance of the region include rising government support through the cancer care centers/programs in the US and Canada, escalating incidence of cancer patients leading to increased demand in kits and products used for testing and diagnosis, increasing awareness among general populace regarding advantages of early testing of diseases, and consistent development and launch of novel biopsy products in the market through advanced as well as extensive research and development. The US holds the largest share of the biopsy devices market in North America. The growth of the market in the country is attributed to the active participation and support of the government towards cancer care. Besides, the increase in the number of cancer population and technological developments in biopsy devices are likely to support the market growth.

Product-Based Market Insights

The biopsy devices market is segmented on the basis of product into needle-based biopsy, procedure trays, localization wires, and others. In 2019, the needle-based biopsy segment accounted for the largest share of the global biopsy devices market. The growth of the market for this segment is attributed to increasing adoption of needle-based biopsy procedures due to their high accuracy, with minimal injury. Furthermore, the segment is also likely to witness the fastest CAGR in the market during the forecast years.

Technology-Based Market Insights

Based on technology, the global biopsy devices market is segmented into CT-scan, ultrasound-guided biopsy, stereotactic biopsy, MRI, and others. In 2019, the ultrasound-guided biopsy segment held the largest share of the market. However, the CT-scan segment is anticipated to register a significant CAGR during the forecast period.

Application-Based Market Insights

The global biopsy devices market, based on application, is segmented into lung biopsy, kidney biopsy, liver biopsy, breast biopsy, and others. In 2019, the breast biopsy segment held the largest share of the market, and it is also expected to register the highest CAGR during 2020–2027.

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