Biopsy Devices Market Dynamics, Business Overview and Forecast to 2022
Market Overview:
Minimally invasive biopsies have replaced open surgical excisional biopsy in patients which has not only reduced costs but also reduced the psychological burden affecting patients. This has encouraged patients to undergo biopsy procedures and in turn, induced demand within the global biopsy devices market. Furthermore, technological advancement in biopsy devices has led to the development of improved and automated biopsy devices which can even be used with greater ease and less expertise. Also, safety quotientis also increased in automated biopsy devices.
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A Biopsy is performed to obtain a piece of tissue or a sample of cells from a patient’s body. Biopsy devices such as Biopsy Needles, biopsy needles, forceps, biopsy guidance system, and others are used for the same. The Global Biopsy Devices Market is anticipated to scale to a valuation of USD 2.4 Bn ata CAGR of 6.4% by the end of the forecast period of 2016-2022, as per a recent study by Market Research Future (MRFR).
A biopsy is carried out to diagnose any inflammatory conditions, infestations diseases, in case of organ transplantation, and for the evaluation of fertility. However, biopsy has gained traction in the cancer arena. A biopsy is the only definitive way to determine the presence of cancer. Oncology diseases are spreading at an alarming rate which has generated massive demand for screening. There is a huge demand for high-quality diagnostic processes, especially huge unmet needs in the emerging economies of the world create a conducive environment for the growth of the global biopsy devices market.
Other aspectsenhancingthe growth of the market include rigorous ER&D activities by medical device manufacturers, favorable medical devices regulations, and increasing investment by medical device manufacturers. Improving reimbursement scenario is also a key factor boosting the growth of the market.
On the flipside, the high price of biopsy devices and lack of skilled healthcare professionals act as limitations to the growth of the global Biopsy Devices Market.
Competitive Landscape:
Focal Therapeutics, Inc., C. R. Bard, Inc. Creganna,Scion Medical Technologies, LLC. (UK),BD,Integra LifeSciences Corporation,Hologic, Inc.,Argon Medical Devices, Inc.,Precision Biopsy, LLC,Cook Medical, and Leica Biosystems.
Segmentation:
· The Global Biopsy Devices Market has been segmented based on product type, application, and end user.
· By product type, the global biopsy devices market has been segmented into biopsy guns, biopsy guidance system, biopsy needles, forceps,and others.
· By application, the global biopsy devices market has been segmented into bone marrow biopsy, surgical biopsy, skin biopsy, needle biopsy, Cancer Diagnosis, and others.
· By end user, the global biopsy devices market has been segmented into hospitals, specialty clinics, diagnostic centers, academic & research institutes,and others.
Regional Analysis
By region, the global biopsy devices market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas account for the most significant share of the global biopsy devices market. High prevalence of oncology diseases generate high demand for cancer screening and consequently drive the market for biopsy devices. High healthcare expenditure, the existence of key players in the region and extensive use of technologically advanced biopsy devices in the region support the growth of the market. North America is leading the Americas market and is anticipated to reach USD 2.4 Bn by theend of 2022.
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Europe is the second largest market for biopsy devices. High healthcare expenditure and high expenditure on healthcare infrastructure boost the growth of themarket.
APAC is on its path to emerge as the fastest growing market for biopsy devices. Surging prevalence of cancer, growing awareness which has led to increased demand for cancer screening, and expansion of healthcare budget in emerging economies are factors substantiating the growth of the APAC market. In addition, the governments in the region are endeavoring towards raising awareness and encouraging individuals to undertake cancer screening which is acting as a growth influencer.
Industry Updates
· August 2018- AngioDynamics, Inc., a leader in minimally invasive medical devices, announced the acquisition of a biopsy sealant technology from Surgical Specialties, LLC, a medical device company headquartered in Massachusetts. The BioSentry Tract Sealant System (BioSentry) technology delivers a hydrogel plug designed to alleviate the risk of collapsed lung after having undergone a biopsy.
· September 2018-Cancer diagnostics firm Foundation Medicine introduced its new liquid biopsy test called FoundationOne Liquid which can be used for solid tumors. The device is designed to detect substitutions, copy number alterations (CNAs), insertion and deletion alterations (indels), and select gene rearrangements.