Biopsy Devices market to Reach $4.31 Bn by 2026, Globally, at 5.9% CAGR, Says Allied Market Research

Increase in the prevalence of cancer, advent of novel & minimally invasive biopsy procedures, and rise in public awareness for disease screening fuel the growth of the global biopsy devices market.

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Allied Market Research

Jan 29, 2020, 06:09 ET

PORTLAND, Oregon, Jan. 29, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Biopsy Devices Market by Product (Needle-Based Biopsy Instruments, Biopsy Forceps, Localization Wires, and Other Products), Application (Breast Biopsy, Gastroenterology Biopsy, Prostate Biopsy, Liver Biopsy, Lung Biopsy, Kidney Biopsy, Gynecological Biopsy, and Others), Imaging Technology (MRI–guided Biopsy, Stereotactic–guided Biopsy, Ultrasound–guided Biopsy, CT scan, and Others), and End User (Diagnostic and Imaging Centers, Hospitals, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." The report provides a detailed analysis of the market, including key winning strategies, industry drivers & restraints, market size & forecast, top investment pockets, competitive landscape, and wavering market trends. As per the report, the global biopsy devices industry was estimated at $2.72 billion in 2018, and is expected to hit $4.31 billion by 2026, registering a CAGR of 5.9% during the study period.

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Drivers, restraints, and opportunities-

Rise in incidence of cancer, initiation of novel & minimally invasive biopsy procedures, and
surge in public awareness for disease screening fuel the growth of the global biopsy devices market. On the other hand, rigid competition from alternative cancer diagnostic tests and high cost & fluctuating reimbursement policies curb the growth to some extent. However, tapping diagnostic market present in emerging economies is expected to create multiple opportunities in the near future.

The breast segment to lead the trail by 2026-

Based on application, the breast segment accounted for more than one-fifth of the global biopsy devices market share in 2018 and is expected to dominate throughout the forecast period. This is attributed to the extensive use of needle biopsy devices in breast biopsy. The lung segment, on the other hand, is projected to grow at the fastest CAGR of 7.6% during the study period. This is due to the significant increase in the incidence of lung cancer across the globe.

The hospitals segment to rule the roost-

Based on end-user, the hospitals segment garnered the major share in 2018, holding nearly two-fifths of the global biopsy devices market. Ease of availability of devices and instruments used to perform biopsy in hospitals has spurred the growth. Simultaneously, the diagnostic and imaging centers segment would register the fastest CAGR of 6.6% by 2026. Surge in preference towards these centers owing to the less waiting hours accompanied with lower procedure cost has fueled the growth.

North America garnered the lion's share-

Based on geography, North America contributed to more than two-fifths of the global biopsy devices market revenue in 2018 and is anticipated to dominate in terms of revenue. This is attributed to the well-established healthcare infrastructure and awareness among individuals towards biopsy procedures. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 7.1% during the estimated period. Rise in the prevalence of cancer in the region and surge in awareness among individuals for biopsy procedures have fueled the growth.

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Frontrunners in the industry-

B. Braun Melsungen AG
Boston Scientific Corporation
Argon Medical Devices, Inc.
Danaher Corporation (Leica Microsystem)
Cardinal Health, Inc.
Cook Medical, Inc.
Becton Dickinson and Company (C.R. Bard, Inc.)
Fujifilm Holdings Corp.
Medtronic plc.
Hologic, Inc.

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