Biopsy Devices Market to show a lucrative CAGR of 6.8% during the forecast period 2017 -2022
The global biopsy devices market is projected to reach USD 2.42 Billion by 2022 from USD 1.74 Billion in 2017, growing at a CAGR of 6.8% during the forecast period. Factors such as increasing cancer prevalence, the shift towards minimally invasive surgeries, growing government & global health organizations initiatives to spread awareness about cancer, and the improved reimbursement scenario in U.S.
are boosting the growth of global market.
The report analyzes the global biopsy devices market by product, guidance technique, application, end user, and region. Based on product, the global market is segmented into needle-based biopsy instruments, procedure trays, localization wires, and other products (forceps, markers, probes, punches, curettes, and sutures).
In 2016, the needle-based biopsy instruments segment accounted for the largest share of global market mainly due to the increasing preference for minimally invasive surgeries and higher preference for needle-based biopsies over open surgical biopsies.
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Based on application, the global biopsy devices market is segmented into breast biopsy, lung biopsy, colorectal biopsy, prostate biopsy, and others. The breast biopsy segment accounted for the largest share of the global market in 2016.
The rising prevalence of breast cancer and growing awareness about the disease are driving market growth in this segment.
On the basis of guidance technique, the biopsy devices market is segmented into ultrasound-guided biopsy, stereotactic-guided biopsy, magnetic resonance imaging (MRI)-guided biopsy, and other guidance techniques (positron emission tomography, fluoroscopy, and thermography). In 2016, the ultrasound biopsy segment dominated the market.
Based on end user, the biopsy devices market is segmented into hospitals, diagnostic & imaging centers, and academic & research institutes. In 2016, hospitals formed the largest end-user segment of the market.
This can be attributed to the growth in the healthcare sector in emerging economies along with the increase in the out-of-pocket healthcare expenditure and increase in the number of hospitals.
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Geographically, the global biopsy devices market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America holds the largest share of this market.
However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period of 2017 to 2022. The growth of this segment can be attributed to the rising prevalence of cancer, large population in countries such as China and India, improving healthcare infrastructure, increasing healthcare spending and government initiatives, and rising focus of key market players in the region are driving the growth of market in Asia-Pacific.
However, patient safety risks associated with biopsy devices leading to product recalls and risk of infections related to biopsy procedures are expected to hinder the growth of this market to a certain extent.
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The global biopsy devices market is characterized by a large number of players. The market is highly competitive in nature and is dominated by C.
R. Bard, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Cook Group Incorporated (U.S.), Devicor Medical Products, Inc., (Leica Biosystems) (Germany), Argon Medical Devices (U.S.), B. Braun Melsungen AG (Germany), Cardinal Health, Inc.
(U.S.), Olympus Corporation (Japan), Boston Scientific Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), INRAD, Inc. (U.S.), and Medtronic plc (Ireland).
Key players in the market are pursuing several organic and inorganic growth strategies such as product launches, expansions, acquisitions, and agreements to garner larger shares of the market. During 2013 to 2017, companies adopted product launches as their major growth strategy followed by acquisitions
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