Biopsy Devices Market Predicted to Garner USD 5,222 Mn By 2032, At CAGR 7% | Marketresearch.biz

New York, March 29, 2023 (GLOBE NEWSWIRE) — The global biopsy devices market size accounted for USD 2,700 million in 2022 and size is projected to surpass around USD 5,222 million by 2032, and it is poised to reach a CAGR of 7% from 2023 to 2032. A biopsy is a medical test that an interventional radiologist, cardiologist, or surgeon carries out. The procedure involves extracting sample cells or tissues for examination to determine the disease’s presence or extent. There are many ways to diagnose cancer, including vacuum biopsy, skin biopsy, fine needle aspiration, incision and excision biopsy, needle biopsy, and shave biopsy.

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Key Takeaway:

• By Product in 2022, the needle-based biopsy segment has generated a revenue share of 40% in 2022.
• By Application, the breast biopsy segment has dominated the market and is growing at the highest CAGR from 2023 to 2032.
• By End-User, the hospital segment held over 68% of the market for biopsy devices.
• In 2022, North America dominated the market with the highest revenue share of 40%.
• Asia-Pacific will grow at a significant revenue share of 22.6% from 2023-2032.

The market for biopsy devices is driven by several factors, including increased cancer cases globally, a shift toward less invasive procedures, and government efforts to improve diagnosis. As a result, a biopsy is one of the most prevalent diagnostic techniques for skin, breast, and prostate cancer.

As per the World Cancer Report, the number of new cancer cases could significantly rise. Furthermore, due to the development of biopsy devices and the rising number of cancer cases, the market is estimated to grow during the forecast period.

Factors affecting the growth of the biopsy devices industry?

There are several factors that can affect the growth of the biopsy devices market. Some of these factors include:

• Rising incidence of cancer globally: The rising incidence of cancer will likely facilitate the growth of the global biopsy device market.
• Increasing awareness regarding breast cancer: The primary factor driving the market’s growth is an increase in awareness regarding breast cancer.
• Technological advancement in biopsy devices: Technological advancement in biopsy devices boosts the market growth.
• Increasing geriatric population: The widening base of the geriatric population is expected to further boost the market’s growth.
• Introduction of cost-effective devices: Implementing cost-effective biopsy instruments results in the market’s growth.

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Top Trends in Global Biopsy Devices Market

Due to the rising demand for instruments that collect samples from soft tissues of internal organs like the kidneys, breasts, and lungs, needle-based biopsy currently holds the largest share of the market. This is ready to add to the development of the general market during the forecast period.

It was discovered that breast cancer is the most prevalent type of cancer. Therefore, the highest growth rate for this market can be attributed to the increased use of needle-based biopsy instruments for breast cancer testing due to the rising incidence and mortality of cancers, including breast cancer. In addition, it is anticipated that increasing research on needle-based biopsy devices is expected to propel this market’s expansion further. Additionally, the rising demand for less invasive surgeries and disposable biopsy instruments is expected to drive market growth.

Vacuum-assisted instruments and other technologically developed systems are becoming progressively well-known among patients and medical care experts. Therefore, it is guessed that the market’s development will likely develop by extending the geriatric population and presenting practical and high-level gadgets.

Market Growth

Increased breast cancer incidence is the primary driver behind the growth of the global market for breast biopsy devices. In addition, the market is expanding due to the development of breast cancer screening programs and the acceptance of minimally invasive breast biopsies in surgery. In addition, the market is growing due to technical developments and improvements in breast biopsy tools.

However, the high price of breast biopsy and its multiple unfavorable side effects may restrict the market growth. The growing incidence of breast cancer has made vendor promotion opportunities crucial. Key market players put much effort into growing their product lines and getting their products approved. There are many platforms, including conferences, that can help to spread the word and increase awareness about cancer. Many public and private organizations also support and give grants to businesses that create unique products with cutting-edge technological solutions to find breast cancer in its early stages. These factors could have a significant impact on market growth.

Regional Analysis

North America held more than 40% of the market’s revenue share. Due to the established regional players, the region will likely maintain a significant market share throughout 2023-2032. In addition, a rapidly expanding demand for disposable devices and high market penetration rates of advanced technological devices are estimated to benefit the market of this region. Asia-Pacific is anticipated to see significant growth over the forecast period due to the region’s expanding healthcare infrastructure, high geriatric population, and rising cancer prevalence in India, China, and Australia.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Major market players are spending much money on research and development (R&D) to create technologically advanced products that will help them maintain a strong market position. For example, Devicor Medical Products, Inc. launched the Mammotome DualCore Dual Stage Core Biopsy System in August 2022.

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Scope of the Report 

Market Drivers

An increase in the number of biopsy procedures and patient awareness of cancer is also anticipated to contribute to expanding the global biopsy device market. In addition, it is anticipated that lucrative market opportunities will arise due to increased R&D efforts in biopsy devices. Furthermore, the market for biopsy devices will be estimated to expand due to the introduction of cutting-edge products like the Celero VAB device and the Vacora and Finesse Ultra Breast Biopsy System. Furthermore, growth determinants like the growing healthcare market are also estimated to drive expansion. In addition, the rising demand for minimally invasive biopsy procedures also boosts the market’s expansion over the forecast period.

Market Restraints

The stringent regulations and standards for biopsies use are expected to restrain market expansion. Additionally, the costly biopsy instruments prevent the market from expanding. Also, it is anticipated that clinical issues associated with core needle biopsy and increased complaints regarding breast cancer screening procedures will challenge the market for biopsy devices during the forecast period.

Market Opportunities

The various advantages of negligibly invading medical procedures have driven the popularity of the procedures. Patients recover more quickly and with less pain with the help of these procedures. The rising expenses related to the disease are prompting the necessity for efficient diagnostic procedures. Healthcare regulatory and government bodies worldwide are continuously working to reduce the expensive ways of treating cancer. Primary and secondary healthcare facilities are uplifting patients in developing nations to undergo routine diagnostic examinations. Biopsy instruments are economically feasible because they require fewer hospital stays.

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Report Segmentation of the Biopsy Devices Market

Product Insight

Needle-based biopsy instruments accounted for the largest share of the market. The market is anticipated to grow due to the rising demand for biopsy instruments to collect samples from soft tissues of internal organs like the breasts, kidneys, and lungs over the forecast period. The growing demand for a quick and gentle collection of biopsy cell samples is the major driver of the market’s expansion. In addition, the rising demand for vacuum-assisted devices also contributes to the market’s positive expansion. Vacuum-assisted devices are semi-automatic, automatic, and manual with a spring-loaded mechanism for less invasive insertion to get samples for laboratory testing. These tools extract large volumes of high-quality tissue samples with high efficiency and precision in just a few passes through the skin. Major players continuously invest in research and development to meet the rising demand for vacuum-assisted devices and establish a solid product pipeline.

Application Insight

Over the forecast period, the ‘Breast biopsy’ application segment will likely comprise the largest application segment in the biopsy devices market. This is because of the rising incidence of breast cancer and increased public awareness of the disease. The reason is the worldwide rise in breast cancer diagnoses over time. Breast cancer can now be detected quickly and effectively with advanced biopsy instruments. A rise in public awareness of disease screening and technological advancements in biopsy devices have also contributed to the worldwide demand for these instruments.

End-User Insight

Due to the abundance of reimbursement policies and innovative healthcare devices, the hospital sector held the highest market share for biopsy devices. For example, according to Hologic’s Coding and Reimbursement Guide, breast biopsy procedures that include the placement of a breast localization device cost approximately USD 1,400 on average at hospitals. These factors will likely lead to increased use of biopsy equipment and the number of surgical procedures performed in hospitals.

Market Segmentation

Based on Product

• Needle-Based Biopsy Instruments
• Core Biopsy Devices
• Aspiration Biopsy Needles
• Vacuum-Assisted Biopsy Devices
• Localized Wires
• Procedure Trays
• Other Products

Based on Application

• Breast Biopsy
• Lung Biopsy
• Colorectal Biopsy
• Prostate Biopsy
• Other Applications

Based on End-User

• Hospitals
• Academic & Research Institutes
• Diagnostic & Imaging Centers
• Other End-Users

By Geography

• North America
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Market Key Players:

• Boston Scientific Corporation
• FUJIFILM Holdings Corporation
• Hologic, Inc.
• Leica Biosystems Nussloch GmbH
• Cook Medical
• Medtronic
• CONMED Corporation
• Braun Melsungen AG
• Other Key Players.

Recent Development of the Biopsy Devices Market

• In March 2021, The Quick-Core Auto Biopsy System for soft tissue biopsy was introduced by IZI Medical Products LLC (“IZI”), a prominent developer of medical devices used in interventional oncology and interventional radiology treatments. The Quick-Core Auto, a compact, fully automatic instrument, enhances the precision, quality, and dependability of the IZI Quick-Core semi-automatic biopsy system.
• In November 2020, NeoNavia pulse biopsy technology was developed by NeoDynamics AB. It is a MedTech company dedicated to improving breast cancer diagnosis and treatment. The Buckinghamshire Healthcare NHS Trust in London formed a partnership with NeoDynamics AB.

Browse More Related Reports:

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• Smart Biopsy Devices market is expected to index a valuation of $4,044.4 million from a value of $2,195.4 registered in 2021. Over the course of this forecast timeline, the global smart biopsy devices market is slated to index a CAGR of 6.3%.
• Robotic Biopsy Devices market is expected to index a valuation of $958.5 million from a value of $292.6 registered in 2021. Over the course of this forecast timeline, the global robotic biopsy devices market is slated to index a CAGR of 12.6%.
• Skin Care Devices market size is expected to be worth around US$ 41,126.00 million by 2031 from US$ 15,712.40 million in 2021, growing at a CAGR of 10.09% during the forecast period 2021 to 2031.
• Reprocessed Medical Devices market size is expected to be worth around US$ 9,068.60 million by 2031 from US$ 2,261.20 million in 2021, growing at a CAGR of 14.89% during the forecast period 2021 to 2031.
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