Global biopsy devices market is expected to reach USD 2.33 billion by 2020 and is expected to grow at a CAGR of 6.4%, according to a new report by Grand View Research. Growing prevalence of several forms of cancer and a considerable presence of unmet market demand for efficient and accurate cancer diagnostic procedures, especially in resource limited settings such as in emerging economies are expected to support future growth of the industry.
According to international cancer agencies, by 2030 the number of cancer incidences is expected to reach over 23 million which is directly expected to affect the number of required biopsies. Furthermore, growth in the global geriatric population is also expected to contribute towards the growth for this market by triggering incidence rates of target ailments and disorders.
Biopsy guidance systems were observed to account for the largest share of revenue for 2013 owing to the technologically advanced and expensive nature of these systems. High prices associated with this segment accounted for over 40% of the market revenue and it is expected that the segment will maintain its position over the forecast period.
However, needle based biopsy guns are expected to provide the most lucrative avenues for growth owing to the presence of growing market demand for minimally invasive biopsy solutions especially for soft tissue biopsy related to breast, renal and prostrate cancers.
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Further Key findings from the study suggest:
North America accounted for over 60% of the global revenue generated in the market in 2013 and is expected to maintain this dominant position over the forecast period owing to the presence of favorable government initiatives and a sophisticated healthcare infrastructure.
The European and North American markets together accounted for over 70% of the global biopsy devices industry in 2013 due to a high degree of market penetration of biopsy guidance systems and equipment. Furthermore, growing prevalence of cancer and need for its early diagnosis is also a key factor accounting for the larger share of these regions.
Asia Pacific is expected to witness growth in revenue at a faster CAGR over the forecast period owing to rapid technological development in the healthcare segment of the region. Moreover, presence of a high unmet market demand and a large population base with respect to cancer is expected to drive demand in the region throughput the forecast period.
Key players of the biopsy devices market include Cardinal Health Inc, Angiotech, C.R. Bard Inc, Carefusion Corporation, DTR Medical, Devicor Medical Products Inc., INRAD, Inc., and Hologic, Inc. Expected introduction of newer biopsy related devices such as ProMag Ultra Automatic Biopsy Instrument, Breeze Vacuum Biopsy System, and Affirm breast biopsy guidance system by companies such as Angiotech Pharmaceuticals Inc., Cardinal Health Inc., and Hologic Inc. are also expected to enhance the growth in this industry over the forecast period. The market is expected to have considerable scope for development as there is unmet market potential available for improvement of minimally invasive and cost effective biopsy solutions.
Grand View Research has segmented the global biopsy devices market on the basis of products and region:
Biopsy Devices Product Outlook
Needle-based Biopsy Guns
Vacuum-assisted Biopsy (VAB) Devices
Fine Needle Aspiration Biopsy (FNAB) Devices
Core Needle Biopsy (CNB) devices
Biopsy Guidance Systems
General Biopsy Forceps
Hot Biopsy Forceps
Biopsy Devices Regional Outlook
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