June 19, 2020
According to the research report titled ‘Biopsy Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product; Technology; Application, available with Market Study Report LLC, global biopsy devices market is projected to reach US$ 3,584.20 million by the year 2027 from USD 2,230.86 million in 2019. The market is expected record a CAGR of 6.2% during 2020-2027.
According to the report, the global biopsy devices market is witnessing tremendous growth on account of favorable government initiatives and the increasing prevalence of cancer. Although, limitations associated with biopsy devices may hamper the market growth to some extent.
Chronic diseases like cancer have higher chances of being successfully treated, if they are detected early. Screening and proper awareness about the benefits of detecting cancer early are two major factors involved in the increasing adoption of biopsy. Biopsy, for the record, is a common screening technique which is performed to test the presence of various cancerous cells in various parts of human body.
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The healthcare organizations such as World Health Organization (WHO) are also taking measures to create awareness among the people by ruling out the guidelines on the benefits and procedures of early diagnosis of cancer. Hence, the growing awareness is directly influencing the number of diagnostic tests, which is expected to create growth opportunities for global biopsy devices market in the forecast period.
The global biopsy devices market is segmented with respect to product, application, technology, and region.
With respect to the product the market is divided into localization wires, needle-based biopsy, procedure trays, and others. The needle-based biopsy segment accounted for largest market share in the year 2019 due to increasing adoption of the product for accurate results, causing minimal injury. The needle-based biopsy segment is expected to witness highest CAGR over coming years, cites the study.
Based on technology, the market is bifurcated into stereotactic biopsy, MRI, ultrasound guided biopsy, CT-scan, and others. With regards to the application, the market is divided into kidney biopsy, lung biopsy, breast biopsy, liver biopsy, and others. According to the regional overview, the market is divided into Middle East Africa, North America, Asia Pacific, Europe, and the rest of the world.
Major players operating in the global biopsy devices market are B. Braun Melsungen AG, Medtronic, Argon Medical Devices, Boston Scientific Corporation, Cardinal Health Inc., Danaher, Fujifilm Corporation, Hologic, Inc., BD, and Cook Medical LLC among others.