December 14, 2020
According to the research report titled ‘Global Smart Biopsy Devices Market Size study, by Application (Breast Cancer, Skin Cancer, Liver Cancer, Prostate Cancer, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global smart biopsy devices market had reached a valuation of USD 2.5 billion in the year 2019 and is likely to showcase a y-o-y growth rate of 5.7% between 2020 and 2027.
Rising adoption of biopsies for cancer diagnosis is one of the key factors driving the growth of global smart biopsy devices market. For those uninitiated, a biopsy is a medical test that is usually employed while screening and identifying cancer among patients. Technological advancements in biopsies has resulted in development of non-invasive techniques, which in turn is stimulating the overall industry outlook.
These non-invasive biopsy tools allow for real-time cancer identification, and hence widely being adopted in hospitals in order to accelerate the disease diagnosis. Moreover, these devices help interventional radiologists or the diagnostic department while separating the healthy cells from the tumor.
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Citing an instance, the IARC (International Agency for Research on Cancer) states that around 17 million new cancer cases were recorded in 2018, with mortality numbers reaching 9.5 million. The agency further claimed that the number of new cancer cases is expected to account for 27.5 million in the year 2040. Thus, increased pervasiveness of cancer has augmented the demand for smart biopsy devices, thereby amplifying the overall market size.
Apart from this, increasing utilization of smart biopsy devices amidst the ongoing COVID-19 pandemic in order to offer better patient care and to avoid the spread of the disease is facilitating the business scenario. However, clinical issues associated with core needle biopsy may act as a restraining factor to the growth of global smart biopsy devices industry.
Considering the geographical landscape, North America currently dominates global smart biopsy devices market in terms revenue share and is predicted to showcase similar expansion patterns in the ensuing years. The growth is attributable to availability of early diagnostic techniques as well as advanced healthcare infrastructure and increasing awareness pertaining to cancer screening programs.
Meanwhile, Asia-Pacific smart biopsy devices industry size is expected to grow significantly during the study duration, owing to rising prevalence of breast and skin cancer and improving healthcare infrastructure.
The competitive landscape of global smart biopsy devices market sphere is defined by companies such as Cytogen Corporation, Becton, Dickinson and Company, Dune Medical Devices Ltd., Interventional Systems, Boston Scientific Corporation, Canon Medical Systems Corp., Intuitive Surgical Inc., InnoMedicus AG, and Danaher Corporation among others.