CHICAGO, Oct. 20, 2023 /PRNewswire/ -- The biopsy devices industry is poised for significant transformation in the near future. With advancements in medical technology, including minimally invasive techniques and precision medicine, biopsy devices are evolving to offer more accurate and less invasive diagnostic procedures. These innovations promise to enhance patient comfort and reduce risks associated with traditional biopsies. Furthermore, the integration of artificial intelligence and machine learning is expected to play a pivotal role in streamlining data analysis and improving diagnostic accuracy. As the healthcare landscape continues to prioritize personalized and targeted treatments, the biopsy devices industry is likely to witness continued growth and innovation, ultimately contributing to better patient outcomes and a more efficient healthcare system.
Biopsy Devices Market in terms of revenue was estimated to be worth $6.6 billion in 2023 and is poised to reach $12.6 billion by 2028, growing at a CAGR of 14.0% from 2023 to 2028 according to a new report by MarketsandMarkets. The major factors driving the growth of this market include Progress in medical technology has resulted in the creation of increasingly accurate and less invasive biopsy instruments, thereby mitigating patient discomfort and expediting recovery periods.
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Biopsy Devices Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $6.6 billion |
Estimated Value by 2028 | $12.6 billion |
Growth Rate | Poised to grow at a CAGR of 14.0% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Product, guidance technique, application, end user, and region |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Technological Advancements |
Key Market Drivers | Rising prevalence of cancer |
Technology segment to register significant growth rate over the forecast period of 2023-2028
Based on product, the global biopsy devices market is segmented into Needle Based Biopsy Instruments, Localization Wire, Procedure Tray, Biopsy Table and other biopsy products. The Needle Based Biopsy Instruments segment is anticipated to register the highest growth rate over the forecast period.
Breast Biopsy segment in application to register significant growth rate over the forecast period of 2023-2028
Based on end user, the global biopsy devices market is segmented into breast biopsy, bone marrow biopsy, lung, colorectal, kidney, prostate and others. Biopsy devices are medical tools used to extract a sample of tissue from a patient for diagnostic purposes. These devices are utilized by various healthcare professionals and organizations. Other end users may include healthcare professionals such as physicians, surgeons, and medical practitioners who perform biopsies as part of their clinical practice.The breast biopsy segment is anticipated to register the highest growth rate over the forecast period.
The hospitals and breast care centers segment accounted for the largest share of the biopsy devices market, by end user, in 2022
Based on end user, the multimodal market is segmented into hospitals and breast care centers, diagnostic imaging centres, research and academia and other end users. The hospitals and breast care centers segment accounts for the largest share of the market in 2022. As cancer awareness and screening programs expand, more patients are seeking diagnostic services in hospitals and specialized breast care centers. Secondly, advancements in imaging technologies and screening techniques have led to an increased demand for biopsy procedures in these settings to confirm diagnoses and plan personalized treatment strategies.
The Asia Pacific market to register a significant growth in the market during the forecast period
The Asia Pacific biopsy devices market is estimated to register a significant growth from 2023 to 2028. The increasing patient population, rising geriatric population, rapid economic growth and increasing disposable income are driving the market growth in APAC countries. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.
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Biopsy Devices Market Dynamics:
Drivers:
1. Rising prevalence of cancer
Restraints:
1. Risk of infections
Opportunities:
1. Technological Advancements
Challenge:
1. Underdeveloped healthcare infrastructure and dearth of resources in developing countries
Key Market Players of Biopsy Devices Industry:
As of 2022, prominent players in the biopsy devices market are Becton, Dickinson and Company (U.S.), Devicor Medical Products, Inc., (Leica Biosystems) (Germany), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (U.S.), and Hologic, Inc. (US).
Recent Developments:
- In December 2022, Olympus entered into a definitive agreement, subsequently finalizing the acquisition of all outstanding shares of Odin Medical Ltd., a cloud-AI endoscopy company based in the UK. This acquisition was conducted through Olympus' UK subsidiary, Keymed (Medical & Industrial Equipment) Ltd.
- In November 2021, B. Braun and REVA Medical announced the strategic partnership for the distribution of Fantom Encore - a bioresorbable scaffold for coronary interventions, manufactured with REVA's patented material Tyrocore. B. Braun will start active distribution of the products in Germany and Switzerland in November 2021, with additional countries to follow afterwards.
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Biopsy Devices Market Advantages:
- Early Disease Detection: Biopsy devices enable the early detection of various diseases, including cancer and infectious conditions. This allows for prompt treatment, potentially improving patient outcomes and survival rates.
- Minimally Invasive Procedures: Many modern biopsy devices are minimally invasive, reducing patient discomfort, recovery time, and the risk of complications compared to traditional open surgeries.
- Personalized Medicine: Biopsies provide valuable information about an individual's unique genetic and molecular profile, facilitating the development of personalized treatment plans tailored to each patient.
- Diagnostic Accuracy: Biopsy devices offer highly accurate results, helping healthcare professionals make informed decisions about treatment options and disease management.
- Research and Development: Biopsy specimens are invaluable for research and drug development, enabling scientists to better understand diseases and develop more effective therapies.
- Quality of Life Improvement: Minimally invasive biopsy techniques can significantly enhance a patient's quality of life by reducing pain, scarring, and recovery time.
- Cost-Effective: Biopsies often represent a cost-effective diagnostic approach when compared to more extensive and invasive procedures, ultimately benefiting both patients and healthcare systems.
- Monitoring Disease Progression: Biopsies allow for the monitoring of disease progression and treatment effectiveness, enabling healthcare providers to adjust treatment plans as needed.
- Targeted Therapies: Biopsy results help identify specific molecular targets for novel and targeted therapies, potentially increasing treatment success rates and minimizing side effects.
- Non-Invasive Alternatives: Some emerging technologies, such as liquid biopsies, offer non-invasive means of collecting diagnostic information through blood or other bodily fluids, reducing patient discomfort even further.
- The biopsy devices market's advantages are not only pivotal in diagnosing and managing diseases but also in driving advancements in the healthcare industry, ultimately leading to better patient care and outcomes.
Related Reports:
Breast Biopsy Market - Global Forecasts To 2028
Breast Lesion Localization Market - Global Forecasts to 2028
Ultrasound Needle Guides Market - Global Forecasts to 2027
Liquid Biopsy Market - Global Forecasts to 2027
Aspiration Needles Market - Global Forecasts to 2027
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