Biopsy Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 2.52 billion |
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Market Size Value in 2031 |
US$ 4.59 billion |
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CAGR |
6.9% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global biopsy devices market was valued at US$ 2.52 billion in 2022 and is expected to register a revenue CAGR of 6.9% to reach US$ 4.59 billion by 2031.
Biopsy Devices Market Fundamentals
The biopsy devices collect tissue samples for diagnostic and research purposes. It is done to check for the presence of diseases, including cancer, infections, or inflammatory problems. The market for biopsy equipment offers a wide selection of tools for conducting various kinds of biopsies, including liquid biopsy tools, surgical biopsy tools, and needle-based tools. Hospitals, clinics, and research labs are just a few places where these devices are used. The market for biopsy instruments is quite competitive, with several major players operating internationally. Some major companies in the market include Becton Dickinson and Company, Cook Medical, Boston Scientific Corporation, Medtronic plc, Hologic Inc., C.R. Bard Inc., Cardinal Health Inc., Olympus Corporation, Devicor Medical Products Inc., and Fujifilm Holdings Corporation.
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Biopsy Devices Market Dynamics
Due to several key drivers, the global biopsy device market revenue is expected to experience significant revenue growth during the forecast period. One of the key factors propelling the global market for biopsy equipment is the rising incidence of cancer worldwide. There is an increasing demand for biopsy devices to provide an accurate diagnosis and plan therapy, as cancer remains the top cause of death globally. Healthcare experts utilize biopsy equipment to collect tissue samples for histopathological analysis to confirm cancer presence and characterize its kind, stage, and aggressiveness. The range of biopsy operations has been increased thanks to ongoing improvements in biopsy techniques, such as minimally invasive and image-guided biopsies, which are less invasive, safer, and more precise. The need for biopsy instruments has increased because of patients’ greater acceptance and desire for biopsy treatments. Due to its benefits of fewer complications, quicker recovery, and lower medical expenses, minimally invasive biopsy procedures like vacuum-assisted biopsy (VAB), core needle biopsy (CNB), and fine-needle aspiration (FNA) have become more and more common.
The development of sophisticated and effective biopsy instruments due to technological advancements has increased the precision and safety of biopsy treatments. For instance, developing biopsy instruments with enhanced imaging capabilities, such as ultrasound-guided, MRI-guided, and CT-guided biopsy instruments, has improved tissue sampling precision and decreased the demand for additional biopsies. The need for these innovative gadgets has increased due to the development of automated and robotic biopsy instruments, which have increased the accuracy and effectiveness of biopsy treatments. The world’s population is getting older and is more vulnerable to malignancies. The market for biopsy equipment is expected to develop as a result of this demographic trend. Governments, non-governmental groups, and healthcare practitioners have all taken steps to raise awareness about cancer and promote early cancer detection. This has frequently resulted in early cancer diagnoses. Early cancer diagnosis requires using biopsy devices to obtain tissue samples for accurate diagnosis, staging, and treatment planning. This has resulted in an increased demand for biopsy devices as early cancer detection initiatives continue to gain momentum globally. Increasing healthcare expenditure in developed and developing countries has improved access to healthcare services, including cancer screening and biopsy procedures. As healthcare expenditure continues to rise, more resources are allocated to cancer diagnosis and treatment, driving the demand for biopsy devices. The global biopsy device market is expected to experience significant revenue growth during the forecast period due to factors such as the increasing prevalence of cancer, advancements in biopsy techniques and technology, the growing geriatric population, increasing awareness about cancer, and rising healthcare expenditure. These drivers are expected to create favorable market conditions for the revenue growth of the biopsy devices market globally.
However, the global biopsy devices market may face certain restraints that can impact its growth and development. The global biopsy devices market is subject to strict regulatory requirements imposed by various regulatory bodies such as the FDA (Food and Drug Administration) and other local regulatory authorities. These regulations may increase the cost of compliance and approval timelines, limiting the entry of new players and delaying the launch of innovative biopsy devices in the market.
Biopsy Devices Market Ecosystem
The global biopsy devices market is analyzed from four perspectives: product type, application, end-user, and region.
Biopsy Devices Market by Product Type
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Based on the product type, the global biopsy devices market is segmented into biopsy guidance systems, needle-based biopsy guns, biopsy needles, biopsy forceps, and others. The biopsy guidance systems segment is further sub-segmented into manual and robotic. The needle-based biopsy guns segment is further sub-segmented into fine needle aspiration biopsy (FNAB) devices, core needle biopsy (CNB) devices, and vacuum-assisted biopsy (VAB) devices.
Needle-based biopsy guns account for the largest revenue share in the global biopsy devices market. The market is expected to grow due to increased demand for these devices to obtain samples from internal organs’ soft tissues, such as kidneys, breasts, and lungs. The need for a rapid and painless collection of cell samples for biopsy is one of the key elements promoting the segment’s revenue growth. Moreover, the rising demand for vacuum-assisted devices is impacting market revenue growth favorably. Using a spring-loaded mechanism, these instruments are manual, semi-automatic, and automatic and provide the least invasive sample collection for laboratory testing. With limited passes through the skin, these devices exhibit remarkable accuracy and efficiency for drawing huge volumes of superior-quality tissue samples. In order to have a solid product pipeline and satisfy the rising demand for vacuum-assisted devices, industry participants are putting more emphasis on investing in R&D.
The biopsy needles segment is expected to record a high revenue CAGR during the forecast period. The regulatory approval of cutting-edge products makes it possible to identify and treat lung cancer more accurately. For instance, the US FDA authorized Serpex Medical’s Compass Steerable Needles in September 2022. The company hopes to use these needles to improve lung cancer screening and treatment by increasing access and precision.
Biopsy Devices Market by Application
Based on application, the global biopsy devices market is segmented into lung biopsy, breast biopsy, skin biopsy, colorectal biopsy, and others.
The breast biopsy segment accounts for the largest global biopsy devices market revenue share. This is due to the rise in breast cancer cases seen over the years and is expected to continue during the forecast period. Breast cancer can be detected effectively and quickly using modern biopsy tools. The demand for the usage of biopsy equipment has increased globally due to increased public awareness of disease screening and technological advancements in biopsy devices. According to the Globocan 2020, there will be 2,261,419 new breast cancer cases in 2020, and there will be 684,996 deaths worldwide due to breast cancer.
Biopsy Devices Market by End User
Based on the end user, the global biopsy devices market is segmented into hospitals, ambulatory surgical centers, and others.
The hospital segment accounts for the largest revenue share in the global biopsy devices market. The market for biopsy devices is driven by several factors, including the increasing incidence of cancer and other diseases, technological advancements in biopsy devices, growing awareness about early diagnosis and treatment, and the rising demand for minimally invasive procedures.
The ambulatory surgical center’s segment is expected to record a high revenue CAGR in the global biopsy devices market during the forecast period. ASCs offer several advantages, including shorter wait times, lower costs, and patient convenience, which can translate into higher patient satisfaction and increased demand for biopsy procedures in ASCs.
Biopsy Devices Market by Region
Based on region, the global biopsy devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global biopsy devices market. During the forecast period, the region’s well-established market players will continue to account for a sizable portion of the market revenue. The US is also reported to perform most biopsies, further contributing to the market’s revenue growth. In 2020, the American Cancer Society predicted that there would be about 60,530 new cases of leukemia and about 23,100 leukemia-related deaths in the country. Also, during the forecast period, the development of advanced healthcare infrastructure and the rising incidence of infections would favorably affect the market for biopsy devices. The growth of the biopsy devices market revenue in this region is also projected to be fueled by the significant presence of key competitors in the United States. When major industry players like Danaher, Beckton Dickinson, Hologic, Cook Medical, and Boston Scientific introduce their goods here, the usage of these devices will increase.
Asia Pacific is expected to record high revenue CAGR during the forecast period. Rapidly improving healthcare infrastructure in emerging Asia Pacific countries, high unmet patient needs, and the increasing incidence of cancer are expected to stimulate the regional market’s revenue growth.
Competitive Landscape of the Biopsy Devices Market
The prominent players operating in the global biopsy devices market are: -
Strategic Developments in Biopsy Devices Market
The expected size of the global biopsy devices market in 2031 is US$ 4.59 billion.
The expected revenue CAGR for the biopsy devices market is 6.9% during the forecast period.
Boston Scientific Corporation, BD & Company, Medtronic plc, B. Braun Melsungen AG, and Hologic, Inc. are some major players operating in the biopsy devices market.
The Asia Pacific region is expected to grow at high revenue CAGR in the global biopsy devices market.
In developing countries, access to quality healthcare is limited due to a lack of infrastructure, resources, or funding. Limited access to healthcare impacts the demand and utilization of biopsy devices, as patients do not have access to proper diagnostic facilities or can face financial constraints undergoing biopsy procedures.
*Insights on financial performance are subject to the availability of information in the public domain