Biopsy Guidance Systems Market
Number of pages: 100 | Report Format: PDF | Published date: April 26, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.03 billion |
|
Revenue Forecast in 2031 |
US$ 1.61 billion |
|
CAGR |
5.1% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Application, End User, and Region |
|
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 guidance systems market was valued at US$ 1.03 billion in 2022 and is expected to register a revenue CAGR of 5.1% to reach US$ 1.61 billion by 2031.
Biopsy Guidance Systems Market Fundamentals
Biopsy guidance systems are medical technologies designed to help healthcare professionals accurately target and obtain tissue samples from a specific body area for diagnostic or therapeutic purposes by guiding the precise placement of biopsy needles during minimally invasive procedures. These systems use various imaging techniques, such as ultrasound, CT, MRI, or X-ray, to guide the biopsy needle to the desired location. The biopsy guidance systems market is expected to grow significantly due to the increasing prevalence of cancer and the rising demand for minimally invasive procedures. Moreover, technological advancements in biopsy devices and the increasing adoption of image-guided biopsy procedures drive market growth. The market is dominated by major players such as Becton, Dickinson and Company, Hologic Inc., and Medtronic, which accounted for a significant market share. Other notable players in the market include Cook Medical, Argon Medical Devices, Inc., C. R. Bard, Inc., and others.
[6556]
Biopsy Guidance Systems Market Dynamics
Due to the rising incidence of cancer cases globally, the aging population, rising interest in minimally invasive procedures, technical improvements, and expanding government efforts, the global biopsy-guiding systems market is growing. One of the main factors anticipated to increase the market over the forecast period is the rising cancer incidence. The widespread adoption of sedentary lifestyles, including smoking, drinking, not exercising, eating poorly, and obesity, is mostly to blame for the rise in cancer rates. As a result, there are many cancer cases documented globally. For instance, approximately 19.3 million new instances of cancer and 10,000 000 cancer-related deaths were reported globally in 2020, according to research released by the International Agency for Research on Cancer (IARC). As a result, the development of more efficient, secure, and sophisticated biopsy techniques is being accelerated by the increased incidence of cancer, fueling the global biopsy guidance systems market growth. Another significant aspect influencing market growth is consumers growing preference for minimally invasive procedures. Patients delay or avoid therapy due to the high expenses of intrusive biopsies and their unpleasant side effects, which leads to a lack of diagnosis or a diagnosis at a later stage of the disease. Death rates are rising, and treatments are becoming more difficult and expensive. Therefore, a rising desire for minimally invasive procedures drives up demand for biopsy-guiding systems. Over the projection period, rising government and non-government initiatives about the biopsy guiding system are also anticipated to fuel market growth. Many governmental and private organizations, businesses in the market, and hospitals are developing ground-breaking initiatives to increase public awareness of cancer and the advantages of early detection through screening services.
Under the Rashtriya Arogya Nidhi initiative, which is managed by the Ministry of Health & Family Welfare (MoHF&W), patients in India who fall below the poverty line (BPL) can receive a one-time award of up to Rs 1,000,000 for medical care at super specialty hospitals/institutes or other government organizations. One of the biggest risk factors for cancer is the growing senior population. For instance, the World Health Organization (WHO) projects that there will be two billion people worldwide who are 60 years of age or older. The US Census Bureau also predicts that by 2060, there will be nineteen million persons aged eighty-five and older, up from 6.4 million in 2016. Cancer is one of the leading causes of mortality and morbidity in the elderly, and its prevalence rises with age. For instance, the National Cancer Institute reports that the incidence rate of cancer increased from twenty-five cases per 100,000 persons under the age of twenty to approximately 350 cases per 100,000 people between the ages of 45 and 49. Additionally, it exceeds 1,000 per 100,000 people who are 60 years of age or older.
One of the major restraints in the biopsy guidance systems market is the excessive cost associated with these systems, which limits their adoption in developing countries. The lack of skilled professionals to operate these systems also hinders their growth.
Biopsy Guidance Systems Market Ecosystem
The global biopsy guidance systems market is analyzed from the following perspectives: type, application, end user, and region.
Biopsy Guidance Systems Market by Type
[86556]
Based on type, the global biopsy guidance systems market is segmented into ultrasound-guided biopsy, MRI-guided biopsy, and stereotactic-guided biopsy.
The stereotactic-guided biopsy segment accounts for the largest revenue share in the global biopsy guidance systems market. The stereotactic guided biopsy has benefits in that it is less invasive, has little downtime, and leaves few scars. This guidance method also can estimate minute masses that are invisible to ultrasonography. In addition, it is more affordable than open surgical biopsies. Because of these benefits, the demand for stereotactic-guided biopsies has increased. Additionally, the development of automated core-biopsy guns has increased the popularity of this method. Many medical facilities have expanded the potential application of stereotactic-guided biopsy to all complex mammographic abnormalities.
The ultrasound-guided biopsy segment is anticipated to record a high revenue CAGR during the global biopsy guidance systems market forecast period. This is the most effective imaging instrument for percutaneous biopsies and fine-needle aspirations. Real-time imaging is used to direct needles into abdominal and pelvic organs and masses safely and precisely. The portability, affordability, and lack of ionizing radiation are the only advantages it provides over computed tomography-guided biopsies.
Biopsy Guidance Systems Market by Application
Based on application, the global biopsy guidance systems market is segmented into breast biopsy, brain biopsy, and others.
The brain biopsy segment accounts for the largest revenue share in the global biopsy guidance systems market. The primary element increasing the demand for brain biopsies is the rise in brain cancer cases. For instance, the National Brain Tumor Society estimates that 700,000 Americans have a primary brain tumor, and another 85,000 will be identified in 2021. The demand for brain biopsies is also expanding due to the growing geriatric population. A primary brain tumor is typically diagnosed when the patient is 60 years old. In the US, 69,950 persons who are 40 years of age or older are anticipated to receive a primary brain tumor diagnosis in 2021. Advancements will also aid the growth of this market in biopsy-guiding technologies, such as open MRI-guided robotic systems for brain biopsies.
The breast biopsy segment is anticipated to witness the fastest growth rate over the forecast period. The main drivers of the segment's growth are technical advancement and the increased incidence of breast cancer among women after menopause. For instance, according to Breastcancer.org, in the United States, in 2020, there were approximately 281,550 new instances of invasive breast cancer and 49,290 new cases of non-invasive breast cancer.
Biopsy Guidance Systems Market by End User
Based on the end user, the global biopsy guidance systems market is segmented into specialty clinics, hospitals, diagnostic centers, and others.
The hospital segment has the largest global biopsy guidance systems market revenue share. The prevalence of the segment can be ascribed to the rise in the use of biopsy-guided systems in medical facilities worldwide. Sales of biopsy guiding systems are increasing, driving the segment's expansion. Patients are increasingly choosing minimally invasive surgical techniques to minimize standard surgical procedures' complications and side effects. Additionally, the primary driver of the hospital segment growth is the rising incidence of cancer in the population.
The specialty clinics segment is expected to grow fastest over the forecast period. Recent years have seen an increase in the popularity of out-of-hospital, single-specialty healthcare facilities, creating significant opportunities for new and established healthcare businesses. The demand for technologies like stereotactic-guided biopsies is driven by rising consumer awareness of the accessibility of diagnostic and screening treatments for chronic diseases in such clinics.
Biopsy Guidance Systems Market by Region
Geographically, the global biopsy guidance systems market has been 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 guidance systems market. Due to the ongoing growth of cancer diagnostic businesses and the rising need for innovative therapies, North America accounted for the lion's market share. Government agencies, non-profit healthcare organizations, pharmaceutical and biotech businesses, and research institutes are investing significantly in medical and health-related research and development. This is expected to support market growth.
Asia Pacific region is projected to record a high revenue CAGR in the global biopsy guidance systems market during the forecast period. Traditional biopsy methods, including core-needle and surgical biopsies, still dominate the market for cancer diagnosis in Asian nations. A significant increase in cancer incidence is a key factor responsible for regional market growth. According to recent research from the National Cancer Registry Program (NCRP), there will be an increase in cancer incidence in India from 13.9 lakh in 2020 to 15.7 lakh in 2025. The market is predicted to grow throughout the forecast period because of the increase in cancer cases and developments in biopsy guidance systems.
Biopsy Guidance Systems Market Competitive Landscape
The prominent players operating in the global biopsy guidance systems market are: -
Biopsy Guidance Systems Market Strategic Developments
The estimated market size of the global biopsy guidance systems market in 2031 is US$ 1.61 billion.
The revenue CAGR for the biopsy guidance systems market is 5.1% during the forecast period.
Boston Scientific Corporation, B. Braun Melsungen AG, BD & Company, Devicor Medical Products, Inc., and Cook Medical are key players in the biopsy guidance systems market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global biopsy guidance systems market.
The excessive cost and regulatory policies are some of the restraining factors for slowing down the growth of the global biopsy guidance systems market.
*Insights on financial performance are subject to the availability of information in the public domain