According to the new market research study on “Biopsy Devices Market to 2027 – Covid-19 Impact and Global Analysis by Product (Needle-Based Biopsy, Localization Wires, Procedure Trays, and Others); Technology (CT Scan, Ultrasound-Guided Biopsy, Stereotactic-Guided Biopsy, MRI-Guided Biopsy, and Others); Application (Lung Biopsy, Kidney Biopsy, Liver Biopsy, Breast Biopsy, and Others), and Geography,” the market is anticipated to reach US$ 3,584.20 million by 2027 from US$ 2,230.86 Million in 2019; it is projected to grow at a CAGR of 6.2% from 2020 to 2027.
The report highlights trends prevailing in the global biopsy devices market along with the factors driving market growth as well as those hindering it. Leading companies operating in the biopsy devices market include BD, B. Braun Melsungen AG, Boston Scientific Corporation, Cardinal Health, Inc., Cook Medical LLC, Danaher, Fujifilm Corporation, Hologic, Inc., Medtronic, and Argon Medical Devices.
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North America is the largest regional market for the biopsy devices. The factors that are contributing to the dominance of the region include rising government support through the cancer care centers/programs in the US and Canada, escalating incidence of cancer patients leading to increased demand in kits and products used for testing and diagnosis, increasing awareness among general populace regarding advantages of early testing of diseases, and consistent development and launch of novel biopsy products in the market through advanced as well as extensive research and development.
The US holds the largest share of the biopsy devices market in North America. The growth of the market in the country is attributed to the active participation and support of the government toward cancer care. Besides, the increase in the number of cancer population and technological developments in biopsy devices are likely to support the market growth.
The early detection of chronic diseases, such as cancer, increases the chances of successful treatment. Screening and appropriate education to generate awareness regarding the benefits of early detection are the two major factors involved in the adoption of the biopsy. Biopsy is one of the most commonly performed screening techniques to test the presence of cancerous cells among various parts of the human body. The global health organizations such as World Health Organization (WHO) are also taking significant efforts to generate awareness among general populace through ruling out guidelines on the benefits and procedures of early cancer diagnosis.
Thus, the rising awareness among patient population is leading to increasing number of diagnostic tests performed, which, in turn, is likely to provide an opportunistic scenario for the growth of the biopsy devices market over the coming years. A biopsy is a medical examination generally implemented by a surgeon, interventional radiologist, or an interventional cardiologist to extract sample cells or tissues and helps in identification, existence of a disease. The tissue is generally observed under a microscope by a pathologist, and can also be examined chemically. Biopsies are most commonly performed to identify cancerous and inflammatory conditions.
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