PUBLISHER: The Business Research Company | PRODUCT CODE: 1429345
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429345
Biopsy devices are employed to extract sample cells or tissues from a patient's body for examination, aiding in the diagnosis of diseases.
Key product types within biopsy devices include needle-based biopsy instruments, core biopsy devices, aspiration biopsy needles, vacuum-assisted biopsy devices, biopsy forceps, and localization wires. Core biopsy devices utilize a large hollow needle to make a small incision in the skin over the lump. Imaging technologies associated with these devices include MRI-guided biopsy, stereotactic-guided biopsy, ultrasound-guided biopsy, and CT scan. Applications span breast biopsy, gynecological biopsy, prostate biopsy, liver biopsy, lung biopsy, kidney biopsy, gastroenterology biopsy, and others, with usage in diagnostics and imaging centers, hospitals, and similar medical settings.
The biopsy devices market research report is one of a series of new reports from The Business Research Company that provides biopsy devices market statistics, including biopsy devices industry global market size, regional shares, competitors with a biopsy devices market share, detailed biopsy devices market segments, market trends and opportunities, and any further data you may need to thrive in the biopsy devices industry. This biopsy devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The biopsy devices market size has grown strongly in recent years. It will grow from $2.87 billion in 2023 to $3.11 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed during the historic period can be attributed to factors such as the growth of emerging markets, advancements in healthcare infrastructure, and an increase in the elderly population.
The biopsy devices market size is expected to see strong growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The anticipated growth in the forecast period can be attributed to government investments in the healthcare sector, a rise in cancer cases, and an increase in healthcare expenditure driving market growth. Major trends expected in the forecast period include technological advancements, the launch of fully automatic biopsy systems, product innovations, the development of robot-assisted biopsy systems, partnerships, collaborations, and increasing investments.
The escalation in cancer incidences has significantly contributed to the expansion of the biopsy devices market, as biopsies remain a primary diagnostic method used by medical professionals when suspecting the presence of cancer cells in the body. Notably, statistics from the American Cancer Society in January 2023 revealed an anticipated 1.9 million new cancer cases diagnosed in the United States in 2022, with an estimated 609,360 cancer-related deaths. Specifically, projections indicated around 151,030 new cases of colorectal cancer by the close of 2022, estimated to result in roughly 52,550 deaths in 2023. Additionally, a May 2022 report from the Canadian Medical Association Journal highlighted an estimated 233,900 new cancer cases in Canada for 2022, with approximately 28,600 projected to be breast cancer cases, constituting about 25% of all newly diagnosed cases in women. Lung cancer was expected to be the most prevalent type in Canada, with an estimated 30,000 new cases.
The increasing volume of surgeries is anticipated to drive the expansion of the biopsy devices market. Surgery, a medical discipline addressing injuries and disorders through manual and instrumental methods, commonly utilizes biopsy devices to extract tissue samples for laboratory analysis during procedures. For instance, data from The Aesthetic Society in April 2022 indicated a 54% rise in surgical procedures in 2021 compared to the previous year, with plastic surgeons conducting 320 surgical procedures in 2021, up from 220 in 2020. Additionally, a report from Austin Publishing Group in May 2023 highlighted that over 300 million major procedures are conducted worldwide annually. This surge in surgical procedures is expected to fuel the growth of the biopsy devices market in the foreseeable future.
Robot-assisted biopsy systems are revolutionizing the landscape of the biopsy devices market by offering improved precision and a reduced risk of complications post-biopsy. These systems aim to enhance the accuracy of biopsy procedures, earning approvals from medical regulatory bodies for their contribution to simplifying and refining the process. Notably, in July 2022, the FDA granted clearance for Siemens Healthineers' and Intuitive's platforms to develop a robotic-assisted platform specifically tailored for minimally invasive lung biopsies. This integration facilitates both 2D and 3D imaging capabilities during the biopsy procedures.
Key players within the biopsy devices market are driving innovation by introducing cutting-edge products such as the Quick-Core Auto Biopsy System to bolster their market profitability. The Quick-Core Auto represents a fully automated biopsy device that elevates the reliability, precision, and quality of IZI's existing Quick-Core semi-automatic biopsy system. For instance, in March 2021, IZI Medical Products LLC, a US-based medical device manufacturer, launched the Quick-Core Auto Biopsy System specialized for soft tissue biopsy. This lightweight device is specifically designed for single-use purposes, showcasing advancements in biopsy technology.
In June 2023, Quest Diagnostics, a US-based medical laboratories company, successfully acquired Haystack Oncology for an undisclosed amount. This strategic move aims to integrate Haystack Oncology's highly sensitive minimal-residual disease (MRD) testing technology, which is based on circulating tumor DNA (ctDNA). Quest Diagnostics plans to leverage this technology in the development of innovative blood-based clinical laboratory services for solid tumor cancers, with availability expected to commence in 2024.
Major companies operating in the biopsy devices market report are Becton Dickinson and Company (BD), Hologic, Inc., Danaher Corporation, Boston Scientific Corporation, Olympus Corporation, Cook Medical, Medtronic Inc., Cardinal Health, Argon Medical Devices Inc., Fujifilm Holdings Corp, A&T Corporation, BMA Co. Ltd., Transmed (China) Co., Ltd., HaploX Biotechnology, Gene+sLab, Lepu Medical Technology, Digirad Corporation, CMR Naviscan Corporation, DDD Diagnostics, Philips Healthcare, Siemens Healthineers, Abbott Laboratories, Bangs Laboratories Inc., Roche Diagnostics, Cepheid, Devicor Medical Products, Braile Biomedica Ltd., B.Braun Medical Gulf, Stryker ESCS BV
North America was the largest region in the biopsy devices market in 2023. Asia-Pacific was the second largest region in the global biopsy devices market report share. The regions covered in the biopsy devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the biopsy devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The biopsy devices market consists of sales of core biopsy guns, core biopsy needles, aspiration biopsy needles, vacuum-assisted biopsy systems, vacuum-assisted biopsy needles, localization wires, procedure trays, and other biopsy devices that are used to diagnose various diseases. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Biopsy Devices Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on biopsy devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for biopsy devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The biopsy devices market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.