Rising Prevalence of Cancer Driving the Growth of Biopsy Devices Market

According to the new market research report Biopsy Devices Market by Product (Core Needle Biopsy, Aspiration Biopsy, Vacuum Assisted Biopsy) Application (Breast Biopsy, Lung Biopsy, Prostate Biopsy) Guidance (Stereotactic, Ultrasound) & by End User (Hospital) – Global Forecast to 2022″, published by MarketsandMarkets™, the market is expected to reach USD 2.42 Billion by 2022 from an estimated USD 1.74 Billion in 2017, at a CAGR of 6.8% during the forecast period.

Factors such as rising prevalence of cancer, increasing preference for minimally invasive surgeries, and initiatives undertaken by governments & global health organizations are the major factors driving the growth of this market.

By product, the needle-based biopsy instruments segment accounted for the largest share of the market

On the basis of product, the needle-based biopsy instruments segment accounted for the largest share of the global biopsy devices market in 2016. This can be attributed to the preference of needle-based biopsies over open surgical biopsies and increasing preference for minimally invasive surgeries.

The lung biopsy segment is expected to highest growth during the forecast period

Based on application, the lung biopsy segment accounted for the largest share of the biopsy devices market. The growing prevalence of lung cancer will drive market growth. Additionally, the availability of funding for lung cancer research is contributing to the growth of this market segment.

The ultrasound-guided biopsy segment dominated the market in 2016

Based on guidance technique, the ultrasound-guided biopsy segment accounted for the largest share of the biopsy devices market. This quick and simple procedure offers advantages, such as no ionizing radiation exposure, low complication rate, and lower cost as compared to other biopsy techniques.

The hospitals segment held the highest CAGR during the forecast period

Based on end user, the hospitals segment is expected to register the highest growth rate during the forecast period. The strong financial capabilities of hospitals and the presence of trained professionals are the major factors supporting the rising adoption of biopsy devices among hospitals.

North America accounted for the largest share of the biopsy devices market in 2016, followed by Europe. The rising prevalence of cancer, government initiatives to spread awareness about cancer, favorable reimbursement scenario for biopsy devices in the U.S., and the presence of key players in the region are the key factors driving the growth of the biopsy devices market in North America.

The major players in the Biopsy Devices Market are C. R. Bard, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Cook Group Incorporated (U.S.), Devicor Medical Products, Inc., (Leica Biosystems) (Germany), Argon Medical Devices (U.S.), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (U.S.), Olympus Corporation (Japan), Boston Scientific Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), INRAD, Inc. (U.S.), and Medtronic plc (Ireland).