Selbyville, Delaware, July 07, 2021 (GLOBE NEWSWIRE) --
According to latest report “Biopsy Devices Market by Product (Biopsy Guidance Systems, Needle Based Biopsy Guns, Biopsy Needles, Biopsy Forceps, Others), End-use (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of biopsy devices will cross $3.4 billion by 2027. Technological advancements in biopsy procedures will boost the global market growth.
Increasing prevalence of dermatological conditions and cancer are driving the demand for biopsy procedures worldwide. some of the common samples biopsied for include skin cancer, psoriasis and infections among others. Biopsy procedures assist the patients and physicians to diagnose precancerous growths, confirm or rule out cancer. As per the Skin Cancer Foundation, over 9,500 Americans are diagnosed with skin cancer per day. Therefore, growing incidence of the life-threatening condition coupled with substantial efficacy of biopsy in diagnosis will stimulate the demand for biopsy procedures and devices in the coming years.
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Technological advances in biopsy techniques will spur the adoption rate of biopsy devices market in the future. Innovations in biopsy devices has led to better workflow and customer preference. For instance, introduction of ultrasound-guided biopsy offers minimally invasive option to the operator and reduces time of procedure. Moreover, emergence of robot-assisted biopsy has supported procedures and diagnostics with greater precision.
Biopsy needles segment accounted for USD 260 million in 2020. Needle biopsy is commonly equipped procedure for collection of samples for diagnosis of various skin disorders including cancer. The procedure is done in outpatient settings and less invasive in nature. Further, availability of range of needle-based procedures will enhance demand in the coming years.
Hospitals segment dominated more than 67% of the biopsy devices market share in 2020. High number of patient visits in hospitals owing to the growing disease prevalence, presence of skilled expertise and infrastructure will fuel the segment revenue. Additionally, availability of reimbursement policies for range of biopsy devices will aid in the market expansion during the forecast timeline. For instance, in 2021, Cook Medical provided reimbursement codes for several biopsy procedures in ambulatory surgical centers, hospital’s outpatient facilities and physician’s offices.
Asia Pacific biopsy devices market is estimated to register growth of over 13% by 2027 on account of the increasing pervasiveness of breast cancer in the region. For instance, the incidence rate of breast cancer in the Western Asia is 46.6 per 100,000 and 43.3 per 100,000 in Eastern Asia, as per statistics by GLOBOCAN. Also, liver cancer has witnessed significant surge in recent years. In addition, growing acceptance and awareness about guided biopsy will further accelerate the regional growth during the forecast timeframe.
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Major players operating in the market include C.R. Bard Inc., CareFusion Corporation, Hologic, Inc. and Devicor Medical products (Leica BioSystems), Inc. among others. Prominent companies are undertaking strategies to augment their product portfolio through product launch and acquisitions.
Table of Contents (ToC) of the report:
Chapter 3 Biopsy Devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Regulatory landscape
3.5 Growth potential analysis
3.5.1 By product
3.5.2 By end-use
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.8 PESTEL analysis
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.