(PharmaNewsWire.Com, July 11, 2019 ) “Market Overview The propelling factors for the growth of the biopsy devices market include the increasing preference for minimally invasive procedures, an increase in the number of cancer cases worldwide, and initiatives undertaken by the government for diagnosis.
Biopsy has been one of the major diagnosis techniques for cancer disorders and is widely used in the diagnosis of breast, skin, and prostate cancer. According to the World Cancer Report, cancer rates could further increase by 50% to 15 million new cases by 2020. Therefore, with the increasing incidence of cancer cases and developments in the biopsy devices, the market is expected to increase in the forecast period.
There is also a demand for minimally invasive biopsy procedures that is rising at a significant rate in the market. The different types of technologies and products, such as biopsy guiding systems, needle-based biopsy guns, and vacuum assisted devices are anticipated to witness the high growth during the forecast period.
In addition, the growing awareness regarding breast cancer treatment and diagnosis will support the increase in the biopsy devices market size in the upcoming years. There are many countries that hold programs for the early diagnosis of breast cancer. Therefore, such initiatives will accelerate the adoption rate of biopsy devices, thereby positively impacting the growth of the biopsy devices business in the foreseeable future.
Scope of the Report As per the scope of the report, a biopsy is a process that helps in the removal of tissue from an organ to determine the presence or extent of disease, mostly cancerous and inflammatory conditions. This diagnostic procedure is generally performed by surgeons, radiologists, and interventional cardiologists, to confirm the presence of cancerous tissues. Therefore, the biopsy procedures can be performed for almost any organ with the help of a specific biopsy device.
Key Market Trends Needle-based Biopsy Instruments is the Largest Segment Under Products that is Expected to Grow During the Forecast Period
Needle-based biopsy holds the leading share in the market due to the increasing demand for these instruments, for acquiring samples from soft tissues of internal organs, such as breasts, kidneys, and lungs. This is poised to contribute to the growth of the overall market during the forecast period. Hence, the above benefits of needle-based biopsy guns coupled with the increasing demand for minimally invasive procedures will spur the segmental growth.
North America Holds the Largest Share and is Expected to Follow the Same Trend Over the Forecast Period
North America is found to be the leading revenue contributor in the market. The established market players in the region will continue to account for a substantial share in the market throughout the forecast period. The number of biopsies performed in the United States is also found to be the highest, helping in the expansion of the overall market. Furthermore, sophisticated healthcare infrastructure and the growing prevalence of infections will positively impact the biopsy devices growth over the projected timeframe.
Competitive Landscape The major market players operating in the biopsy devices market are Hologic, C.R. Bard Inc., Devicor Medical Products Inc., among other players. These companies are undertaking strategies, such as product launch through technological innovations and partnerships to gain profits in the industry. Thus, the new product launches are the most preferred strategy followed by collaborations and geographical expansion for market capitalization.
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