(PharmaNewsWire.Com, November 11, 2020 ) According to research report the biopsy devices market is expected to reach USD 2.42 billion by 2022 from USD 1.74 billion in 2017, at a CAGR of 6.8% from 2017 to 2022.
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.
The Report analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
North America dominated the market in 2016
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 equipment market in North America.
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.
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 biopsy equipment 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 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).
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