(PharmaNewsWire.Com, November 23, 2021 ) 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 increasing cancer prevalence, growing government & global health organizations initiatives to spread awareness about cancer, the shift towards minimally invasive surgeries and the improved reimbursement scenario in U.S. are boosting the growth of global market.
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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.
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.
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.
Based on end user, the market is segmented into hospitals, diagnostic & imaging centers, and academic & research institutes. In 2016, hospitals formed the largest end-user segment of the market. This can be attributed to the growth in the healthcare sector in emerging economies along with the increase in the out-of-pocket healthcare expenditure and increase in the number of 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 Products Market in North America.
The major players in the Biopsy Products 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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