The Biopsy Devices Market size is projected to reach US$ 4.59 billion by 2031 from US$ 2.83 billion in 2023. The market is expected to register a CAGR of 6.20% in 2023–2031. The increasing prevalence of cancer cases, increasing number of biopsies, and technological advancements in biopsy devices are likely to remain key Biopsy Devices market trends.
Factors such as the rising preference for minimally invasive procedures, the escalating number of cancer cases, and government initiatives undertaken for cancer diagnosis are fueling the market growth. Biopsy is one of the major diagnosis techniques for various cancer types such as breast, skin, and prostate cancer. According to the data retrieved from the Pan America Health Organization, the cancer burden is projected to increase by approximately 60% over the next two decades. The predicted global cancer burden will increase to about 30 million new cancer cases by 2040, especially in low- and middle-income countries. Therefore, with the increasing incidence of cancer cases and technological advancement in biopsy devices, the market is expected to increase in the forecast period.
North America is the largest market for Biopsy Devices market growth with the US holding the largest market share followed by Canada. Factors such as rising demand for minimally invasive biopsy procedures are also key contributing factors to the North American Biopsy Devices market growth. According to the data published by the American Society of Plastic Surgeons in 2022, there were approximately 23,672,269 cosmetic minimally invasive procedures carried out in the US. Hence, these procedures demand biopsy devices, which in turn is driving the market growth.
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Biopsy Devices Market: Strategic Insights
The increasing burden of cancer globally is a significant driving factor for the global biopsy device market. Cancer diagnosis requires precise and early-stage identification for optimal treatment, making biopsy an essential diagnostic tool. According to the World Health Organization, in 2022, there were an estimated 20 million new cancer cases and 9.7 million deaths, and about 1 in 5 people develop cancer in their lifetime. Therefore, biopsy devices are becoming vital in malignant tissue identification, helping physician plan their treatment strategy.
Technological advancements in medical devices and rapid Innovations represent another major growth-inducing factor. With these advancements and innovations, the efficacy, speed, and safety of biopsy procedures have improved over the years. For instance, vacuum-assisted biopsy devices help in faster and more comfortable extraction of tissue samples. Additionally, the integration of real-time imaging techniques such as CT scans, ultrasound, or MRI with biopsy devices provides physicians with a more accurate target area, fewer procedural complications, and increased diagnostic reliability. Such technological advancements contribute to higher product adoption rates among healthcare professionals, which in turn is propelling the market growth of biopsy devices.
Key segments that contributed to the derivation of the Biopsy Devices Market analysis are product, technology, and application.
The geographic scope of the Biopsy Devices Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Biopsy Devices Market. The market growth can be attributed to the rising adoption of Biopsy Devices for various applications, the rising prevalence of cancer cases, the presence of major manufacturers involved in manufacturing Biopsy Devices systems, and the investment by pharma and biotech companies for medical devices in North American countries. For instance, according to the data published by the Pan America Health Organization (PAHO), Cancer is the second cause of morbidity and mortality in the Americas, after cardiovascular disease. An estimated 4 million people were newly diagnosed and 1.4 million people died from cancer in 2020. Hence, the increasing number of diagnosed cancer population will demand biopsy devices, in turn will fuel the market growth.
The regional trends and factors influencing the Biopsy Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Biopsy Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 2.83 Billion |
| Market Size by 2031 | US$ 4.59 Billion |
| Global CAGR (2023 - 2031) | 6.20% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Biopsy Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Biopsy Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Biopsy Devices Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Biopsy Devices: