Biopsy Devices Market [2021-2031] - Size, Share, and Analysis
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.
Biopsy Devices Market Analysis
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.
Biopsy Devices Market Overview
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.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Biopsy Devices Market: Strategic Insights
Market Size Value in US$ 2,230.86 Million in 2019 Market Size Value by US$ 3,584.20 Million by 2027 Growth rate CAGR of 6.2% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Biopsy Devices Market: Strategic Insights
| Market Size Value in | US$ 2,230.86 Million in 2019 |
| Market Size Value by | US$ 3,584.20 Million by 2027 |
| Growth rate | CAGR of 6.2% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
Mrinal
Have a question?
Mrinal will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
Biopsy Devices Market Drivers and Opportunities
Rising Prevalence of Cancer Demanding for Biopsy Devices System Favors the Market
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 Biopsy Devices– An Opportunity in Biopsy Devices Market
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.
Biopsy Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Biopsy Devices Market analysis are product, technology, and application.
- Based on product, the Biopsy Devices market is segmented into Needle-Based Biopsy, Localization Wires, Procedure Trays, and Others. The needle-based biopsy devices held a larger market share in 2023. Increasing adoption of needle-based biopsy devices due to their advantages such as high accuracy with minimal injury is propelling the market growth of this segment.
- By technology, the market is segmented into CT Scan, Ultrasound-Guided Biopsy, Stereotactic-Guided Biopsy, MRI-Guided Biopsy, and Others. The Ultrasound-Guided Biopsy segment held the largest share of the market in 2023. However, the CT Scan segment recorded the fastest CAGR during the forecast period.
- Based on the application of Biopsy Devices market is segmented into Lung Biopsy, Kidney Biopsy, Liver Biopsy, Breast Biopsy, and Others. The Breast Biopsy segment held the largest share of the market in 2023.
Biopsy Devices Market Share Analysis by Geography
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.
Biopsy Devices Market Report Scope
Biopsy Devices Market News and Recent Developments
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:
- TransMed7, LLC declared a “First in Human” clinical case of the commercial production version of a Heron XPS device. It is a member of the new Heron family of vacuum-assisted, single insertion/multiple collection soft tissue biopsy devices. (Source: Transmed7, Press Release/Company Website/Newsletter, August 2022)
- Boston Scientific Corporation announced the U.S. Food and Drug Administration approval for the latest-generation WATCHMAN FLX Pro Left Atrial Appendage Closure (LAAC) Device. Designed to advance further the procedural performance and safety of the WATCHMAN technology, which is indicated to reduce stroke risk in patients with non-valvular atrial fibrillation (NVAF) who need an alternative to oral anticoagulation therapy, the device now features a polymer coating, visualization markers, and a broader size matrix to treat a wider range of patients. (Source: Boston Scientific Corporation, Press Release/Company Website/Newsletter, September 2023)
- Mammotome, an operating company of Danaher Corporation, launched the Mammotome RevolveTM EX Dual Vacuum-Assisted Breast Biopsy System. It is the first vacuum-assisted biopsy device designed specifically for the excision of benign breast lesions and is twice as fast as traditional vacuum-assisted breast biopsy systems. This device is a minimally invasive solution and enables physicians to provide better care for patients with benign lesions by avoiding the risks and trauma of an open surgical procedure and creating little to no scarring. (Source: Danaher Corporation, Press Release/Company Website/Newsletter, Aug 2022)
Biopsy Devices Market Report Coverage and Deliverables
The “Biopsy Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Technology ; Application ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
Get Free Sample For