NEWARK, Del, Dec. 28, 2022 (GLOBE NEWSWIRE) -- The biopsy device market size is predicted to be worth US$ 2.1 billion in 2023, rising to US$ 3.3 billion by 2033. The market for biopsy device is expected to grow at a significant CAGR of 4.9% during the forecast period.
The demand for biopsy devices is greatly increased by the industry's requirement for minimal invasive biopsy methods. It is anticipated that a number of technologies and products, including vacuum-assisted devices, needle-based biopsy guns, and biopsy guiding systems, experience substantial growth over the course of the projected period.
Due to growing public awareness of breast cancer treatment and diagnostics, the biopsy device industry is expected to increase significantly over the coming years. Programs for the early identification of breast cancer are available in many nations.
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The World Health Organization (WHO) estimates that cancer is responsible for roughly 10 million deaths in 2020. Breast cancer, lung cancer, and leukemia are three malignancies whose prevalence is increasing, which is favorably affecting the demand prognosis for biopsy devices.
Throughout the projection period, a number of efforts done by governments and healthcare organizations addressing cancer treatment and diagnostics are projected to further boost market expansion. Similar to this, rising healthcare costs and significant research and development (R&D) efforts are favorably impacting the industry.
Liquid samples aid in real-time disease progression detection, outcome prediction, medication switching when necessary, and perhaps lengthen patient survival. Therefore, the liquid biopsy process is projected to pose a serious threat to the development of the market growth for biopsy devices over the next ten years.
Key Takeaways from the Biopsy Device Market
- The US biopsy device market is anticipated to expand at a CAGR of 4.9% over the anticipated time frame. By 2033, it is anticipated that sales of biopsy device in the US are likely to surpass US$ 150 million.
- Sales of biopsy devices increased at a 6.2% CAGR between 2017 and 2022, citing FMI's study.
- The market for biopsy device in the UK is anticipated to grow at the greatest rate, 3.9% CAGR. By 2033, it is expected that the UK market would have contributed more than US$ 159 million in revenue.
- Germany's biopsy device sector is estimated to exceed US$ 236 million by 2033.
- Between 2023 and 2033, sales of biopsy device are likely to increase in China and India at 4.7% and 3.9% CAGR, respectively.
- Needles segment dominates the biopsy device market with the CAGR of 5.2% by 2033.
Competitive Landscape
Companies are engaging in strategic mergers and acquisitions to expand their portfolio of biopsy devices, and they are concentrating on distributional partnerships to address concerns with product accessibility across different geographies.
In a market for biopsy devices that is incredibly competitive, there are many startup companies. To meet the rising demand for biopsy devices from medical facilities, these businesses are launching cutting-edge goods and services in the market.
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Recent Developments
- A well-known manufacturer of medical devices used in interventional radiology and interventional oncology procedures, IZI Medical Products LLC ("IZI"), introduced the Quick-Core Auto Biopsy System ("Quick-Core Auto") for soft tissue biopsy in March 2021.
- NeoDynamics AB, a MedTech company focused on enhancing breast cancer diagnosis and care, partnered with the Buckinghamshire Healthcare NHS Trust in London in November 2020 to provide its NeoNavia pulse biopsy technology.
Key Segments
By Product Type:
- Guidance System
- Needles
- Guns
- Reagents and Kits
- Others
By Application:
- Medical Diagnosis
- Scientific Research
By End Use:
- Hospital
- Specialized Oncology Centres
- Diagnostic Centers
- Research Institutes
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- MEA
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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