Newark, NJ, Oct. 06, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global fusion biopsy market is expected to grow from USD 429.33 million in 2019 and to reach USD 882.19 million by 2027, growing at a CAGR of 9.42% during the forecast period 2020-2027.
The increasing cases of prostate cancer around the world have been the major driving factor for the fusion biopsy market. The use of advanced technology has contributed to the development of multiparametric magnetic reasoning imaging. The multiparametric MRI has now been increasingly used in the detection and treatment of prostate cancer. Apart from this, there is an upsurge in demand for targeted biopsy in the diagnosis process, which has accelerated the growth of the fusion biopsy market.
Fusion biopsy is a type of targeted biopsy that combines ultrasound with magnetic reasoning imaging. It is beneficial for patients who suffer from continuously increasing PSA level. It is also beneficial in the diagnosis of aggressive tumors. It utilizes the image of the MRI taken before the biopsy process for the identification of targeted areas. The MRI images are then fused with the real-time images during the fusion biopsy process. This process of simultaneous combining of images visualizes the target areas. Thus, fusion biopsy enables accurate detection and diagnosis of prostate cancer, which cannot be done with the traditional biopsy methods.
The high specificity of this whole process has increased its demand in medical institutions. Further, fusion biopsy costs less than the traditional biopsy as it eliminates the need for repeated sessions. This has reduced the discomfort faced by the patient, which in turn has resulted in an increase in the demand. Further, the supportive initiatives by the government, such as spreading awareness and funding, have accelerated the market growth. However, the high cost of fusion software is expected to hinder the market growth. Also, the lack of skilled professionals is a huge challenge for the market.
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Key players operating in the fusion biopsy market are MedCom, KOELIS, Focal Healthcare, UC-Care Medical Systems Ltd., Siemens Healthineers USA, Invivo Corporation, Hologic, ESAOTE SPA, Koninklijke Philips N.V., GeoScan Medical, C. R. Bard, Precision Biopsy, B.D., Merit Medical Systems Inc. and others. The major players in the fusion biopsy market are focusing on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and thus strengthen their position in the global market. Siemens Healthineers and Koninklijke Philips N.V., are some of the biggest manufacturers and suppliers of fusion biopsy in the worldwide market.
- In November 2018, a major player, Koninklijke Philips N.V., received approval for the latest launch, UroNav Version 3.0, an MRI fusion biopsy system. It consisted of additional hardware and software for a better diagnosis.
The transrectal segment dominated the market and held the largest market share of 74.82% in the year 2019
On the basis of the biopsy route segment, the global fusion biopsy market includes transperineal and transrectal. The transrectal segment dominated the market and held the largest market share of 74.82% in the year 2019. The demand for transrectal biopsy route is more commercially viable. This biopsy method is used in most of the fusion biopsy available in the market. However, the transperineal segment is expected to register impressive growth during the forecasted years. The transperineal method has a lower probability of an infection. Further, it is more efficient in the diagnosis of the ventral prostate and also limits the rectal bleeding.
Hospitals dominated the market and held the largest market share of 57.34% in the year 2019
On the basis of the end-users segment, the global fusion biopsy market includes hospitals, ambulatory care centers and diagnostic centers. Hospitals dominated the market and held the largest market share of 57.34% in the year 2019. The hospitals have the availability of advanced equipment and skilled professionals. Also, hospitals are increasingly procuring the multiparametric magnetic reasoning imaging technology. Apart from this, the diagnostic centers are growing at a high rate owing to the low cost as compared to hospitals and shorter waiting duration.
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Regional Segment Analysis of the Fusion Biopsy Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global fusion biopsy market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America region accounted for a significant market share of 47.20% in the year 2019. The region has witnessed an increase in the number of prostate cancer, which has resulted in the market growth of fusion biopsy in the region. Further, increasing funding on R&D by the government for the development of the diagnosis of prostate cancer has accelerated market growth. However, Asia-Pacific is expected to register the highest growth rate during the forecast period. The growing use of a targeted biopsy, especially by the private players, has penetrated the market in the region. The increasing awareness among the patient population about the reliability of the fusion biopsy process has uplifted the market demand.
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About the report:
The global fusion biopsy market is analyzed on the basis of value (USD Million). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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