New York, Dec. 17, 2021 (GLOBE NEWSWIRE) -- According to the new market research report "Biopsy Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product (Needle-Based Biopsy, Localization Wires, Procedure Trays, and Others); Technology (CT Scan, Ultrasound-Guided Biopsy, Stereotactic-Guided Biopsy, MRI-Guided Biopsy, and Others); Application (Lung Biopsy, Kidney Biopsy, Liver Biopsy, Breast Biopsy, and Others); and Geography", published by The Insight Partners, the global biopsy devices market is anticipated to reach US$ 3,584.20 million by 2027 from US$ 2,230.86 million in 2019. The market is projected to grow at a CAGR of 6.2% from 2020 to 2027.
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Biopsy Devices Market: Competition Landscape and Key Developments
BD, B. Braun Melsungen AG, Boston Scientific Corporation, Cardinal Health, Inc., Cook Medical LLC, Danaher, Fujifilm Corporation, Hologic, Inc., Medtronic and Argon Medical Devices are among the key companies operating in the biopsy devices market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.
- In December 2019, Medtronic received FDA clearance for its Stealth Autoguide, a brain surgery guidance system. It is a robotic guidance system that is developed for spatial positioning and orientation of instrument holders and other associated tools that are used in neurosurgical procedures. The company received approval for the Stealth Autoguide Platform to be used for biopsy procedures..
- In August 2017, Hologic launched a Brevera Breast Biopsy System with a combination of CorLumina Imaging Technology in the US. The product helps in a real-time breast biopsy and verification. The system enhances workflow and improves the patient experience and also streamlines the overall biopsy process. The product is the first-of-its-kind; the system is developed to strengthen biopsy accuracy with real-time imaging.
- In December 2017, BD, a leading provider of medical technology, acquired C. R. Bard, Inc. This acquisition has created a new health care industry leader in the global market. Bard's, with its strong product portfolio and innovation pipeline, has increased the scope for opportunities in fast-growing medical devices business in the global markets
In 2019, North America dominated the Biopsy Devices Market. The US holds held the largest share of the North American master patient index software market. The growth factors that are contributing to market’s growth in the region are Increasing incidence of cancer, growing need for diagnosing cancer, increasing competition between the market player, high R&D spending, and government grants for research institutes to develop new diagnostics are some of the prominent factors propelling the market growth. Furthermore, many market players are conducting research and developing new products related to biopsy. For instance, in 2016, Inivata located in North Carolina, US, launched US clinical trial of innovative ctDNA liquid biopsy analysis in Lung Cancer. Tissue biopsies are highly invasive diagnostic techniques for lung cancer and can give improper results due to lack of sample. Thus, development of biopsy technique for lung cancer will advance the diagnostic techniques for lung cancer. Moreover, the U.S. Food and Drug Administration approved the first blood-based test to detect gene mutation associated with non-small cell lung cancer. Such approvals of biopsy tests deliver highly personalized treatment for patients.
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The biopsy devices market in Asia Pacific is anticipated to grow at the fastest rate in the coming years due to increasing number of research studies, growing government support, and increasing number of start ups and biotech companies in this region.
Based on product, the biopsy devices market is segmented into needle-based biopsy, localization wires, procedure trays and others. The needle-based biopsy segment accounted for more than 38.96% of the market share in 2019. In terms of technology, the biopsy devices market is segmented into CT-scan, ultrasound guided biopsy, stereotactic biopsy, MRI and others.. The ultrasound-guided biopsy segment held the largest share of the market in 2019. In terms of application, the biopsy devices market is segmented into lung biopsy, kidney biopsy, liver biopsy, breast biopsy, and other.The breast biopsy segment held the largest share of the market in 2019.
Increasing Cancer Rates in Biopsy Devices Market:
Biopsy refers to a diagnostic test that helps identify various types of cancer and non-cancerous abnormalities in the human body. The increasing prevalence of cancer among population is likely to augment the growth of the biopsy devices market across the world. For instance, in Canada, cancer is the leading cause of death among population, and it is witnessed to be a second-leading cause after heart diseases in the US. As per the American Cancer Society, ~1.9 million new cancer cases and 693,000 cancer deaths were recorded in 2018. Prostate cancers are the most commonly diagnosed cancers among males in North America; however, breast cancers remain leading in females. Additionally, lung cancer remains the most common cause of death in both sexes. It is estimated that the number of new cases of cancer incidence is 439.2 per 100,000 men and women per year.
According to the National Health Profile, the cases of common cancers, including cervical, oral, and breast cancers, have increased by 324% in India from 2017 to 2018. Additionally, the total number of patients visiting Non-Communicable Diseases (NCD) clinics have doubled between 2017 and 2018, which is recorded to be 35 million and 66 million, respectively. Rapid change in lifestyle and consumption of alcohol and tobacco products is among the prominent factors increasing the incidences of cancer among the population.
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BD, Qiagen, F.Hoffmann La-Roche Ltd., Hologic, and Boston Scientific Corporation are among the major companies manufacturing biopsy devices and accessories to diagnose cancer and other diseases. Therefore, the increasing prevalence of cancer across the world is expected to drive the growth of the global biopsy devices market during the forecast period.
Biopsy Devices Market: Segmental Overview
In terms of product, needle-based biopsy segment is anticipated to register the highest CAGR during the forecast period. Needle biopsy refers to a procedure that include obtaining sample from the cells of an individual’s body for testing them into clinical laboratories. Some of the common methods for performing needle-biopsy include core-needle biopsy, fine-needle aspiration and others. The technique of needle-biopsy involves the use of specialized needles that are used to extract cells from the suspicious area of the body. The needle biopsy is commonly performed by doctors on the tumors, whose presence is felt through the skin, majorly in areas such as enlarged lymph nodes and suspicious breast nodes. The technique is also used to collect fluids from area that cannot be felt through the skin by combining it with an imaging technique such as X-ray. In terms of technology, the biopsy devices market is segmented into CT-scan, ultrasound guided biopsy, stereotactic biopsy, MRI and others.. The ultrasound-guided biopsy segment held the largest share of the market in 2019. In terms of application, the biopsy devices market is segmented into lung biopsy, kidney biopsy, liver biopsy, breast biopsy, and other.The breast biopsy segment held the largest share of the market in 2019.
The COVID-19 outbreak has disturbed various trades and businesses across the world. due to an increasing number of infected patients, healthcare professionals and leading organizations are distracting the flow of healthcare resources from research & development to primary care, which is slowing down the process of innovation. Furthermore, the pandemic spread is also preventing the clinical trials, drug development, and diagnostic industry. For instance, California-based Lucence Diagnostics Pte Ltd., who develops biopsy products and has a known player in this industry, has been diverted now to manufacture kits for COVID-19. For instance, in March 2020, Lucence Diagnostics announced that they have a new product in their product portfolio by developing the SAFER-Sample (Stabilization of nucleic Acid Formulation for Evaluation of RNA) kit, a sample collecting medical device to promote more accessible testing of viral infections like COVID-19. The rapid increase in the number of infected patients globally is likely to hamper the growth of biopsy devices market and result in slowing down the market growth in the near future.
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