Biopsy Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

The global biopsy devices market is anticipated to grow at a CAGR of 5.1% during the forecast period from 2022 to 2027. The biopsy devices market is witnessing a positive growth owing to the various factors such as increasing prevalence of breast cancer, rise in geriatric population, rising incidence of lung cancer, and rising technological advancements with respect to the products offerings. Therefore, the market for biopsy devices is estimated to grow during the forecast period from 2022 to 2027.

Biopsy Devices Market Dynamics:

One of the main drivers of the biopsy devices market is the increasing prevalence of breast cancer. For instance, according to the World Health Organization (WHO) published data in the year 2021, in 2020, worldwide, breast cancer was diagnosed in 2.3 million women and it has been diagnosed in 7.8 million women in the previous five years as of the end of 2020. Thus, biopsy devices are used to diagnose breast cancer and are used to assist the effective treatment for it. Therefore, the increasing prevalence of breast cancer boosts the biopsy devices demand, which surges the biopsy devices overall market forward over the forecast period (2022-2027).

Moreover, another key factor which is responsible for the growth of biopsy devices is the rise in geriatric population, as per the WHO published data in the year 2021, throughout the world, it was estimated that between years 2015-2050 the number of population aged 60 years and beyond will get doubled from 12-22% and will reach 2.1 billion by the year 2050. Adding to it, by the year 2030, one out of every six person worldwide will age 60 years or above. The number of population aged 80 years or above is expected to get triple between the years 2020 and 2050 & will reach to 426 million population. Further, as age increases the chances of suffering from disease also increases such as cancers, infections, inflammatory and autoimmune disorders. Therefore, rising geriatric population increases the demand for biopsy devices, this surge the biopsy devices overall market forward over the forecast period (2022-2027).

Therefore, the aforementioned factors boosts the biopsy devices demand, which surge the growth of overall biopsy devices market during the forecast period from 2022-2027.

However, complications associated with biopsy procedure such as bleeding, infections & others and available alternative therapies of biopsy such as blood tests, this can hamper the global biopsy devices market growth.

The ongoing COVID-19 epidemic has significantly impacted the biopsy devices market. The nationwide lockdown in almost every country restricted people's movement, halted supply chains and logistics, hampered manufacturing rates, resulting in a product shortage in the market, and elective surgeries were not given priority because COVID-19 patients were given priority in terms of treatment. According to the American Hospital Association 2020, between March and June 2020, hospitals in the United States lost an estimated USD 50.7 billion due to a decrease in "elective" treatments. According to the same research, these processes accounted for around 31% of net revenue in the United States on average. However, with masses being vaccinated, relaxation in lockdown restrictions, resumption of supply chains, logistics, manufacturing units, and increase in the elective surgeries, the biopsy devices market has picked momentum and is expected to further grow during the forecast period.

Biopsy Devices Market Segment Analysis:

Biopsy Devices Market by Product Type (Needles, Biopsy Systems, Forceps, Curettes, and Others), Application (Skin Biopsy, Bone Marrow Biopsy, Prostate Biopsy, Breast Biopsy, and Others), Imaging Technology (Ultrasound-Guided, MRI-Guided Biopsy, and Stereotactic-Guided Biopsy), End-user (Hospital, Diagnostic Centers, Imaging Centers, and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In by product type segment of biopsy devices, needles are expected to share a significant revenue in the year 2021. Needle biopsy is a reliable way to obtain tissue samples that are used to diagnose whether a nodule is benign (non-cancerous) or malignant. It is less invasive than open and closed surgical biopsies, both of which involve a larger incision in the skin and local or general anesthesia. More benefits associated with are that it is less painful, they offers greater sampling accuracy, it is less expensive, and patients can quickly resume their regular activities after recovery. Moreover, increased acquisitions associated with needles for biopsy also drives the market growth for biopsy devices.

In February 2019, IZI Medical Products LLC, an interventional radiology medical device company and portfolio company of Shore Capital Partners LLC, acquired select soft tissue biopsy and breast localization needle assets from Cook Medical. The Quick-Core Biopsy Needle, MReye Breast Localization Coil, and Kopans and X-Reidy Lesion Localization Needles are among the goods in the purchased portfolio.

Therefore, factors stated above, increases the biopsy devices demand in the market which will drive the growth of overall global biopsy devices market during the forecast period.

North America is expected to dominate the overall Biopsy Devices Market:

Among all the regions, North America is expected to dominate the global biopsy devices market in the year 2021 and is expected to do the same during the forecast period from 2022-2027. Factors such as rising incidence of lung cancer and rising technological advancements with respect to the products offering of biopsy devices are expected to increase the demand of biopsy devices in the North America market.

According to the American Cancer Society published data in the year 2022, in United States, it is estimated that there will be 236,740 new cases of lung cancer in 2022. Thus, biopsy devices are used to diagnose lung cancer. Therefore, rising incidence of lung cancer increases the demand for biopsy devices thereby, propelling the growth of biopsy devices overall market.

Moreover, rising technological advancements with respect to the products offerings also drive the biopsy devices market growth. For instance, in October 2020, GE Healthcare, a manufacturer & distributor of diagnostic imaging agents & radiopharmaceuticals for imaging modalities used in medical imaging procedures introduced a contrast-enhanced guided biopsy solution Serena Bright in the United States, to help improve breast cancer outcomes for women. This innovative technology of the company enables clinicians to carry out breast biopsy exams with contrast guidance using the same mammography equipment in the same room, as well as with the same staff as the screening or diagnostic mammogram.

Furthermore, aforementioned factors, provide a conductive growth environment for North American region in biopsy devices market.

Biopsy Devices Market Key Players:

Some of the key market players operating in the biopsy devices market include Boston Scientific Corporation, Cardinal Health, Medtronic, BD, Cook, Devicor Medical Products Inc, B. Braun Melsungen AG, ARGON MEDICAL, OLYMPUS CORPORATION, FUJIFILM, INRAD Inc, Hologic Inc, C. R. Bard, Dr. Japan Co Ltd, Limaca-medical, Owlstone Medical Ltd, Zamar Care, KOELIS, ST. STONE MEDICAL DEVICES PVT LTD, Iscon Surgicals Ltd, and among others.

Recent Developmental Activities in the Biopsy Devices:

• In May 2022, Limaca Medical, a privately held company located in Israel devoted to enhancing endoscopic biopsy outcomes for patients with potentially life-threatening gastrointestinal tumors, gained FDA breakthrough device classification for its Precision GI endoscopic ultrasound biopsy device. Precision GI is deployed and operated through an instrument channel in the endoscope to biopsy a tumor.
• In May 2022, Limaca Medical, a privately held company located in Israel devoted to enhancing endoscopic biopsy outcomes for patients with potentially life-threatening gastrointestinal tumors and HekaBio K.K., is a privately held healthcare company based in Tokyo, Japan announced that they have inked a strategic partnership agreement, whereby HekaBio is to distribute Limaca's Precision-GI™ Endoscopic Biopsy Device in Japan.
• In July 2019, FUJIFILM Medical Systems U.S.A., Inc., a leading provider of diagnostic imaging & medical informatics solutions, has extended its breast imaging capabilities with the launch of its Tomosynthesis Biopsy option for the ASPIRE Cristalle mammography system. In addition to the traditional stereotactic method, this new option uses tomosynthesis guidance to calculate 3D coordinates of a suspicious lesion in the breast, allowing radiologists to accurately complete biopsy of suspicious areas to conduct a pathological examination, inform the diagnosis and care plan.

Key Takeaways from the Biopsy Devices Market Report Study

• Market size analysis for current biopsy devices market (2021), and market forecast for 5 years (2022-2027).
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the biopsy devices market.
• Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint venture happened over the last 3 years.
• Key companies dominating the global biopsy devices
• Various opportunities are available for the other competitor in the biopsy devices market space.
• What are the top-performing segments in 2021? How these segments will perform in 2027.
• Which are the top-performing regions and countries in the current biopsy devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for biopsy devices market growth in the coming future?

Who Will Benefit from this Biopsy Devices Market Report Study

• Biopsy devices providers
• Research organizations and consulting companies
• Biopsy Devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in biopsy devices
• Various End-users who want to know more about the biopsy devices market and latest technological developments in the biopsy devices

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