Biopsy devices market growth is driven by growing occurrence of cancer

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Industry Insights

Global Biopsy Devices Market size was valued at $1.76 billion for 2015 and is projected to record CAGR of about 6.6% during forecast timeframe. Rising occurrence of cancer, increasing demand for minimally invasive drug procedures and enhanced expenditure on efficient investigative methods are few of the main aspects promoting industry growth.

U.S. Biopsy Devices Market Size, by Product, 2012- 2024 (USD Million)

U.S. Biopsy Devices Market Size, by Product, 2012- 2024 (USD Million)

 

Rise in proportion of patients suffering from cancer ailment is predicted produce heavy demand for biopsy methods. Launch of new government policies aimed at enhancing compensation coverage like Obamacare Act in countries like U.S. is predicted to broaden the customer base. High rate of penetration of technically modernized devices like disposable items and vacuum assisted systems is projected to promote biopsy devices industry trends.

Increase in old age population who are at high risk of acquiring cancer ailment has led to growing occurrence of cancer ailment globally. Furthermore, rising geriatric population along with large unexplored potential avenues in nations like China, India and Japan is predicted to stimulate industry growth during forecast timeframe.

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Product Insights

Global biopsy devices industry is segmented into various products like needle based biopsy gun, biopsy forceps, biopsy needles and biopsy guidance system.

Needle based biopsy gun segment is sub-segmented into core needle segment, vacuum-assisted segment and fine needle segment.

Biopsy forceps segment is also segmented into sub-segments like hot biopsy segment and general biopsy segment. Biopsy needles segment is segmented into reusable segment and disposable segment. Biopsy guidance system is sub-segmented into robotic and manual segments. Biopsy guidance system dominated the product segment and it was followed by needle based biopsy gun segment as well as biopsy needles segment.

Biopsy guidance system segment contributed about 44% to total revenue for 2015 and the size of the segment is projected to surpass $1.2 billion by end of forecast timeframe. High costs related with robotic guidance systems added significantly to the revenue growth of the segment.

Vacuum assisted biopsy sub-segment contributed maximum revenue share to needle based guns segment. Demand for this sub-segment is increasing owing to rising preference for minimally invasive methods. Biopsy guidance system segment was led by manual sub-segment for 2015.

Disposable needles sub-segment is predicted to record high growth due to its capability to prevent infection and cross contamination.

Regional Insights

Global biopsy devices market is segmented into geographical regions like LATAM, North America, APAC, MEA and Europe.

North American industry was biggest regional industry contributing about more than 55.1% to the total industry share for 2015 and was followed by Europe and APAC.

U.S. biopsy devices market price was about $1.2 billion for 2015 with contribution more than 80.1% to the North America biopsy devices industry share.

Europe biopsy devices market share is predicted to observe moderate expansion with Germany contributing more than 28.2% for 2015.

APAC, led by India and China biopsy devices market, is projected to record highest expansion during forecast timeline and is predicted to be most profitable investment destination for business growth. In addition to this, presence of large patient pool with unfulfilled requirements along with fast growing healthcare infrastructure is predicted to stimulate regional industry expansion.

Competitive Insights

Global biopsy devices industry is oligopolistic and only few industry participants contributed more than 90.1% to the industry share for 2015. Key industry players profiled in the report include Hologic Incorporation, Devicor Medical Products Incorporation, Surgical Specialities Corporation, CareFusion Corporation, Cardinal Health Incorporation, C.R. Bard Incorporation, DTR Medical and INRAD Incorporation.

Author NameDhananjay Punekar

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