Biopsy Devices Market growth forecasted to transform from USD 6.6 billion in 2023 to USD 12.6 billion by 2028, driven by a CAGR of 14.0%. Over the years, biopsy device technologies have evolved significantly, with a focus on enhancing accuracy, reducing patient discomfort, and improving diagnostic yield. These innovations, combined with increasing cancer incidence rates and the need for early disease detection, have driven the growth of this market, making it an integral component of the broader healthcare landscape. As healthcare continues to advance, biopsy devices continue to be at the forefront of diagnostic and therapeutic interventions, contributing to improved patient outcomes and the advancement of medical knowledge. The wide-ranging use of biopsy devices imaging systems continues to drive innovation and breakthroughs in various domains, benefiting humanity in numerous ways.
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Biopsy Devices Market Dynamics:
Drivers:
- Rising prevalence of cancer
Restraints:
- Risk of infections
Opportunities:
- Technological Advancements
Challenge:
- Underdeveloped healthcare infrastructure and dearth of resources in developing countries
Technology segment to register significant growth rate over the forecast period of 2023-2028
Based on product, the global biopsy devices market is segmented into Needle Based Biopsy Instruments, Localization Wire, Procedure Tray, Biopsy Table and other biopsy products. The Needle Based Biopsy Instruments segment is anticipated to register the highest growth rate over the forecast period.
Breast Biopsy segment in application to register significant growth rate over the forecast period of 2023-2028
Based on end user, the global biopsy devices market is segmented into breast biopsy, bone marrow biopsy, lung, colorectal, kidney, prostate and others. Biopsy devices are medical tools used to extract a sample of tissue from a patient for diagnostic purposes. These devices are utilized by various healthcare professionals and organizations. Other end users may include healthcare professionals such as physicians, surgeons, and medical practitioners who perform biopsies as part of their clinical practice.The breast biopsy segment is anticipated to register the highest growth rate over the forecast period.
The hospitals and breast care centers segment accounted for the largest share of the biopsy devices market, by end user, in 2022
Based on end user, the multimodal market is segmented into hospitals and breast care centers, diagnostic imaging centres, research and academia and other end users. The hospitals and breast care centers segment accounts for the largest share of the market in 2022. As cancer awareness and screening programs expand, more patients are seeking diagnostic services in hospitals and specialized breast care centers. Secondly, advancements in imaging technologies and screening techniques have led to an increased demand for biopsy procedures in these settings to confirm diagnoses and plan personalized treatment strategies.
The Asia Pacific market to register a significant growth in the market during the forecast period
The Asia Pacific biopsy devices market is estimated to register a significant growth from 2023 to 2028. The increasing patient population, rising geriatric population, rapid economic growth and increasing disposable income are driving the market growth in APAC countries. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.
Key Market Players of Biopsy Devices Industry:
As of 2022, prominent players in the biopsy devices market are Becton, Dickinson and Company (U.S.), Devicor Medical Products, Inc., (Leica Biosystems) (Germany), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (U.S.), and Hologic, Inc. (US).
Recent Developments:
- In December 2022, Olympus entered into a definitive agreement, subsequently finalizing the acquisition of all outstanding shares of Odin Medical Ltd., a cloud-AI endoscopy company based in the UK. This acquisition was conducted through Olympus' UK subsidiary, Keymed (Medical & Industrial Equipment) Ltd.
- In November 2021, B. Braun and REVA Medical announced the strategic partnership for the distribution of Fantom Encore - a bioresorbable scaffold for coronary interventions, manufactured with REVA's patented material Tyrocore. B. Braun will start active distribution of the products in Germany and Switzerland in November 2021, with additional countries to follow afterwards.
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Biopsy Devices Market Advantages:
- Early Disease Detection: Biopsy devices enable the early detection of various diseases, including cancer and infectious conditions. This allows for prompt treatment, potentially improving patient outcomes and survival rates.
- Minimally Invasive Procedures: Many modern biopsy devices are minimally invasive, reducing patient discomfort, recovery time, and the risk of complications compared to traditional open surgeries.
- Personalized Medicine: Biopsies provide valuable information about an individual's unique genetic and molecular profile, facilitating the development of personalized treatment plans tailored to each patient.
- Diagnostic Accuracy: Biopsy devices offer highly accurate results, helping healthcare professionals make informed decisions about treatment options and disease management.
- Research and Development: Biopsy specimens are invaluable for research and drug development, enabling scientists to better understand diseases and develop more effective therapies.
- Quality of Life Improvement: Minimally invasive biopsy techniques can significantly enhance a patient's quality of life by reducing pain, scarring, and recovery time.
- Cost-Effective: Biopsies often represent a cost-effective diagnostic approach when compared to more extensive and invasive procedures, ultimately benefiting both patients and healthcare systems.
- Monitoring Disease Progression: Biopsies allow for the monitoring of disease progression and treatment effectiveness, enabling healthcare providers to adjust treatment plans as needed.
- Targeted Therapies: Biopsy results help identify specific molecular targets for novel and targeted therapies, potentially increasing treatment success rates and minimizing side effects.
- Non-Invasive Alternatives: Some emerging technologies, such as liquid biopsies, offer non-invasive means of collecting diagnostic information through blood or other bodily fluids, reducing patient discomfort even further.
- The biopsy devices market's advantages are not only pivotal in diagnosing and managing diseases but also in driving advancements in the healthcare industry, ultimately leading to better patient care and outcomes.
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