(I-BusinessNews.Com, August 13, 2021 ) According to research report the biopsy devices market is expected to reach USD 2.42 billion by 2022 from USD 1.74 billion in 2017, at a CAGR of 6.8% from 2017 to 2022.
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Factors such as increasing cancer prevalence, growing government & global health organizations initiatives to spread awareness about cancer, the shift towards minimally invasive surgeries and the improved reimbursement scenario in U.S. are boosting the growth of global market.
Players in the global biopsy devices market, such as Becton, Dickinson and Company (U.S.), Devicor Medical Products, Inc. (U.S.), Argon Medical Devices, Inc. (U.S.), Cardinal Health, Inc. (U.S.), and Boston Scientific Corporation (U.S.) are focusing on increasing their presence in the high-growth markets through agreements, expansions, and acquisitions. Olympus Corporation (Japan), Cook Group Incorporated (U.S.), and Boston Scientific Corporation (U.S.) are some of the players focusing on organic growth strategy of new product launches to enhance their market presence.
C. R. Bard dominated the market due to its broad biopsy devices product portfolio. It operates in around 100 countries outside the U.S. The company manufactures medical devices in the field of vascular therapy, urology, oncology, and surgical specialties. C. R. Bard has a wide product portfolio for biopsy, including vacuum-assisted devices, core needle biopsy products, localization wires, breast tissue markers, and probes. In order to garner more share in the biopsy devices market, the company focuses on expanding its geographical reach by investing in emerging markets such as Asia, Latin America, and Eastern Europe. The company also focuses on achieving a competitive advantage through product quality & innovation, intellectual property protection, and core competency management.
Becton, Dickinson and Company is another prominent player in the market. The company is engaged in the development, manufacturing, and marketing of medical devices, instrument systems, and reagents. BD operates through two business segmentsÃ‚Â—BD Medical and BD Life Sciences. The company offers biopsy products through its medication and procedural solutions segment, which operates under its Medical division. It has a geographical presence North America, Europe, EMA (which includes the Commonwealth of Independent States, the Middle East, and Africa), Asia-Pacific, and Latin America. The company mainly focused on inorganic growth strategies of acquisitions and agreements. For instance, in 2015, the company acquired CareFusion Corporation (U.S.) to strengthen its breast biopsy product portfolio. Similarly, in 2017, the company signed a definitive agreement to acquire C. R. Bard, Inc. (U.S.) for USD 24 billion.
Based on application, the global market is segmented into breast biopsy, lung biopsy, colorectal biopsy, prostate biopsy, and others. The breast biopsy segment accounted for the largest share of the global market in 2016. The rising prevalence of breast cancer and growing awareness about the disease are driving market growth in this segment.
On the basis of guidance technique, the biopsy devices market is segmented into ultrasound-guided biopsy, stereotactic-guided biopsy, magnetic resonance imaging (MRI)-guided biopsy, and other guidance techniques (positron emission tomography, fluoroscopy, and thermography). In 2016, the ultrasound biopsy segment dominated the market.
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North America accounted for the largest share of the biopsy devices market in 2016, followed by Europe. The rising prevalence of cancer, government initiatives to spread awareness about cancer, favorable reimbursement scenario for biopsy devices in the U.S., and the presence of key players in the region are the key factors driving the growth of the biopsy devices market in North America.
Mr. Aashish Mehra
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Mr. Aashish Mehra