(I-BusinessNews.Com, May 19, 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.
The lung biopsy segment is expected to highest growth during the forecast period
Based on application, the lung biopsy segment accounted for the largest share of the biopsy devices market. The growing prevalence of lung cancer will drive market growth. Additionally, the availability of funding for lung cancer research is contributing to the growth of this market segment.
The ultrasound-guided biopsy segment dominated the market in 2016
Based on guidance technique, the ultrasound-guided biopsy segment accounted for the largest share of the biopsy devices market. This quick and simple procedure offers advantages, such as no ionizing radiation exposure, low complication rate, and lower cost as compared to other biopsy techniques.
The hospitals segment held the highest CAGR during the forecast period
Based on end user, the hospitals segment is expected to register the highest growth rate during the forecast period. The strong financial capabilities of hospitals and the presence of trained professionals are the major factors supporting the rising adoption of biopsy devices among hospitals.
By product, the needle-based biopsy instruments segment accounted for the largest share of the market
On the basis of product, the needle-based biopsy instruments segment accounted for the largest share of the global biopsy devices market in 2016. This can be attributed to the preference of needle-based biopsies over open surgical biopsies and increasing preference for minimally invasive surgeries.
The major players in the biopsy devices market are C. R. Bard, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Cardinal Health, Inc. (U.S.), Olympus Corporation (Japan), Cook Group Incorporated (U.S.), Devicor Medical Products, Inc., (Leica Biosystems) (Germany), Argon Medical Devices (U.S.), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (U.S.), FUJIFILM Holdings Corporation (Japan), INRAD, Inc. (U.S.), and Medtronic plc (Ireland).
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North America holds the largest share of this market. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period of 2017 to 2022. 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.
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