The global Biopsy Devices Market size is estimated to reach USD 2.3 billion by 2020, exhibiting a 6.4% CAGR during the forecast period. Growing incidence of cancer and rising demand pertaining to patient’s unmet need for accurate diagnosis is expected to drive the market forward in the coming years.
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Market Synopsis of Biopsy Devices Market:
Rising income levels and growing
modern healthcare infrastructure has increased the life expectancy
considerably. This has led to increment in the number of geriatric population
and reduction in immunity which makes them prone to infection. Aforementioned
factors are anticipated to propel progress in this market.
Rising cancer incidence is
anticipated to drive the demand for this technology thus leading to substantial
growth over the forecast period. As per American Cancer Society, by the end of
2030, the global cancer burden is estimated to reach 21.7 million with respect
to number of cases and reach 13 million cancer deaths.
Advantages associated with the
use of these procedures include less invasiveness and fast recovery as compared
to the conventional approaches. Use of a needle-based biopsy enables tumor
screening with minimal invasion approach. Application of this method prior to
the initiation of complex surgeries is anticipated affect industrial growth.
Product Insights
Some key products include needle
based gun, forceps, guidance system and needle. Among these products, guidance
system contributed for the highest share of over 42% of total revenue owing to
the price and usage of the robotic guidance system which is comparatively high.
Factors that have led to increase
in the revenue share of the guidance system are high demand for less invasive
and high accuracy system, growing tumour prevalence rate and increase in demand
for the user-friendly products and products based on innovative technology.
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