Biopsy Devices Market Trends, Growth Insights And Forecast To 2027

Advancements in cancer detection techniques and soaring prevalence of dermatological conditions are slated to augment biopsy devices market progression over the coming years. Biopsy procedures are widely adopted by physicians to identify a potential cancer growth or ruling out the chances of acquiring it.
As per the Skin Cancer Foundation, more than 9,500 people in the U.S. are diagnosed positive for skin cancer every day. Owing to rising incidences of cancer, along with the high diagnostic efficacy of biopsy, the demand for biopsy devices and procedures is mounting rapidly in the U.S. Recent advancement in biopsy techniques is complementing their efficiency in early detection and helping physicians to plan precise medication for cancer patients.
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According to Global Market Insights, Inc., forecast, global biopsy devices market size is projected to surpass US$3.3 billion by 2027.
The biopsy needles segment generated a revenue of US$260 million worldwide in 2020. Needle biopsy is a procedure, in which a hollow needle and syringe are utilized to extract the sample from the affected area for the examination of cancer. This procedure is less invasive and generally conducted in outpatient facilities. As the world is witnessing a high prevalence of different kinds of cancer, the demand for needle biopsy and other types of needle-based procedures is predicted to grow significantly in the coming years.
The biopsy devices industry registered a revenue share of 67% from the hospital segment in 2020. The consistently rising prevalence of cancer and its severe consequences on health is putting extra pressure on hospitals, in terms of disease diagnosis and treatment. Hospital treatment is mostly preferred among patients with chronic ailments, due to the presence of skilled healthcare professionals and advanced infrastructure.
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The availability of favorable health schemes, such as reimbursement policy for biopsy devices for cancer patients extends the adoption of hospital treatment. For example, Cook Medical in 2021, rendered reimbursement codes for several biopsy procedures in hospital’s outpatient facilities, ambulatory surgical centers, and physician’s offices.
Asia Pacific biopsy devices industry is predicted to expand with a CAGR of 13% in the global market up to 2027. The upward trajectory in different kinds of cancer cases, such as breast cancer and liver cancer is predominantly propelling the adoption of biopsy devices in APAC. For example, according to statistics by GLOBOCAN, the ratio of breast cancer in Eastern Asia is approximately 43.3 per 100,000, and in Western Asia, it’s around 46.6 per 100,000 people.
On the other hand, APAC accounted for about 72.5% of the global prevalence of liver cancer in 2020. Moreover, the escalating adoption of guided biopsy, to curb the prevalence of cancer should positively impact the regional business expansion.
Leading companies functioning in global biopsy devices industry are leveraging strategies of product launches and acquisition to boost their product portfolio and consolidate their global presence. For instance, Hologic, Inc. in January 2021, bought Somatex Medical Technologies GmbH, in a view to possess Somatex’s portfolio for biopsy devices and expand its business globally.
The introduction of advanced biopsy technology, such as ultrasound-guided biopsy and robot-assisted biopsy has drastically eased down the complications of various biopsy procedures. These biopsy techniques offer minimally invasive operations, reduced time of procedures, highly precise diagnostic results, and desired procedural outcomes.
Partial Chapter of the Table of Content
Chapter 2   Executive Summary
2.1    Biopsy devices industry 3600 synopsis
2.1.1    Business trends
2.1.2    Product trends
2.1.3    End-use trends
2.1.4    Regional trends
Chapter 3   Biopsy Devices Industry Insights
3.1    Industry segmentation
3.2    Industry landscape, 2016 – 2027
3.3    Industry impact forces
3.3.1    Growth drivers
3.3.1.1    Rising incidence of cancer globally
3.3.1.2    Technological advancement
3.3.1.3    Favorable reimbursement scenario
3.3.1.4    Increasing awareness regarding breast cancer
3.3.2    Industry pitfalls and challenges
3.3.2.1    Risk of complications after biopsy
3.4    Regulatory landscape
3.5    Growth potential analysis
3.5.1    By product
3.5.2    By end-use
3.6    Porter’s analysis
3.7    Competitive landscape, 2020
3.8    PESTEL analysis
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