Global Biopsy Devices Market to be Driven by Rising Global Incidence of Cancer -Transparency Market Research

The Global biopsy devices market was valued at US$1.3 billion. Considering the ongoing trends, the global biopsy devices market is anticipated to register a 6.6% CAGR during the forecast period 2012-2018, thereby reaching a market value of US$2.1 billion by 2018. Rising incidence of cancer cases is a key factor that drives this market. Biopsy is used for the diagnosis of cancer as well as its subsequent treatment. Biopsy devices are also used extensively in the post-diagnosis phase of cancer, which mainly involves periodical screenings.

With greater longevity, people these days are exposed to a higher risk of being diagnosed with cancer. The rising incidence of cancer can be attributed to several factors, changing lifestyles being one of the main ones. This has led to greater awareness amongst the masses about regular screenings and health checkups. High demand for disposable screening devices and disposable needles can be attributed to the high degree of awareness amongst the masses about infections spreading via invasive diagnostic tools and devices.

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Needle-based Biopsy Guns to Fuel Biopsy Devices Market in Forthcoming Years

The global biopsy devices market is segmented on the basis of product type and geography. On the basis of product type, the biopsy devices market is categorized into biopsy needles, biopsy forceps, needle-based biopsy guns, biopsy guidance systems, and others, which includes biopsy punches, biopsy curettes, and biopsy brushes. The segment for biopsy guidance systems is further classified into robotic and manual guidance systems. Two types of biopsy needles that are used extensively in the healthcare sector are reusable and disposable biopsy needles.

The segment for needle-based biopsy guns is further categorized into fine needle aspiration biopsy devices, core needle biopsy devices, and vacuum-assisted biopsy devices. Biopsy forceps are of two types: Hot biopsy forceps and cold (general) biopsy forceps. Within the biopsy devices market, the segment for needle-based biopsy guns is the most rapidly growing segment in the overall biopsy devices market. This segment is primarily fuelled by changing consumer preferences, including a significant shift to disposable devices from reusable ones.

Innovation: A Key Factor Fuelling North America Biopsy Devices Market

Geographically, the global biopsy devices market is segmented into Asia, North America, Europe, and Rest of the World. North America holds the highest share in the global biopsy devices market. The biopsy devices markets of Europe and North America are characterized by innovation and several R&D activities, owing to the affordability of high-priced healthcare surgeries and procedures in the highly affluent regions. However, industry estimates point out that it is the region of Asia that will witness the highest rate of growth in the years to come owing to factors such as favorable economic and demographic conditions.

Also, factors such as the increasing cancer rate and growing population propel the Asia biopsy devices market. Devicor Medical Products and CR Bard Inc. are the two main players dominating the biopsy devices market. These two companies are closely followed by Hologic Inc. and CareFusion Corporation.

Unmet Healthcare Needs: An Opportunity for Growth

Apart from rising incidence of cancer, the other factors that drive the global biopsy devices market are a rapidly growing geriatric population, greater awareness with regard to regular screenings and health checkups, and greater preference for minimally invasive techniques for biopsies. However, factors such as the high prices of highly sophisticated biopsy devices and the problems related to medical reimbursements have an adverse impact on the overall growth of the global biopsy devices market. A prominent growth opportunity for the global biopsy devices market lies in tapping the markets of developing economies that have several medical and healthcare needs that are yet to be met.

A few of the key companies operating in the overall biopsy devices market are UK Biopsy, INRAD, Inc., Hologic, Inc., DTR Medical, Devicor Medical Products, Inc., Carefusion Corporation, Cardinal Health Inc., and Angiotech.

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