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Health and Fitness

Biopsy Devices Market is Booming Worldwide According to New Research Report

The global biopsy devices market is highly consolidated with four major players collectively accounting for 91% of the total global market, reports Transparency Market Research (TMR) in a new study. The key players are CareFusion Corporation, C R Bard, Inc., Devicor Medical Products, Inc., and Hologic, Inc. A number of small local players supply devices such as forceps, needles, and punches in their respective countries via a crude network of distributors.

“The threat from new entrants is low due to stringent regulatory environment and low financing conditions,” says the author of the study. These factors do not pose a threat to the contribution of aforementioned key players in the global market.

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Rising Incidence of Cancer Cases Worldwide Helps Uptake of Biopsy Devices

A growing prevalence of cancer has become a critical issue for governments and international organization such as the WHO. According to a report by the WHO, the number of deaths due to cancer across the globe will show a constant rise and will reach nearly 13.1 bn in 2030. This has led to the initiation of various patient awareness programs by such organizations. As a result, increased number of patients are undergoing biopsies, thereby driving the growth of the market.

Additionally, with a rising geriatric population, the incidence of cancer is also likely to increase. This will serve the global biopsy market as a driver due to the fact that aging increases a person’s susceptibility to cancer.

A surge in the demand for minimally invasive biopsy procedures has been registered owing to the shorter patient recovery span, lesser post-surgery complications and side effects, and minimal pain. They are useful in accurate cancer diagnosis and provide great assistance to physicians to determine the best suitable treatment plan for the patient. This growth driver will have a deep impact on the biopsy devices market.

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Reduced Affordability to Restrain Demand for Biopsy Devices

Technological advancements have transformed biopsy devices into higher accuracy products. However, this has also reduced the affordability of these devices. Additionally, the lack of interest of medical practitioners to invest in the capital-intensive market has elevated the cost of these devices. Moreover, the introduction of taxes such as the Medical Device Excise Tax (MDET) of 2.3% in the U.S., will lead to further price hike of products.

Medical reimbursement issues further increase the reluctance of patients to opt for biopsy devices. “Insurance companies do not grant reimbursements for every biopsy procedure as they consider it to be only investigating technique and not a surgical technique,” says a TMR analyst. These issues will negatively influence the growth rate of the global biopsy devices market.

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North America Maintains Substantial Lead Owing to Large Pool of Cancer Patients

According to the report by TMR, the valuation of global market for biopsy devices was US$1.34 bn in 2011 and is anticipated to rise to nearly US$2.11 bn by 2018.

The biopsy guidance systems form the leading segment by value in terms of product types. The segment was valued US$767 mn in 2015 and is expected to reach at US$913.5 mn in 2018. However, the needle- based biopsy guns form the fastest growing segment due to their increasing use in biopsy procedures.

By geography, the global biopsy devices market is segmented into Asia, Europe, North America, and Rest of the World (RoW). The growing incidence of cancer has made it the largest regional market by value and is expected to retain its leadership by the end of 2018. The unmet medical needs in Asia coupled with the growing pool of cancer patients has made it the fastest growing region by revenue.

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Transparency Market Research is a global market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for several decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Our data repository is continuously updated and revised by a team of research experts so that it always reflects latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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