As we live longer, the chances of a cancer diagnosis is higher. But there are a whole range of biopsy devices available in the market that can help us ease the process of cancer diagnosis. Biopsy device market is a market with great potential. The main reason being the increased need for the use of minimally invasive devices.
The Global Biopsy device market is a market with great demand and great potential. The global market for biopsy devices is valued at over $1600 million and is expected to show a CAGR of about 7.1% from the period of 2016-2021. The European holds the second largest market share after North America. It is valued at $480 million and is showing a CAGR of about 7.04% for the next five- seven years and is expected to reach a value of $773 million by 2020.
The market is basically segmented on the basis of device and geography. The device market is again divided into five categories namely Needle based biopsy devices, Biopsy guns, Biopsy curettes, biopsy forceps and punches and lastly Automated biopsy devices. The needle based biopsy device has its largest market share. It is expected to show a CAGR of more than 7.6% over the next five to seven years. The market drivers for the biopsy device are the increased population awareness and increased cancer population. increased demand for screening tests and entry of emerging markets. The market limitations are mainly focused on equipment costs.
From the geographical point of view North America shares the highest market share as high as 34%. Followed by that is the European market. Low R&D costs may increase the market share in emerging countries, a large pool of diseases and cancer population points towards the increase in market share of the emerging countries.
The top companies involved in this market DTR Medical and UK Biopsy.