The market for biopsy devices was estimated to be worth USD 1835.26 million in 2016 and is expected to reach USD 2585.39 million by 2021, growing at a CAGR of 7.1% during the forecast period from 2017 to 2022. A biopsy is a medical test performed on a tissue or cell to examine, determine and remove the affected tissue from the body. If a patient is suspected to have cancer, a biopsy is used to extract tissue samples for diagnosis and determination of cancer. The procedure is performed by interventional radiologists to detect cancer and the end-users of this market are hospitals, diagnostic centers, and other medical clinics.
Global Biopsy Devices Market- Market Dynamics
The biopsy devices market has great potential. The report details several driving and restraining factors for the global biopsy devices market. Some of them are listed below.
The market for biopsy devices is segmented based on the product type, which includes biopsy needles (disposable and reusable), biopsy guidance systems (manual and robotic), needle-based biopsy guns (vacuum assisted biopsy devices, core needle biopsy devices and fine needle aspiration devices), biopsy forceps (cold forceps and hot forceps), and others such as biopsy punches, brushes, and curettes.
Based on geography, the global market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. North America dominates the worldwide market for biopsy devices, followed by Europe, owing to research and development activities and innovative technologies. APAC is expected to develop at a greater pace due to increasing incidences of cancer, aging population, technological advancements and increasing per capita income.
Global Biopsy Devices Market- Competitive Landscape
Many players in this market are trying to expand their product portfolio in order to top the global and regional market. Top companies are expanding their growth in this market by acquiring other companies. A few companies have adopted product innovation and new product launches as their key business strategy to ensure their dominance in this market.
Some of the key players in the market are:
Key Deliverables in the Study