Global Biopsy Devices Market Size

Biopsy Devices Market Analysis

The Global Biopsy Devices Market size is estimated at USD 2.15 billion in 2024, and is expected to reach USD 2.62 billion by 2029, growing at a CAGR of 4.02% during the forecast period (2024-2029).

During the COVID 19 pandemic, the biopsy devices market was significantly impacted due to the decrease in the number of biopsy procedures due to covid restrictions. For instance, according to the study published on 'Impact of the Coronavirus (COVID-19) pandemic on surgical practice - Part 2 (surgical prioritization)' in 'International Journal of Surgery' in May 2020, all specialties had written recommendations for how to cope during this crisis, which has had a substantial impact on surgical practice. All disciplines have had to prioritize the importance of their daily surgical procedures and, where practicable, pursue non-surgical therapy options. The rise in non-surgical procedures and avoiding surgical practices have negatively impacted the market growth during the pandemic.

The propelling factors for the growth of the biopsy devices market include the increasing preference for minimally invasive procedures, an increase in the number of cancer cases worldwide, and initiatives undertaken by the governments for diagnosis. Biopsy has been one of the major diagnosis techniques for cancer disorders and is widely used in the diagnosis of breast, skin, and prostate cancer. According to the World Cancer Report, cancer rates could further increase by 50% to 15 million new cases by 2020. Therefore, with the increasing incidence of cancer cases and developments in the biopsy devices, the market is expected to increase in the forecast period.

There is also a demand for minimally invasive biopsy procedures that is rising at a significant rate in the market. The different types of technologies and products, such as biopsy guiding systems, needle-based biopsy guns, and vacuum-assisted devices are anticipated to witness the high growth during the forecast period. In addition, the growing awareness regarding breast cancer treatment and diagnosis will support the increase in the biopsy devices market size in the upcoming years. There are many countries that hold programs for the early diagnosis of breast cancer. For instance, according to the study published on 'Increasing breast cancer awareness and breast examination practices among women through health education and capacity building of primary healthcare providers: a pre-post intervention study in low socioeconomic area of Mumbai, India' in "BMJ Journal' in April 2021, following the health education interventions among these subpopulations in India, there was a significant improvement in knowledge of breast cancer signs and symptoms, risk factors, and breast self-examination behaviors among study participants.

Therefore, such initiatives are expected to accelerate the adoption rate of biopsy devices, thereby positively impacting the growth of the biopsy devices business in the foreseeable future.