Global Smart Biopsy Devices Market Size

Smart Biopsy Devices Market Analysis

The Global Smart Biopsy Devices Market size is estimated at USD 2.81 billion in 2024, and is expected to reach USD 3.62 billion by 2029, growing at a CAGR of 5.23% during the forecast period (2024-2029).

During the COVID 19 pandemic, the smart biopsy devices market was adversely affected. For instance, in January 2021, a research study published titled "Impact of COVID-19 on small biopsy diagnostic procedures and cancer resection surgeries in the North-West of Ireland" stated that there has been a significant impact on the provision of both diagnostic and therapeutic services in North-West of Ireland due to the COVID-19 pandemic. Similarly, another research study published in November 2020, titled "Impact of COVID-19 on Cancer Care: How the Pandemic Is Delaying Cancer Diagnosis and Treatment for American Seniors" stated that the current impact of the COVID-19 pandemic on cancer care in the United States has resulted in decreases and delays in identifying new cancers and delivery of treatment. These problems, if unmitigated, will increase cancer morbidity and mortality for years to come. Similarly, another research study published in March 2021, titled "Impact of the COVID-19 pandemic on skin cancer diagnosis: A population-based study" stated that the COVID-19 pandemic has been unprecedented and has led to drastic reductions in non-urgent medical visits. A precipitous drop in total skin biopsies (15% of expected), biopsies for keratinocyte carcinoma (KC) (18%) and melanoma (27%) was seen with the onset of COVID-19 cases. Claims diagnoses were of high specificity for KC (99%), and for melanoma (98%), though sensitivity was less (61% and 28% respectively). In adjusted analysis, the elderly (80+ years), females and residents of certain regions were less likely to be biopsied during the pandemic. Subsequently, there were substantial improvements in biopsy rates over 10 weeks. Hence, in the short term the market was negatively impacted however, post pandemic the market is likely to grow.

The market is increasing due to increasing prevalence of cancer. The Globocan 2020 report published by Global Cancer Observatory, which estimated the incidence and mortality of 36 cancer in 185 countries, globally, there were an estimated 19,292,789 new cases of cancer diagnosed in 2020 and about 9,958,133 people died due to cancer, all over the world. Further, as per the same source, the number of new cancer cases are expected to reach 24,044,406 by 2030, which shows an increasing prevalence of cancer around the globe. High prevalence of cancer will require treatment and will increase the growth of the market. Similarly, as per the GLOBOCAN 2020, in 2020, there were 19.3 million estimated number of new cancer cases worldwide, and the number is estimated to reach 30.2 million by the year 2040. Thus, the anticipated increase in burden of cancer is a major factor contributing to the rising demand for biopsy, thereby boosting the market growth.

However, the clinical issues with core needle biopsy will hinder the market growth in upcoming future.