FMI’s New Report, titled, “Biopsy Device Market: Global Industry Analysis and Opportunity Assessment 2016-2026” offers 10-year forecast and analysis.
Valley Cottage, NY -- (SBWIRE) -- 06/03/2016 -- Diagnosis of many medical conditions, such as cancer, is done by removing a sample of tissue from the patient's body followed by its examination. This procedure is termed as biopsy. Biopsy is a medical procedure involving removal of tissue in order to examine the presence, cause or extent of a disease. The tissue samples may be taken from any part of the body. Growing prevalence of various forms of cancer and other infectious diseases are expected to drive the global biopsy device market.
According to international cancer agencies, by 2030 the number of cancer incidence is expected to reach over 23 million which is directly expected to affect the number of required biopsies. There are two main types of biopsies, needle and surgical biopsy. A needle biopsy includes, core needle biopsy, a fine needle aspiration, stereotactic core needle biopsy and vacuum assisted biopsy. Superficial lumps or masses are diagnosed using fine needle aspiration biopsy. For cancer diagnosis a fine needle is inserted into the body mass for isolation of infected cell and tissues. Surgical biopsy includes incisional biopsy and excisional biopsy. Incisional biopsy involves removal of suspicious tissue for diagnosis whereas excisional biopsy involves surgical removal of entire lump along with normal tissue surrounding it. Biopsies can be performed on almost all organs like skin, heart, bladder, liver, breast, neck, bone marrow etc. Usually biopsies are performed as an out-patient procedure and do not require admission. Vacuum assisted biopsy procedure is the fastest growing biopsy procedure owing to rising cases of breast cancer worldwide. This is one of the most important diagnostic methods for the diagnosis of breast cancer.
The global market for biopsy devices is expected to exhibit a single digit CAGR over the forecast period (2016-2026).
Biopsy Device Market: Drivers and Restraints
The global biopsy market will experience a considerable growth over the forecast period driven by increasing prevalence of cancer cases, growing demand for minimally invasive biopsy procedures, rapidly aging global population. Growing public awareness about various diseases, advancements in biopsy procedures and the need for screenings conducted for early diagnosis and treatment of various diseases are also expected to fuel the global biopsy device market.
Factors responsible for restraining the growth of global biopsy devices market include, clinical issues in the core needle biopsy, stringent regulation and standards for the use of biopsy and increasing complaints regarding the breast cancer screening procedure. Moreover, high cost of biopsy devices is impeding the growth of global biopsy devices market.
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Biopsy Device Market: Segmentation
Global Biopsy Device Marketis segmented on the basis of product, type, application, end use and geography as following:
Core Needle Biopsy
Fine Needle Biopsy
Genetic fingerprinting and sex determination
By End User
Pharmaceutical and Biotechnology Industry
Academic Research Institute
Contract Research Organizations
Biopsy Device Market: Overview
With rising incidence of diseases, rapid technological advancements in medical field, and increased spending in research and development, the global biopsy device market is expected to have a robust growth during the forecast period (2016-2026).
Biopsy Device Market: Region- wise Outlook
The global market for Biopsy Device is expected to register a healthy CAGR during the forecast period. Depending on geographic regions, global Biopsy Device market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan and Middle East & Africa.
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In terms of region North America holds the largest share in the global biopsy device market owing to rising geriatric population with different disease indication especially rising prevalence of cancer and increasing demand for minimally invasive procedures. Europe holds the second largest market for biopsy devices owing to adoption of advanced technology in biotechnology and research sector and innovation technologies. However, growing prevalence of cancer among geriatric population in the developed Western European region is also expected to contribute towards the global biopsy device market growth. Asia pacific is expected to represent strong potential market growth in the biopsy devices market owing to rapid technological advancements, growing incidence of cancer and increasing awareness of various diseases among patients and physicians. In addition, regular cancer screening programs conducted by government aimed at encouraging individuals to undertake regular cancer screening and high penetration of technologically advanced devices are expected to fuel the overall biopsy device market during the forecast period.
Biopsy Device Market: Key Players
Some of the key market players in global Biopsy Device market are Angiotech, Cardinal Health Inc, Carefusion Corporation, C.R. Bard Inc, Devicor Medical Products Inc, DTR Medical, Hologic, Inc and INRAD, Inc. The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.