Hyderabad, India -- (SBWIRE) -- 01/23/2018 -- The report "Biopsy Devices Market by Product (Instruments (Manual, Automated and Semi-Automated) and Consumables (Reagents and Kits)), by Type (Needle Biopsy (Core Needle Biopsy, Fine Needle Biopsy and Vacuum-Assisted Biopsy) and Surgical Biopsy (Incisional Biopsy and Excisional Biopsy), by Application (Scientific Research, Medical Diagnosis, Agricultural Applications and Genetic fingerprinting & Sex Determination) - Forecast to 2021", The Biopsy Devices market is expected to reach USD 22.14 Billion by 2021 from an estimated USD 15.5 Billion in 2016, at a CAGR of 7.4%. The key factors such as growth in the incidence of cancer, increase in the number of R&D activities, advances in technology and rising awareness in the diagnosis of chronic diseases are the driving the global market.

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By products, the instruments segment accounted for the largest share of the market in 2016

On the basis of products, the Biopsy Devices market has been segmented into instruments and consumables. Instruments segment is further segregated into manual, automated and semi-automated. Consumables segment is sub-segmented into reagents and kits. In 2016, the instruments segment is expected to account for the largest share of the global Biopsy Devices market. The manual sub segment of the instrument is expected to account for the major market share whereas the automated and semi-automated segment is expected to grow the fastest.

By type, the needles segment accounted for the largest share of the market in 2016

On the basis of type, the Biopsy Devices market has been segmented into needle biopsy and surgical biopsy. Needle biopsy segmented is further segmented into core needle biopsy, fine needle biopsy and vacuum-assisted biopsy. Surgical biopsy segment is divided among Incisional biopsy and Excisional biopsy. The needles segment holds the largest market share due to recent advancements in technology and its presence in the market for a longer time.

By application, medical diagnosis accounted for the largest share of the market in 2016

On the basis of application, the Biopsy Devices market has been segmented into scientific research, medical diagnosis, agricultural applications and genetic fingerprinting & sex determination.
On the basis of end users, the market is segmented into pharmaceutical and biology industry, academic research institute, contract research organizations and forensic labs. The pharmaceutical and biology industry accounted for the largest market share in 2016 with contract research organizations expected to grow the fastest.

North America dominated the market in 2016
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North America accounted for the largest share of the Biopsy Devices market in 2016, followed by Europe. The large share of the Biopsy Devices market in North America can be attributed to the growth in technology, growing disposable incomes, and the rising incidence of cancers. Europe holds the second major market for biopsy devices owing to acceptance of advanced technology in biotechnology and research sector and innovation technologies. Asia pacific is estimated to represent strong potential market growth in the biopsy devices market due to fast technological advancements.

The various players in the Biopsy Devices market include Medtronic, Leica Biosystems, Hologic Inc., Boston Scientific Corporation, Becton, Cook Medical Inc., C.R. Bard Inc., Mauna Kea Technologies, Ethicon EndoSurgery Inc., Veran Medical Technologies, Dickinson and Company, Fujifilm Medical Systems, MDxHealth, Argon Medical Devices Inc and Intact Medical Corp.

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