Biopsy Devices Market Current and Future Growth Analysis
The market for biopsy devices is being driven by booming innovations and advances
Image-guided biopsies and robotically assisted biopsies are two examples of minimally invasive procedures that have been made possible by advancements in biopsy technology. In comparison to conventional open surgical biopsies, these methods provide a few benefits, such as lessening patient suffering, hastening recovery, and lowering medical expenses.
biopsy devices market was valued at 2.74 billion in 2023 and is projected to reach 4.15 billion by 2030, growing at a CAGR of 7.3% till 2023-2030.
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The introduction of sophisticated biopsy equipment is being driven by the rising desire for minimally invasive procedures. The area of biopsy has undergone a revolution thanks to the accessibility of high-resolution imaging technologies including ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET).
These imaging techniques enable precise biopsy sample collection by providing real-time visualisation of the target tissues. Targeting accuracy and diagnostic yield have both improved with the integration of imaging technologies and biopsy equipment. Precision medicine, genomics, and molecular diagnostics advancements have increased the demand for targeted and individualised biopsy techniques.
Liquid biopsies for the detection of circulating tumour cells and cell-free DNA analysis are two examples of the types of biopsy tools that are becoming more popular.
Competitive Landscape of the Biopsy Devices Market
- Argon Medical Devices Inc.
- Braun Melsungen AG
- Becton Dickinson and Company
- Boston Scientific Corporation
- Cardinal Health
- Cook Medical Inc.
- Danaher Corporation
- Fujifilm Holdings Corp.
- Hologic Inc.
- Medtronic plc.
- Olympus Corporation
New Development in Biopsy Devices Market
24 February 2023 Olympus Acquired Korean Gastrointestinal Stent Company Taewoong Medical Co., Ltd. to make people’s lives healthier, safer, and more fulfilling.
23 April 2020 Olympus Corporation launched EVIS X1, its most advanced endoscopy system developed aiming to improve outcomes from disorders of the stomach, colon, as well as from bronchial diseases, by providing every endoscopist with innovative and proven tools.
The industry will grow as a result of the rising need for less invasive surgeries and disposable biopsy tools.
The popularity of minimally invasive medical techniques has increased due to their many advantages. Such methods result in quicker and less painful patient recovery. Minimally invasive procedures quickly replace more invasive ones, according to manufacturer-published research, and boost patient satisfaction.
The sector is expected to grow as a result of increased demand for disposable biopsy equipment and minimally invasive procedures. Patients and healthcare providers are increasingly using vacuum-assisted devices and other cutting-edge biopsy-guided technologies.
The growth of the elderly population and the development of affordable, cutting-edge technology are expected to speed up the market's expansion for biopsy instruments.
The market for biopsy devices is restricted by strict regulations, high biopsy instrument costs, and other factors.
Medical gadgets including biopsy devices must pass strict regulatory criteria and approval procedures. To guarantee patient safety and device effectiveness, regulatory agencies, like the FDA in the United States, establish stringent requirements.
The time-consuming and expensive regulatory approach for bringing new biopsy instruments to market can impede innovation and prevent new competitors from entering the market. The creation, production, and quality control of biopsy instruments can be expensive. The price of getting regulatory permits and certifications also raises the costs.
The affordability and accessibility of biopsy instruments may be hindered by these high costs, especially in healthcare settings with limited resources. Varying healthcare systems and insurance companies may have varying reimbursement guidelines and rates for biopsy procedures.
The reimbursement may not always fully cover the expenses of biopsy devices, which could influence the ability of healthcare providers to make a profit. Advanced biopsy technologies may not be adopted or used if they are not fully reimbursed.
There was a negative impact of covid-19 pandemic on the biopsy devices market.
The COVID-19 pandemic has had a detrimental effect on healthcare systems around the world, particularly on the market for biopsy instruments. According to an article in Cancer Connect 2020, researchers from the Dana Farber Cancer Institute found that the number of cancer diagnoses dropped by 46% during the COVID-19 pandemic.
Cancer screenings and other health prevention services, along with elective surgeries, should be delayed unless the risks outweigh the benefits and secure the hospital infrastructure for the Application of COVID-19 patients, according to the Centres for Disease Control and Prevention (CDC) and many medical professional organizations. The COVID-19 pandemic has so had an effect on the market.
North America is expected to have the greatest rate of growth in the biopsy devices market.
In 2022, North America had a significant revenue share of over 39.0%. It will continue to hold a sizable part of the market during the forecast period due to of the established industry players based there. The regional market is anticipated to benefit from high market penetration rates of technologically advanced equipment like vacuum-assisted biopsy systems and a quickly rising disposable device demand.
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