Biopsy Device Market worth US$ 2,621 Mn by 2026

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Key players focussing on strategic M&A for amplified market shares

Patients are increasingly preferring minimally invasive surgical
procedures in order to avoid conventional surgical complications and
side-effects, promoting sales of biopsy devices, leading to the growth
of the biopsy devices globally. In addition to enabling the accurate
diagnosis, a biopsy device assures minimal patient discomfort and
trauma. This is identified to be a major factor impacting the
popularity of biopsy, and biopsy device thereby. ( free-pr-online.com)

Over the 10-year forecast period 2016-2026, the global biopsy device
market is estimated to witness a moderate yet promising CAGR of 6.5%,
according to Future Market Insights. In a recently published report
titled “Global Biopsy Device Market: Global Industry Analysis and
Opportunity Assessment, 2016–2026”, Future Market Insights
analyses the market for biopsy device and offers key insights into the
market condition for the aforementioned period. Valued at around US$
1,397 Mn in 2016, the market will possibly attain the revenues beyond
US$ 2,621 Mn by 2026-end.

Key Opportunities for Manufacturers and Suppliers, Grasped by Future
Market Insights Research:

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Developing economies present lucrative, untapped markets for biopsy
device.

Growing adoption of hybrid imaging technology will underpin new growth
opportunities.

Following massive consumption by hospitals, demand for biopsy device
from specific oncology centres and research institutes will prompt at
multiple opportunities in near future.

Surging demand for minimal invasive breast biopsy highlight lucrative
opportunities that lie in the breast cancer sector.

Increasing adoption of biopsy device by oncologists will generate
several revenue generation opportunities in the disease monitoring
sector.

Supported by increasing discretionary funding for cancer research,
growing government expenditure for healthcare and favourable
reimbursement scenario (especially in the U.S.) will collectively
elevate the revenue sales of the global biopsy device market.
Collaborations between various government and private companies,
fuelled by increasing awareness about disease diagnosis and
monitoring, will further elevate the market growth in near future.

M&A and Technological Upgrades Remain at the Forefront

A majority of key players in the global biopsy device market are
currently focusing on providing innovative biopsy tests and
technological upgrades. Mergers, acquisitions, and partnerships with
diagnostic laboratories will help to strengthen their presence in the
global market.

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Among the top companies, Becton, Dickinson and Company is
concentrating on innovative, cost-effective product development,
whereas Hologic, Inc. is targeting manufacture and sales of biopsy
devices, especially for breast cancer surgeries. Other notable players
include Boston Scientific Inc., C. R. Bard, Inc., B. Braun Melsungen
AG, Cook Medical, INRAD Inc., and PLANMED OY.

Argon Medical, one of the promising new entrants, is expanding its
product portfolio and collaborating with established players, whereas
for Devicor Medical Products Inc., M&A remains the key strategy.

North America Retains the Most Lucrative Market, Developing Countries
to Witness Impressive Growth over 2016-2026

North America will remain the dominant market, reaching nearly US$ 882
Mn by 2026 end, accounting for over 33% share of the market. Western
Europe is expected to remain the second largest market for biopsy
device, crossing a value of US$ 683 Mn by the end of 2026, capturing
over 26% share of the market.

APEJ, with around 14% market value share in 2026, is likely to reach
US$ 370.0 Mn by the end of forecast period. MEA will register the
fastest CAGR of 7.3%, followed by APEJ and Latin America with the
respective CAGRs of 7.1% and 6.5% over 2016-2026. North America,
Europe, and Japan will see moderate growth over the forecast period.

Needles Continue to Drive Product Type Segment

By product type, needles will remain dominant with over 36% share of
the market value in 2026, whereas guns will represent the second
largest sub-segment with over 26% market value share in 2026. With
growing significance of early diagnosis of breast biopsy, guidance
system segment is estimated to gain around 222 BPS in its market share
by 2026 over 2016. Stereostatic X-ray guided biopsy will drive the
guidance system segment through to 2026. Reagents and kits will
witness moderate consumption.

Medical Diagnostics Monopolise Application Segment

Based on application type, medical diagnostics will continue to hold a
dominant share of over 61% by 2026 end, in terms of revenues.
Scientific research, accounting for the rest, will witness an
impressively growing CAGR of 6.9% over 2016-2026. This segment is
expected to reach beyond US$ 1,008.0 Mn in 2026.

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Hospitals Remain Largest End-use Consumer

By end-user, hospitals will continue to contribute nearly 50% share to
the market value by 2026 end. This end-use segment will witness a
robust CAGR of 8.2%. Diagnostic centres will account for over 23% in
2026 with a slight decline over 2016-2026, whereas specialised
oncology centres are anticipated to expand at a CAGR of 6.1% during
2016-2026.

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