The global market for biopsy devices is expected to reach USD 2,335.1 million by 2020 growing at a CAGR of 6.4%, according to a new study by Grand View Research, Inc. Growing global prevalence of cancer, geriatric population and increasing demand for minimally invasive procedures are expected to drive market growth during the forecast period. Other drivers of this market include the introduction of technological advancements such as robotic biopsy guidance systems and healthcare reforms pertaining to reimbursement policies. Growing patient awareness levels and the presence of high unmet medical needs in emerging markets such as India and China are also expected to fuel future growth of the market.
Biopsy guidance systems dominated the overall market in terms of share at over 40% in 2013. Growing demand for user friendly, relatively smaller and semi-automatically operated devices and the introduction of technological advancements such as robotic guidance systems are some of the major factors attributing to its large share.
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Further key findings from the study suggest:
- North America dominated the market with a revenue share of over 60.0% in 2013 owing to the presence of sophisticated healthcare infrastructure, reimbursement framework, high healthcare expenditures and growing prevalence of cancer.
- Europe followed North America in terms of revenue share in 2013 on account of the presence of high patient awareness levels in Western European countries and the presence of large untapped opportunities in Eastern Europe.
- Asia Pacific is expected to grow at the highest CAGR of over 10.0% during the forecast period. Presence of high unmet medical needs, growing healthcare expenditures and a constantly improving healthcare infrastructure in emerging markets of India and China are some of the factors accounting for its rapid growth.
- Key market players include C.R Bard, Care Fusion Corporation, Hologic Inc., Devicor Medical Products Inc., DTR medical, Angiotech, UK Biopsy, Cardinal Healthcare Inc. and INRAD Inc.
For the purpose of this study, Grand View Research has segmented the global biopsy devices market on the basis of products and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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