Biopsy Device market is projected to reach US$ 2,621.4 Mn by 2026 due to the government initiatives to enhance availability of cancer diagnosis and treatment. Biopsy device market can be broadly classified into product segments such as guidance system, needles, guns, reagents & kits and others (brushes, curettes and punches etc.); by application such as medical diagnosis and scientific research; and by end users which are hospital, specialized oncology centre, diagnostic centre and research institutes. In terms of revenue, the global biopsy device market is expected to reach US$ 1,397.4 Mn in 2016, witnessing a CAGR of 6.5%.
Factors such as favourable reimbursement scenario in the U.S., demand for minimal invasive breast biopsy, and increasing preference for minimally-invasive biopsy procedures would contribute to the revenue growth of the biopsy device market over the forecast period. Economic factors such as increasing discretionary funding for cancer research, cancer awareness programs by governments, and increasing global healthcare spending would contribute to the revenue growth of the biopsy device market over the forecast period.
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The demand for biopsy devices has been significantly high in the U.S., Germany and China market in the recent years. Asia pacific excluding Japan is also a lucrative market globally owing to the compound annual growth rate of 7.1%. Asia Pacific excluding Japan biopsy device market revenue was accounted to be US$ 178.0 Mn in 2015, with China accounting for majority of revenue share.
By product, needles segment accounted for higher revenue share in global biopsy device market in comparison to the guidance system and guns market. Biopsy needles segment is expected to reach a value of US$ 956.7 Mn by 2026, reflecting a CAGR of 6.2% over the forecast period. Biopsy Guidance system segment, is expected to record a robust growth in the forecast period. The growth in guidance system can be attributed to the increasing trend towards advanced technology products.
By application, medical diagnosis segment accounted for highest revenue share in biopsy device market as compared to scientific research segment. Medical diagnosis segment is expected to reach a value of US$ 1,603.8 Mn by 2026, reflecting a CAGR of 6.2% over the forecast period. This is expected to be closely followed by scientific research segment which is projected to grow at a compound annual growth rate of 6.9% during the forecast period.
By end user, hospital segment accounts for higher consumption of biopsy devices as compared to other end user segments such as specialized oncology centre, diagnostic centre and research institutes. The strong growth in hospital segment can be attributed to increasing population preference for hospitals which can provide better assistance on increasing use for monitoring the disease and increasing incidences of breast cancers leading to breast biopsies. Hospitals are expected to register a CAGR of 8.2% over the forecast period.
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In addition to Asia Pacific excluding Japan, demand for biopsy devices has been significantly growing in Middle East and Africa, and Latin America. Revenues in APEJ are anticipated to grow by 7.1%, whereas MEA is expected to increase at 7.6% over the forecast period due to increasing demand for biopsy devices in various regions and increasing demand for minimal invasive Breast biopsy, which in turn contribute to the growth of the global biopsy device market.
Key players in the global biopsy devices market include Becton, Dickinson and Company , Argon Medical Inc., B. Braun Melsungen AG, Boston Scientific Inc., C. R. Bard, Inc., Hologic, Inc., Devicor Medical Products Inc. and others.