Factors such as rising prevalence of cancer, increasing preference for minimally invasive surgeries, and initiatives undertaken by governments & global health organizations are the major factors driving the growth of this market.
According to research report the biopsy devices market is expected to reach USD 2.42 billion by 2022 from USD 1.74 billion in 2017, at a CAGR of 6.8% from 2017 to 2022.
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The report analyzes the global biopsy devices market by product, guidance technique, application, end user, and region.
• Based on application, the global market is segmented into breast biopsy, lung biopsy, colorectal biopsy, prostate biopsy, and others. The breast biopsy segment accounted for the largest share of the global market in 2016.
• Based on product, the global market is segmented into needle-based biopsy instruments, procedure trays, localization wires, and other products (forceps, markers, probes, punches, curettes, and sutures).
• Based on guidance technique, the biopsy devices market is segmented into ultrasound-guided biopsy, stereotactic-guided biopsy, magnetic resonance imaging (MRI)-guided biopsy, and other guidance techniques (positron emission tomography, fluoroscopy, and thermography).
Players in the global biopsy devices market, such as Becton, Dickinson and Company (U.S.), Devicor Medical Products, Inc. (U.S.), Argon Medical Devices, Inc. (U.S.), Cardinal Health, Inc. (U.S.), and Boston Scientific Corporation (U.S.) are focusing on increasing their presence in the high-growth markets through agreements, expansions, and acquisitions.
Olympus Corporation (Japan), Cook Group Incorporated (U.S.), and Boston Scientific Corporation (U.S.) are some of the players focusing on organic growth strategy of new product launches to enhance their market presence.
C. R. Bard dominated the market due to its broad biopsy devices product portfolio. It operates in around 100 countries outside the U.S. The company manufactures medical devices in the field of vascular therapy, urology, oncology, and surgical specialties. C. R. Bard has a wide product portfolio for biopsy, including vacuum-assisted devices, core needle biopsy products, localization wires, breast tissue markers, and probes.
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North America accounted for the largest share of the biopsy devices market in 2016, followed by Europe. The rising prevalence of cancer, government initiatives to spread awareness about cancer, favorable reimbursement scenario for biopsy devices in the U.S., and the presence of key players in the region are the key factors driving the growth of the biopsy devices market in North America.
Becton, Dickinson and Company is another prominent player in the market. The company is engaged in the development, manufacturing, and marketing of medical devices, instrument systems, and reagents. BD operates through two business segments—BD Medical and BD Life Sciences.