Biopsy Devices Market to hit USD 4.5Billion by 2032, says Global Market Insights Inc.

Biopsy Devices industry is anticipated to register 6% CAGR between 2023 and 2032 due to increasing awareness regarding breast cancer.

Selbyville, Delaware, Jan. 31, 2023 (GLOBE NEWSWIRE) —

The biopsy devices market value is poised to cross USD 4.5 billion by 2032, according to a new research report by Global Market Insights Inc.

Lifestyle changes and the growing prevalence of cancer are among the key factors bolstering the adoption of biopsy equipment and supplies for early disease diagnosis. Based on the International Association of Research on Cancer’s report, lung cancer accounts for nearly 11.4% of all cancer diagnoses across the globe. Since early detection can help improve lung cancer recovery rates, the use of biopsy devices will surge. Other risk factors including exposure to harmful chemicals and pollutants will contribute to the cancer burden and in consequence, stimulate product demand.

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Biopsy procedure requires high technical expertise in equipment handling and interpreting results. The lack of skilled healthcare professionals may hinder industry growth to a certain extent, considering the complexity of the procedure. For instance, in Europe, the shortage of healthcare professionals is likely to reach nearly 4.1 million in 2030. Concerns regarding accurate diagnosis from inadequately trained healthcare providers have also increased, thereby asserting a negative impact on biopsy medical device market progress.

High operational speed and other unique properties fuel needle biopsy equipment adoption

Biopsy devices market from the biopsy needles product segment to depict over 4.5% CAGR by 2032. Compared to surgical biopsy, the needle biopsy procedure is less intrusive, less expensive, and is associated with rapid operational speed. This product is also effective in the treatment of patients with benign lesions through surgery. Needle biopsy, however, carries a risk of infection and bleeding at the insertion site, which may create roadblocks to its development to some extent.

Browse key industry insights spread across 189 pages with 219 market data tables & 11 figures & charts from the report, Biopsy Devices Market Size By Product (Biopsy Guidance Systems [Manual, Robotic], Needle Based Biopsy Guns [Vacuum-Assisted, Fine Needle, Core Needle] Biopsy Devices [Disposable, Reusable], Biopsy Forceps [General Biopsy, Hot Biopsy]), By End-use (Hospitals, Ambulatory Surgical Centers), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

Availability of advanced devices and reimbursement policies spur biopsy device demand in hospitals

The hospitals segment held over 68% of the biopsy devices market share in 2022, as a result of the extensive availability of innovative healthcare devices and reimbursement policies. According to the coding and reimbursement guide from Hologic, in 2021, the National Average Medicare rate for breast biopsy procedures with breast localization device placement accounted for around USD 1,400 in hospitals. These factors will boost the number of surgical operations conducted in hospitals and in turn, augment the use of biopsy medical equipment.

Europe to emerge as a lucrative revenue hub for biopsy device manufacturers

Europe biopsy devices market to exceed USD 950 million by 2032, due to the growing burden of cancer. European countries with the highest rate of this disease incidence include Denmark, Belgium, Ireland, and the Netherlands. Furthermore, the increasing elderly population susceptible to chronic disease will encourage regional healthcare professionals to use biopsy devices for cancer diagnosis, fostering regional market development.

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Product range expansion initiatives to strengthen the global industry outlook

Some of the key players profiled in the report include Boston Scientific Corporation, Becton, Dickinson and Company (BD), FUJIFILM Holdings Corporation, Hologic Inc., Inc, B. Braun Melsungen AG, Cook Group Incorporated, Devicor Medical Products, Inc. (Danaher Corporation), and INRAD Inc, among others.

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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