According to the latest report the biopsy devices market is projected to reach USD 12.6 billion by 2028 from USD 6.6 billion in 2023, at a CAGR of 14.0% from 2023 to 2028. Advancements in medical technology have led to the development of more precise and minimally invasive biopsy tools, reducing patient discomfort and recovery times. Secondly, an aging global population has increased the demand for cancer screening and diagnosis, where biopsies play a crucial role. Additionally, the rising incidence of cancer and other chronic diseases has spurred the need for more frequent and accurate tissue sampling.
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Opportunity: Technological Advancements
Continued innovation in biopsy device technology, such as improved imaging capabilities, robotics, and precision-guided biopsy tools, offers opportunities for more accurate and less invasive procedures. Advanced imaging techniques such as ultrasound, magnetic resonance imaging (MRI), and computed tomography (CT) scans have become integral in guiding biopsy procedures. For instance, real-time ultrasound imaging allows healthcare professionals to precisely target and extract tissue samples, minimizing the risk of complications.
Challenge: Underdeveloped healthcare infrastructure and dearth of resources in developing countries
With the growing awareness about different types of cancers, the demand for biopsy procedures in developing countries is expected to increase in the coming years. Due to limited healthcare resources and underdeveloped infrastructure, alternative strategies for diagnosis of breast cancer are widely used in the region. Mortality caused due to breast cancer is also higher in low- and middle-income countries as compared to high-income countries. This is mainly due to the lack of early detection in these countries.
The biopsy devices market is moderately competitive, with both established companies and upcoming competitors for the same market share. As of 2022, the key player operating in the global biopsy devices market are Becton, Dickinson and Company (US), Devicor Medical Products, Inc., (Leica Biosystems) (US), B. Braun Melsungen AG (Germany), Hologic, Inc. (US), and Cardinal Health, Inc. (US) among others.
The key strategies adopted by the top players in this market in the last four years include product launches & expansions, partnerships, acquisitions, and collaborations. In 2022, a major share of the Biopsy devices market was held by Becton, Dickinson and Company (US), Devicor Medical Products, Inc., (Leica Biosystems) (US), B. Braun Melsungen AG (Germany), Cardinal Health, Inc. (US)
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The Asia Pacific market to register a significant growth in the market during the forecast period
The Asia Pacific biopsy devices market is estimated to register a significant growth from 2023 to 2028. The increasing patient population, rising geriatric population, rapid economic growth and increasing disposable income are driving the market growth in APAC countries. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.
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