Biopsy Device Market

2021 Analysis and Review: Biopsy Device Market by Product Type- Guidance System, Needles, Guns, Reagents and kits and others for 2021-2031

Biopsy Device Market Snapshot

Future Market Insights (FMI) forecasts biopsy device sales to total US$ 3089.2 Mn by the end of 2031. The market is set to register a CAGR of 5.2% between 2021 and 2031.

Needle-based biopsy will continue as the top-selling product category, accounting for nearly one-third of global demand by 2031. Rising use of needle-based biopsy for extracting fluid or tissue from a suspicious lump or any other abnormal area of the body will guarantee increasing sales in the segment.

Regionally, North America biopsy device market will hold the dominant share 34% by 2021 owing to rising prevalence of cancer and favorable reimbursement scenario.

Key Points Covered in Biopsy Device Market Study

  • Market Estimates and Forecast 2016-2031
  • Key Drivers and Restraints Impacting Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Biopsy Device Market and How to Navigate
  • Recommendation on Key Winning Strategies

2016-2020 Biopsy Device Market Demand Outlook in Comparison to 2021-2031 Forecast

The global biopsy device market is estimated to be worth US$ 1862.6 Mn in 2021. The market is forecast to grow at a CAGR of 5.2% between 2021 and 2031, reaching a valuation of US$ 3,089.2 Mn by the end of 2031.

The robust growth of biopsy device market can be attributed to the increasing incidence of cancer, favorable reimbursement programs, and shift towards minimally invasive procedures. Rising patient pool is encouraging the development of more advanced, effective, and safe biopsy procedures.

According to World Health Organization (WHO), cancer accounted for nearly 10 million deaths in 2020. Rising prevalence of various cancers such as breast cancer, lung cancer and leukemia is positively impacting the demand outlook for biopsy devices.

Various initiatives undertaken by governments and healthcare organizations regarding cancer treatment and diagnosis will accelerate the market growth further during the forecast period. Similarly, increasing healthcare expenditure and extensive research and development (R&D) activities are positively influencing the market.

Rapid technological advancements such as Vaccuum assisted guns, 3D optical biopsies, MRI-targeted biopsies and Ultrasound-guided biopsies are fueling the adoption of biopsy devices. As biopsy procedure can be performed for almost any organ with accurate diagnosis, more people are opting for it.

Key companies operating in the biopsy device market are focusing on organic growth strategies such as product launches and product approvals. They have adopted various strategies such as mergers and acquisitions, advanced product development and collaborations to gain a competitive edge in the market.

For instance, in 2021 Biocept, Inc. announced collaboration with Quest Diagnostics to offer laboratory testing services to patients in Quest for its Target Selectortm NGS-based liquid biopsy targeted lung cancer panel.

Similarly, in October 2020 GE Healthcare announced the launch of its new Serena Bright biopsy technology in the U.S. The Serena Bright biopsy solution is particularly designed to offer advanced breast cancer diagnosis and treatment.

Government initiatives in cancer treatment to fuel market growth

Global demand for biopsy devices is increasing, supported by rising incidence of cancer. Future Market Insights presents in-depth analysis of the global biopsy device market for the forecast period, 2021-2031. Revenue from the global biopsy device market is expected to register a CAGR of around 5.2% during the assessment period and is expected to be valued at nearly US$ 3,089.2 Mn by 2031 end.

Increasing incidence of cancer and favorable reimbursement programs set to drive growth

The guidance system segment was estimated to account for 16.1% revenue share of the global biopsy device market by 2021 end and is expected to gain 222 BPS in market share by 2031 over 2021, owing to an increase in the awareness of early detection of breast cancer.

The needles segment will hold nearly one-third of the global biopsy device market by 2031 end and is expected to lose 125 BPS in market share by 2031 over 2021. The segment is expected to surpass US$ 960 Mn by 2031 owing to an increasing awareness among people regarding the early detection of cancer.

Global Biopsy Device Market Absolute $ Opportunity by Product Type, 2021–2031

Guidance system segment is estimated to create absolute $ opportunity of more than US$ 15 Mn in 2021. Revenue from guidance system segment is anticipated to register a CAGR of 7.9% over the forecast period, reaching a market valuation of around US$ 480 Mn by the end of 2031.

  • Biopsy needles segment is estimated to create absolute $ opportunity of around US$ 30 Mn in 2021. Revenue from biopsy needles segment is anticipated to register a CAGR of 6.2% over 2021–2031, surpassing US$ 960 Mn by 2031 end.
  • Guns segment is estimated to create absolute $ opportunity of around US$ 25 Mn in 2021. Revenue from guns segment is anticipated to witness a CAGR of 6.8% during the forecast period, surpassing US$ 700 Mn towards the close of 2031
  • Reagents and kits segment is estimated to create absolute $ opportunity of more than US$ 3 Mn in 2021. Revenue from reagents and kits segment is anticipated to witness a CAGR of 6.4% over 2021–2031, to reach nearly US$ 120 Mn at the end of the assessment period
  • Others (Brushes, Curettes and Punches etc.) segment is estimated to create absolute $ opportunity of nearly US$ 10 Mn in 2021. Revenue from Others segment is anticipated to witness a CAGR of 5.3% over 2021–2031, to reach more than US$ 360 Mn by 2031 end.

Global Biopsy Device Market Attractiveness Analysis by Product Type, 2021–2031

Needles segment dominated the global biopsy device market in revenue terms in 2020 and is projected to continue to do so throughout the forecast period. Needles segment is the most attractive segment, with a market attractiveness index of 1.8 over the forecast period. The segment accounted for 37.7% value share in 2021 and is projected to account for around 36.5% share by 2031 end.

Guns segment is expected to be the second most lucrative segment in the global biopsy device market, with a market attractiveness index of 1.3 during the forecast period. The increasing requirement for more advanced and innovative technology products in the field of biopsy and growing usage of biopsy needles makes it the most attractive segment in the global biopsy device market.

Competitive Landscape

Companies operating in the global biopsy device market are actively engaged in mergers, acquisitions and partnerships to capture a larger share of the market in the near future.

The global biopsy device market is a fragmented market with about 69% market share contributed by CR Bard, Becton, Dickinson and Company, B. Braun Melsungen AG, Hologic, Inc., Cook Medical, Devicor Medical Products Inc. and Argon Medical Inc. Companies are entering into strategic mergers and acquisitions to improve their biopsy device product portfolio and are focussing on distributional agreements to overcome issues related to product availability in various geographical areas.

Analyst Viewpoint

“In the coming decade, liquid biopsy procedure is likely to pose a major threat to the biopsy device market”

Liquid biopsy offers non-invasive diagnostic tests for detecting cancer as it provides a simple, relatively less expensive blood, urine or plasma test to detect malignancy in any part of the patient’s body. Liquid biopsy is expected to provide a better sample for any type of diagnosis and analysis as it can be taken repeatedly. This overcomes the challenge associated with repeated tissue samples. Liquid samples help detect disease progression in real time, predict outcomes and switch treatment when required and potentially increase the life expectancy of the patient. Thus, liquid biopsy procedure is likely to be a major threat to the global biopsy device market in the coming decade.

Key Questions Answered in the Report

  • How much is biopsy device market worth?

    The global biopsy device market is estimated to be worth US$ 1862.6 Mn in 2021.

  • What is the demand outlook for biopsy device market?

    The biopsy device market is expected to grow at a CAGR of 5.2% between 2021 and 2031, reaching a market valuation of 3,089.2 Mn by the end of 2031.

  • At what rate did biopsy device market grow in the last five years?

    The Biopsy device market grew at 7.4% CAGR in the last five years, from 2016 to 2020.

  • What are the key trends shaping the biopsy device market?

    Increasing collaboration of government and private medical companies and rapid utilization of biopsy devices for monitoring the diseases are some of the key trends prevailing in biopsy device market.

  • What are the key factors driving biopsy device demand?

    Increasing prevalence of cancer, favorable reimbursement scenario and rising preference for minimally invasive procedures are some of the factors driving the biopsy device market.

  • What is the market share of top 5 players?

    The combined share of top 5 players is around 25-30% of the overall market.

  • What is the North America biopsy device market outlook?

    As per FMI analysis, North America accounted for nearly 34% market share in global devices market during 2021.

  • Which country in Europe leads the biopsy device market?

     Germany is leading the market for biopsy devices in Europe with a share of around 28%.

  • Which are the top 5 countries driving demand for biopsy devices?

    The countries like China, Germany, Japan, U.K and the U.S. are witnessing huge demand for biopsy devices.

  • What is the biopsy device market statistics in South Korea and Japan?

    Japan and South Korea cumulatively account for 8.4% share in global biopsy device market.

Market Segmentation

By Product Type:

  • Guidance System
    • Stereotactic X-Ray Guided Biopsy
    • Ultrasound Guided Biopsy
    • MRI Guided Biopsy
  • Needles
    • Core Needles
    • Fine Aspiration Needles
  • Guns
  • Reagents and Kits
  • Others (Brushes, Curettes and Punches etc.)

By Application:

  • Medical Diagnosis
  • Scientific Research

By End Use:

  • Hospital
  • Specialised Oncology Centres
  • Diagnostic Centres
  • Research Institutes

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • MEA

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Biopsy Device Market