Government initiatives in cancer treatment to fuel growth of the global biopsy device market during the projected period
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, 2016–2026. Revenue from the global biopsy device market is expected to register a CAGR of 6.5% during the assessment period and is expected to be valued at nearly US$ 2,700 Mn by 2026 end.
Increasing incidence of cancer and favourable reimbursement programs are factors expected to drive revenue growth of the global biopsy device market during the assessment period
The guidance system segment was estimated to account for 16.1% revenue share of the global biopsy device market by 2016 end and is expected to gain 222 BPS in market share by 2026 over 2016, owing to an increase in the awareness of early detection of breast cancer.
The needles segment was estimated to account for 37.6% revenue share of the global biopsy device market by 2016 end and is expected to lose 125 BPS in market share by 2026 over 2016. The segment is expected to reach nearly US$ 960 Mn by 2026 owing to an increasing awareness among people regarding the early detection of cancer.
Global Biopsy Device Market Absolute $ Opportunity by Product Type, 2016–2026
Guidance system segment is estimated to create absolute $ opportunity of more than US$ 15 Mn in 2017 over 2016. Revenue from guidance system segment is anticipated to register a CAGR of 7.9% over 2016–2026, to reach more than US$ 480 Mn towards the close of the forecast period
Biopsy needles segment is estimated to create absolute $ opportunity of nearly US$ 30 Mn in 2017 over 2016. Revenue from biopsy needles segment is anticipated to register a CAGR of 6.2% over 2016–2026, to reach nearly US$ 960 Mn by 2026 end
Guns segment is estimated to create absolute $ opportunity of nearly US$ 25 Mn in 2017 over 2016. Revenue from guns segment is anticipated to witness a CAGR of 6.8% over 2016–2026, to reach more than US$ 700 Mn towards the close of 2026
Reagents and kits segment is estimated to create absolute $ opportunity of more than US$ 3 Mn in 2017 over 2016. Revenue from reagents and kits segment is anticipated to witness a CAGR of 6.4% over 2016–2026, 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 2017 over 2016. Revenue from Others segment is anticipated to witness a CAGR of 5.3% over 2016–2026, to reach more than US$ 360 Mn by 2026 end
Global Biopsy Device Market Attractiveness Analysis by Product Type, 2016–2026
Needles segment dominated the global biopsy device market in revenue terms in 2015 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 2016 and is projected to account for 36.5% share by 2026 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.
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.
“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.
Future Market Insights offers a one of its kind and a comprehensive analysis of the global biopsy device market in its new publication titled ‘Biopsy Device Market: Global Industry Analysis and Opportunity Assessment, 2016–2026’. In this report, Future Market Insights has focussed on offering detailed insights and in-depth research on the global biopsy device market over a ten year forecast period 2016 – 2026. In this report, we have covered the important factors driving the growth of the global biopsy device market, untapped opportunities for market players in this field, trends and developments shaping the dynamics of the global biopsy device market and other insights across various key segments. In addition, we have identified the key drivers and restraints affecting the growth of the global biopsy device market. Changing trends are also analysed and incorporated in the report to equip clients with exhaustive information about the market resulting in better decision making. Macroeconomic factors that directly and indirectly affect the growth of the global biopsy device market are also incorporated in the report.
The primary objective of the report is to offer insights on the market dynamics that can influence revenue growth of the global biopsy device market over the forecast period. Insights on key trends, drivers, restraints, value forecasts and opportunities for companies in the global biopsy device market are presented in the report. To understand and assess opportunities in this market, the report offers market forecast on the basis of segmentation into product, application, end use and regions. The report provides global biopsy device market analysis in terms of market value (US$ Mn).
By Product Type
By End Use
The report begins with the market definition, followed by definitions of the different biopsy device product types. The market dynamics section includes Future Market Insights’ analysis on key trends, drivers, restraints, opportunities and macro-economic factors influencing the growth of the global biopsy device market.
In the final section of the report, Future Market Insights has included a competitive landscape to provide clients with a dashboard view, based on categories of providers in the value chain, presence in the biopsy device market portfolio and key differentiators. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the biopsy device market value chain and the potential players for the same. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors based on in-depth assessment of capabilities and success in the marketplace. Detailed profiles of providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the global biopsy device market. In addition, this section also includes market strategies and SWOT analysis of the main players dominating the global biopsy device market.
Forecasting the market numbers
Market value is inferred through in-depth secondary research and validated from industry experts through primary interviews. Each interview is thoroughly analysed and the average market value is deduced and reconfirmed prior to incorporating in the report. Weighted Average Selling Price (ASP) has been considered to deduce market values. Bottom-up approach has been used to assess market numbers for the global biopsy device market. Top-down approach has been used to counter-validate the reached numbers for the global biopsy device market. Macroeconomic indicators such as healthcare industry outlook, healthcare spending, prevalence of cancer, Gross Domestic Product and others have been considered to arrive at the indicated market numbers.
The forecast presented here assesses the total revenue by value across the market. In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the global biopsy device market will develop in the future. Given the characteristics of the market, we triangulated the outcome of different types of analyses based on the technology trends.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse the market on the basis of key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the market and to identify the right opportunities across the market. As previously highlighted, the global biopsy device market is split into a number of segments. All segments in terms of by product type, by application, by end use and based on different regions are analysed in terms of basis point share to understand individual segments’ relative contribution to market growth. This detailed level of information is important for identification of various key trends of the global biopsy device market.
Also, another key feature of this report is the analysis of all key segments in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective in the global biopsy device market. Last but not the least, in order to understand the key market segments in terms of growth and performance of the global biopsy device market, we have developed a one of its kind market attractiveness index. This index will be a great helping hand in enabling clients to identify real market opportunities.