The global lung biopsy systems market size is expected to reach USD 8.6 Billion in 2032 and exhibit growth at a CAGR of 9.4% in the forecast period from 2022 to 2032. Demand for lung biopsy systems is anticipated to grow at a rapid pace in future years owing to the surging preference for minimally invasive surgeries. As per FMI, the lung biopsy systems market is likely to be valued at USD 3.1 Billion in 2022.
| Report Attribute | Details |
|---|---|
| Lung Biopsy Systems Market Estimated Base Year Value (2021) | USD 2.3 Billion |
| Lung Biopsy Systems Market Expected Market Value (2022) | USD 3.1 Billion |
| Lung Biopsy Systems Market Anticipated Forecast Value (2032) | USD 8.6 Billion |
| Lung Biopsy Systems Market Projected Growth Rate (2022 to 2032) | 9.4% CAGR |
Biopsy is considered to be a medical procedure for surgically removing tissues from an organ to evaluate the extent or presence of a disease, especially inflammatory and cancerous conditions. Lung biopsies include the removal of lung tissues for determining any lung disease, infection, or cancer.
Sales of lung biopsy devices are expected to surge in future years backed by increasing initiatives taken by governments to create awareness about cancer. Many global health organizations are also anticipated to provide funds for the enhancement of the reimbursement scenario.
Lung biopsy is often performed either by closed lung or open lung procedures. Closed lung biopsy makes use of a needle, whereas open lung biopsy is performed under general anesthesia in operating rooms by making an incision on the chest or in the skin.
The ability of lung biopsies to help healthcare professionals in correctly diagnosing the suitable treatment for patients is another vital factor that is anticipated to bode well for the lung biopsy systems market size. Besides, increasing health expenditure and rising disposable income of people worldwide are set to aid growth.
The increasing prevalence of lung cancer across the globe is estimated to bode well for the lung biopsy systems market growth. According to the World Health Organization (WHO), in 2020, nearly 10 million deaths occurred globally due to cancer.
Out of this, lung cancer led to about 1.80 million deaths and 2.21 million new cases were reported the same year. These numbers are expected to surge at a rapid pace, thereby pushing market growth.
Rising smoking habits, lack of physical activities, low fruit and vegetable consumption, increasing alcohol consumption, and high body mass index are expected to bolster the prevalence of cancer and propel this market. In addition to that, increasing support by regulatory bodies in terms of finances to accelerate the development of healthcare infrastructure is likely to boost growth.
Numerous patient safety risks related to biopsy systems can lead to product recalls. Product recalls may disturb a brand’s image and decline sales of lung biopsy systems in the evaluation period. Also, the high risk of infections associated with these systems may obstruct growth.
North America is expected to remain at the forefront by generating the largest lung biopsy systems market share in the upcoming years. The presence of numerous leading companies in the U.S. and the rising patient pool in Canada are anticipated to drive the regional market.
The high penetration rate of state-of-the-art devices and the presence of a well-established healthcare system across North America are a couple of other factors that would foster the market. Increasing hospital stay because of lung cancer is another vital growth driver. The availability of sophisticated equipment and facilities for timely diagnosis to reduce the duration of hospital stay is likely to bode well for the market.
Asia Pacific is projected to remain in the second position, followed by North America in the assessment period. The rising aging population prone to lung cancer across developing countries, such as India and China is likely to propel the demand for lung biopsy systems in Asia Pacific.
As per the India Brand Equity Foundation (IBEF), in 2022, the Indian healthcare sector is estimated to reach USD 372 billion. The penetration of health insurance is set to expand in future owing to the high demand for quality and cost-effective healthcare.
The rising number of various insurance companies in this country providing coverage of cancer treatment is a major factor that is set to augment the Asia Pacific market.
Some of the reputed companies in the global lung biopsy systems market include Fujifilm Medical Systems, DTR Medical, BD, Olympus Corporation, Medtronic, Hologic, Inc., B. Braun Melsungen AG, Cardinal Health, and Argon Medical Devices among others.
The global market is highly competitive with the presence of a large number of big and small-scale enterprises. The majority of these enterprises are increasingly focusing on technological collaborations and acquisitions to gain a competitive edge in the market. Meanwhile, a few other key players are striving to broaden their product portfolios by launching cutting-edge devices in the market.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 9.4% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Product Type, Procedure Type, End Use, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; APEJ; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC, South Africa |
| Key Companies Profiled | Fujifilm Medical Systems; DTR Medical; BD; Olympus Corporation; Medtronic; Hologic, Inc.; B. Braun Melsungen AG; Cardinal Health; Argon Medical Devices |
| Customization | Available Upon Request |
The global lung biopsy systems market is anticipated to surpass US$ 8.6 Billion in 2032.
North America is set to lead the lung biopsy systems market in the forecast period.
Fujifilm Medical Systems, DTR Medical, BD, Olympus Corporation, Medtronic, Hologic, Inc., B. Braun Melsungen AG, Cardinal Health, and Argon Medical Devices are some of the renowned companies in the lung biopsy systems market.
Explore Similar Insights
Lung Biopsy Systems Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
