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.
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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 devicemarket 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.
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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.
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