Global Biopsy Devices Market Expected to Reach $4,310 Million by 2026

According to a new report published by Allied Market Research, titled, "Biopsy Devices Market by Type, Application, Imaging Technology, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026," the global biopsy devices market size was valued at $2,728 million in 2018, and is projected to reach $4,310 million by 2026, growing at a CAGR of 5.9% from 2019 to 2026. 

Biopsy is a medical test commonly performed by surgeons, interventional radiologists, or interventional cardiologists, which involves sampling of cells or tissues to determine the presence or extent of a disease. There are varieties of biopsy procedures available in the commercial disease diagnosis market, namely conventional and advanced biopsy procedures. Conventional procedures include fine needle biopsy, core needle biopsy, surgical biopsy, and others. The advanced biopsy procedures include CT-guided biopsy, MRI, ultrasound, stereotactic biopsies, and others. 

The global biopsy devices market is currently dominated by conventional biopsy technologies such as needle biopsy and surgical biopsy. The cost of conventional biopsy procedure is less than that of advanced image-guided biopsy procedures, owing to their wider availability. Increase in prevalence of chronic diseases and rise in disposable income in developing economies fuel the adoption of novel biopsy procedures. Moreover, rise in awareness for diagnosis of diseases fosters the demand for integrated biopsy technologies such as MRI-guided breast biopsy. However, low income and lack of proper medical attention in the developing countries hamper the growth of the biopsy devices market.

Based on product, the needle-based biopsy instruments segment dominated the biopsy devices industry in 2018 due to rise in number of breast cancer, gastrointestinal tract diseases, and soft tissue sarcomas. Another factor that drives the growth of the segment is aspiration biopsy needles are non–invasive and provide efficient sample collection. 

Depending on application, the breast biopsy segment accounted for the highest revenue share in biopsy devices market in 2018 and is expected to maintain its dominance during the forecast period owing to rise in number of breast cancer patients. In addition, increase in public awareness for disease screening and technological advancement in biopsy devices is expected to drive the growth of the biopsy devices market.

Key Findings of the Biopsy Devices Market :

• Based on product, the needle-based biopsy instruments segment held 37.48% share in the global market in 2018.
• Based on application, the breast biopsy segment held largest market share in 2018, and is expected to remain dominant throughout the forecast period. 
• Based on imaging technology, the CT scan biopsy segment exhibits fastest growth and is expected to grow at a CAGR of 6.6% from 2019 to 2026. 
• Based on end user, the hospital segment held 40.16% share in the global market in 2018.
• Based on region, Asia-Pacific is expected to experience growth at the highest rate, registering a CAGR of 7.1% during the forecast period. 

In 2018, North America accounted for the major share of biopsy devices market size and is expected to continue this trend owing to, availability of well-developed infrastructure facilities, presence of majority of key players, rise in cancer patients, and large availability of trained medical professionals. On the other side, Asia-Pacific is estimated to register the fastest growth during the forecast period.