Biopsy Devices Market size to exceed $3bn by 2024
Growing prevalence of cancer and geriatric population base account for the pivotal factors is set to positively impacting the market growth. Moreover, introduction of technologically advanced products and growth in market penetration rates in Latin America and Asia Pacific should present the biopsy device manufacturers with lucrative growth opportunities in the years to come.
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The emergence of technologically advanced vacuum-assisted biopsy guidance devices, and growing popularity of disposable products coupled with rising adoption of minimally invasive medical procedures indicate towards healthy growth in the biopsy devices market.
Guidance systems accounts for majority of biopsy devices market share contributing to 43% in 2015, with revenue anticipated to exceed USD 1.1 billion by 2024. Strong robotic guidance system price trend is expected to fuel growth.
North America accounted for the largest biopsy devices market share in 2015. Growing cancer related spending is expected to drive market growth during the forecast period. Government and various agencies engage constantly in curbing this healthcare expenditure, and encourage patients to undergo regular diagnostic examinations.
Apart from this, growing awareness levels coupled with a surge in healthcare infrastructure in the emerging Asia Pacific and Latin America is expected to drive growth during forecast timeline.
Browse key industry insights spread across 81 pages with 129 market data tables & 7 figures & charts from the report, “Biopsy Devices Market Size By Product (Needle Based Biopsy Gun [Vacuum-Assisted, Fine Needle, Core Needle], Biopsy Guidance System [Manual, Robotic], Biopsy Needles [Disposable, Reusable], Biopsy Forceps [General Biopsy, Hot Biopsy]), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Spain, Italy, China, India, Japan, Mexico, Brazil, Argentina, Saudi Arabia, South Africa), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Global biopsy devices market size is set to reach USD 3.1 billion by 2024, from an estimated USD 1.75 billion for 2015, projected to grow at 6.5% from 2016 to 2024.
- Biopsy guidance systems dominated the overall biopsy devices market during the forecast timeframe valued at USD 755.5 million for 2015.
- S. biopsy devices market size valued at USD 410.5 million for 2015, accounting for major regional share. High prevalence of cancer coupled with growing awareness regarding cancer diagnosis are some of the factors attributed to the major share of the region.
- Germany and UK garnered 28.6% and 22.8% respectively in the Europe biopsy devices market share for 2015.
- Biopsy devices market share experiences a moderately low level of new entry threat. The major players in the market take up around 80% share, and employ acquisition strategies making it difficult for the new players to sustain in the market.
- China, Japan and India biopsy devices market drive Asia Pacific due to presence of large patient pool, while LATAM was driven by Brazil and Mexico.