Cutting-Edge Biopsy Technologies Expected To Drive Biopsy Devices Market In The Forecast Period 2023-2027 As Per The Business Research Company's Biopsy Devices Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Aug. 21, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company, the global biopsy devices market continues to thrive, displaying remarkable resilience and growth amidst a complex global landscape. With a focus on innovation and advanced medical solutions, the market is segmented across various product types, imaging technologies, applications, and end users. The market size surged from $2.64 billion in 2022 to $2.86 billion in 2023, at a Compound Annual Growth Rate (CAGR) of 8.2%. Looking ahead, the market size is projected to reach $3.83 billion in 2027, maintaining a robust CAGR of 7.6%.
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Segmentation Fueling Market Dynamics
The market's segmentation forms a comprehensive framework, enabling a thorough understanding of its diverse landscape.
- Product Type: The product spectrum includes Needle-Based Biopsy Instruments, Core Biopsy Devices, Aspiration Biopsy Needles, Vacuum-Assisted Biopsy Devices, Biopsy Forceps, and Localization Wires.
- Imaging Technology: With cutting-edge imaging technologies driving accuracy, the market encompasses MRI-guided biopsy, Stereotactic-guided biopsy, Ultrasound-guided biopsy, and CT scan.
- Application: The application segment features Breast Biopsy, Gynecological Biopsy, Prostate Biopsy, Liver Biopsy, Lung Biopsy, Kidney Biopsy, Gastroenterology Biopsy, and Other Applications.
- End User: The market serves a range of end users including Diagnostics & Imaging Centers, Hospitals, and other stakeholders.
Global Forces and Their Impact
Challenges on the global stage, such as the Russia-Ukraine war, have disrupted the path to economic recovery post the COVID-19 pandemic, particularly in the short term. This conflict has triggered economic sanctions, commodity price spikes, supply chain disruptions, and inflation across goods and services, impacting markets worldwide. Despite these challenges, the biopsy devices market demonstrated remarkable growth, signaling its resilience.
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Rising Cancer Cases Propel Biopsy Devices Market Growth
The increase in cancer cases globally has significantly contributed to the expansion of the biopsy devices market. Biopsies stand as a cornerstone in diagnosing abnormalities and suspected cancer cells. With an estimated 18.1 million cancer cases worldwide in 2020, biopsies play a pivotal role in cancer diagnosis, especially for prevalent types like lung and breast cancers.
Innovations and Key Players In The Biopsy Devices Market
Key players in the biopsy devices market, including Becton Dickinson and Company (BD), Cook Medical, Hologic, and others, are driving innovation. Robot-assisted biopsy systems are reshaping the landscape, enhancing precision, accuracy, and minimizing complications. Regulatory approvals, such as the FDA's clearance of robotic-assisted platforms for lung biopsies, illustrate the ongoing advancements in the field.
Regional Landscape
North America spearheaded the biopsy devices market in 2022, closely followed by Asia-Pacific. The market analysis extends to regions including Western Europe, Eastern Europe, South America, Middle East, and Africa, providing a comprehensive global perspective.
The biopsy devices market's steady growth in the face of challenges is a testament to its significance in the medical landscape. Continued innovations, technological advancements, and a commitment to accurate diagnostics position the industry for sustained expansion.
Biopsy Devices Global Market Report 2023 by The Business Research Company provides insights on the biopsy devices market size, biopsy devices market segments, biopsy devices market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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