Selbyville, Del., Jan. 31, 2023 (GLOBE NEWSWIRE) —
biopsy devices market value is poised to top $4.5 billion by 2032, according to a new research report from Global Market Insights Inc.
Lifestyle changes and the increasing prevalence of cancer are among the major factors driving the adoption of biopsy equipment and supplies for early disease diagnosis. According to the International Association for Research on Cancer report, lung cancer accounts for nearly 11.4% of all cancer diagnoses worldwide. Since early detection can help improve cure rates for lung cancer, the use of biopsy devices will increase. Other risk factors, including exposure to harmful chemicals and pollutants, will contribute to the cancer burden and, therefore, drive product demand.
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The biopsy procedure requires great technical expertise in handling the equipment and interpreting the results. Lack of qualified medical professionals may hamper the growth of the industry to some extent considering the complexity of the procedure. For example, in Europe, the shortage of healthcare professionals is expected to reach almost 4.1 million in 2030. Concerns about accurate diagnosis from insufficiently trained healthcare providers have also increased, claiming a negative impact on the progress of biopsy medical devices market.
High operational speed and other unique properties are fueling the adoption of needle biopsy equipment
The biopsy devices market in the biopsy needle segment is expected to grow at a CAGR of over 4.5% by 2032. Compared to surgical biopsy, the needle biopsy procedure is less intrusive, less expensive and is associated with fast operational speed. This product is also effective in the surgical treatment of patients with benign lesions. Needle biopsy, however, carries a risk of infection and bleeding at the insertion site, which may create obstacles in its development to some extent.
Browse key industry information spread over 189 pages with 219 market data tables and 11 report figures and charts, “Biopsy Devices Market Size by Product (Biopsy Guidance Systems [Manual, Robotic]Needle-based biopsy guns [Vacuum-Assisted, Fine Needle, Core Needle] Biopsy devices [Disposable, Reusable]Biopsy forceps [General Biopsy, Hot Biopsy]), By End Use (Hospitals, Ambulatory Surgery Centers), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023-2032 » in detail with the table of contents:
Availability of Advanced Devices and Reimbursement Policies Drive Demand for Biopsy Devices in Hospitals
The hospital segment held more than 68% of the biopsy device market share in 2022, driven by the wide availability of innovative healthcare devices and reimbursement policies. According to Hologic’s Coding and Reimbursement Guide, in 2021 the average national Medicare rate for breast biopsy procedures with placement of a breast tracking device was approximately $1,400 in hospitals. These factors will increase the number of surgeries performed in hospitals and, in turn, increase the use of medical biopsy equipment.
Europe to become a lucrative hub for biopsy device makers
The European biopsy device market is expected to exceed USD 950 million by 2032, driven by the growing burden of cancer. The European countries with the highest incidence rate of this disease are Denmark, Belgium, Ireland and the Netherlands. In addition, the increase in the elderly population susceptible to chronic diseases will encourage regional healthcare professionals to use biopsy devices for cancer diagnosis, thus promoting the development of the regional market.
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Product Line Expansion Initiatives to Strengthen Global Industry Prospects
Some of the key players profiled in the report include Boston Scientific Corporation, Becton, Dickinson and Company (BD), FUJIFILM Holdings Corporation, Hologic Inc., Inc., B. Braun Melsungen AG, Cook Group Incorporated, Devicor Medical Products, Inc. (Danaher Corporation), and INRAD Inc, among others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services, offering syndicated and custom research reports as well as consulting services. growth. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed through proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.