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The global biopsy devices market reached a value of US$ 2.12 Billion in 2020. Looking forward, IMARC Group expects the market to reach a value of US$ 2.87 Billion by 2026, exhibiting a CAGR of 5.12% during 2021-2026. Biopsy devices refer to various equipment that are used for surgical extraction of tissues from an organ. They are utilized by surgeons, radiologists, cardiologists and other medical practitioners to diagnose the presence or extent of diseases that are cancerous or inflammatory in nature. Equipment such as aspiration needles, forceps and localization wires are some of the commonly used biopsy devices. These devices are used in MRI-guided, needle-based, core and vacuum-assisted biopsies of body parts, including the liver, lungs, kidneys and breasts. They find extensive applications across numerous healthcare institutions, such as medical clinics, diagnostic centres and hospitals.
The rising instances of chronic medical ailments, especially breast cancer, is one of the key factors driving the growth of the market. Furthermore, rising consumer awareness regarding the availability of diagnostic and screening procedures for chronic diseases is boosting the demand for integrated technologies such as stereotactic-guided biopsies. There is also a growing preference for minimally invasive (MI) biopsy procedures among patients across the globe. For instance, the MI breast biopsy technique (MIBT) eliminates the need for surgery for cancer diagnosis while preserving healthy tissues from damage caused by radiation. Additionally, various technological advancements, including the development of vacuum-assisted guns and smart biopsy systems that aid in distinguishing healthy cells from tumorous ones, are also favoring the market growth. Other factors, including the rapidly growing geriatric population, increasing healthcare expenditure and extensive research and development (R&D) activities, are projected to drive the market in the coming years.
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The competitive landscape of the industry has also been examined with some of the key players being Argon Medical Devices Inc., B. Braun Melsungen, Becton, Dickinson and Company, Boston Scientific Corporation, Cardinal Health Inc., Cook Group Incorporated, Danaher Corporation, Hologic Inc., Medtronic Inc., etc.
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