Upsetting Growth in Cancer Prevalence to Determine the Growth of Biopsy Devices Market: Biopsy Guidance Systems Segment to Reach Worth USD 981 Mn by 2022
According to the latest publication by Credence Research, Inc. “Global Biopsy Devices Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the biopsy devices market was valued at USD 1,792.37 Mn in 2015, and is expected to reach USD 2,829.31 Mn by 2022, expanding at a CAGR of 6.8% from 2016 to 2022.
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With more than 100 types, cancer is among the most lethal and widely prevalent chronic diseases prevalent worldwide. The increasing awareness regarding the risk factors and possible risk factors associated with cancer and the alarming disease prevalence has led to the growth in demand for advanced cancer diagnostic methods and diagnosis products. Biopsy is the most common and widely accepted cancer diagnostic method that offers closest to accurate diagnosis and disease confirmation.
This study on global biopsy devices market analyzes the product market by guidance systems, biopsy needles, needle based biopsy guns, biopsy forceps and others. Among these, biopsy guidance systems segment is the current market leader in terms of revenue share and is anticipated to reach USD 981 Mn by 2022. Streamlining of workflow, accuracy in sample extraction and procurement of high resolution images of the targeted abnormalities are the prime advantages offered by guided biopsies. Towards the end of the forecast period, needle based biopsy guns segment is anticipated to surpass the market position of guidance systems.
In terms of geography, North America is the largest regional market for biopsy devices. Higher awareness among the patient population, advanced healthcare infrastructure and defined reimbursement policies, along with high cancer prevalence are the major contributors to the dominance of North America in the global biopsy devices market. Additionally, Asia-Pacific is expected to progress at faster CAGR due to factors such growing incidence of cancer, rapidly aging population, and burgeoning adoption of technically advanced solutions along with growing purchasing power of the general population.
This market is characterized by rapid expansion of product portfolio. Consolidative activities constitute a major expansion strategy of large market players. C.R. Bard, Hologic, Cook Medical, TSK Laboratory and Gallini Medical Services are among the notable players in the global biopsy devices market.
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