Biopsy Devices Market to Earn USD 4.29 Billion in Size By 2032

adminJanuary 3, 2024

The global biopsy devices market size is expected to increase to USD 4.29 billion by 2032 from USD 2.29 billion in 2023 with a CAGR of 7.20% between 2023 and 2032.

Key Takeaways

North America region contributed more than 34% of revenue share in 2022.
Asia-Pacific is estimated to expand the fastest CAGR between 2023 and 2032.
The needle-based biopsy guns segment held the largest market share of 36% in 2022.
The biopsy needles segment is anticipated to grow at a remarkable CAGR of 8.6% between 2023 and 2032.
The hospitals segment generated over 46% of revenue share in 2022.
The clinics segment is expected to expand at the fastest CAGR over the projected period.

The Biopsy Devices Market is a dynamic sector within the healthcare industry dedicated to the development and distribution of tools and instruments used in the process of obtaining tissue samples for diagnostic purposes. These devices play a crucial role in various medical disciplines, enabling physicians to investigate and diagnose a wide range of diseases, including cancer. The market encompasses a diverse array of biopsy devices, each designed to cater to specific medical needs and technological advancements.

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Drivers

Rising Incidence of Cancer: The persistent global increase in cancer cases is a significant driver for the Biopsy Devices Market. As the demand for early and accurate cancer diagnosis intensifies, biopsy devices become indispensable tools in the hands of healthcare professionals.
Technological Advancements: Ongoing innovations in biopsy device technologies contribute to the market’s growth. Advancements such as minimally invasive biopsy procedures, real-time imaging guidance, and improved precision in sample collection enhance diagnostic capabilities, driving both demand and market expansion.
Aging Population: The demographic shift towards an aging population is a key driver as elderly individuals are more susceptible to various diseases, including cancer. This demographic trend amplifies the necessity for efficient and reliable biopsy devices to aid in the early detection and treatment of age-related health issues.
Increasing Awareness and Screening Programs: Growing awareness about the importance of regular health check-ups and cancer screenings, coupled with government initiatives and awareness campaigns, stimulates the demand for biopsy devices. This proactive approach to healthcare encourages early detection and, subsequently, boosts the market for biopsy devices.
Global Healthcare Infrastructure Development: The ongoing expansion and development of healthcare infrastructure worldwide contribute to the accessibility and utilization of biopsy devices. Improved healthcare facilities, coupled with increased healthcare spending, create a conducive environment for the market’s growth, fostering better patient outcomes through timely and accurate diagnoses.

Biopsy Devices Market Scope

Report Coverage	Details
Growth Rate from 2023 to 2032	CAGR of 7.20%
Market Size in 2023	USD 2.29 Billion
Market Size by 2032	USD 4.29 Billion
Largest Market	North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	By Application and By End Use
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

By Application:

Needle-based Biopsy Guns
Biopsy Guidance Systems
Biopsy Forceps
Biopsy Needles

The Biopsy Devices Market is segmented by application into various categories, each catering to specific medical needs. One prominent application is oncology, where biopsy devices play a crucial role in diagnosing and monitoring various types of cancers. These devices aid healthcare professionals in obtaining tissue samples for accurate pathological examination, enabling early detection and precise treatment planning. Additionally, the market caters to applications in inflammatory diseases, infectious diseases, and autoimmune disorders, expanding its reach across diverse medical fields.

By End Use

Hospitals
Clinics
Others

The Biopsy Devices Market is further segmented by end use, reflecting the diverse settings where these devices are employed. Hospitals constitute a major end-use segment, as they serve as primary healthcare hubs where a wide range of medical procedures, including biopsies, are conducted. Ambulatory surgical centers also contribute significantly to the market, providing convenient and specialized care outside traditional hospital settings. Moreover, the market serves diagnostic laboratories, where biopsy samples are processed and analyzed, enhancing the efficiency and accuracy of diagnostic procedures. These varied end-use settings highlight the adaptability and widespread adoption of biopsy devices in the healthcare landscape.

Recent Developments

In December 2022, Olympus, a leading medical technology company, finalized the acquisition of Odin Medical Ltd., a cloud-AI endoscopy company based in the UK. The definitive agreement involved Olympus’ UK subsidiary, Keymed (Medical & Industrial Equipment) Ltd. This strategic move signifies Olympus’ commitment to advancing medical imaging and endoscopy technologies through the integration of cloud-based artificial intelligence, potentially enhancing diagnostic capabilities and patient outcomes.
In November 2021, B. Braun and REVA Medical entered a strategic partnership for the distribution of Fantom Encore, a bioresorbable scaffold designed for coronary interventions. Manufactured with REVA’s patented material Tyrocore, Fantom Encore offers innovative solutions for cardiovascular care. B. Braun initiated active distribution of Fantom Encore in Germany and Switzerland in November 2021, with plans to expand distribution to additional countries in subsequent phases. This collaboration underscores the industry’s focus on advancing cardiovascular interventions and reflects the global reach of these innovative medical technologies.

Biopsy Devices Market Players

Medtronic plc
Becton, Dickinson, and Company
Hologic, Inc.
Boston Scientific Corporation
Olympus Corporation
C. R. Bard, Inc. (acquired by BD)
Cook Medical LLC
FUJIFILM Holdings Corporation
Mauna Kea Technologies
Devicor Medical Products, Inc.
Leica Biosystems Nussloch GmbH (Danaher Corporation)
INRAD Inc.
Argon Medical Devices, Inc. (acquired by Shandong Weigao Group Medical Polymer Company Limited)
Scion Medical Technologies LLC
MDxHealth SA