Biopsy Devices Market Shows Huge Growth at a CAGR of 7.1% To Reach USD 3.69 Billion By 2028 – Reports and Data
The global biopsy devices market size is expected to reach USD 3.69 billion by 2028 at a CAGR of 7.1%, according to the latest report by Reports and Data. Rising prevalence of cancer, rise in government initiatives to raise cancer awareness worldwide, increasing need for early diagnosis and prevention of cancer, and growing adoption of minimally invasive surgeries are among the most important parameters expected to drive growth of the global biopsy devices market over the forecast period. Other significant factors driving steady growth of this market are rising prevalence of chronic and infectious diseases, growing adoption of cutting-edge imaging technologies including Magnetic Resonance Imaging (MRI) and Computed Tomography (CT), rapidly advancing global healthcare infrastructure, and increased spending on healthcare services.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Biopsy Devices Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Medtronic Plc, Argon Medical Devices, Inc., Becton Dickinson and Company, B. Braun Melsungen AG, Boston Scientific Corporation, Fujifilm Holdings Corp., Cardinal Health, Inc., Danaher Corporation (Leica Microsystem), Hologic, Inc., Devicor Medical Products, Inc., Cook Medical, Inc., Olympus Corporation, INRAD, Inc., and C. R. Bard, Inc. are the key market competitors.
Biopsy Devices Market Segmentation:
By Product Type (Revenue, USD Billion; 2018-2028)
- Needle-based Biopsy Instruments
- Core Biopsy Devices
- Core Biopsy Guns
- Core Biopsy Needles
- Vacuum-assisted Biopsy Devices
- Vacuum-assisted Biopsy Systems
- Vacuum-assisted Biopsy Needles
- Aspiration BiopsyNeedles
- Core Biopsy Devices
- Manual and Robotic Biopsy Guidance Systems
- Biopsy Forceps
- Procedure Trays
- Localization Wires
- Others (brushes, punches, curettes, etc.)
By Imaging Technique (Revenue, USD Billion; 2018-2028)
- Ultrasound-guided Biopsy
- Stereotactic-guided Biopsy
- MRI-guided Biopsy
- CT Scan
By Application (Revenue, USD Billion; 2018-2028)
- Lung biopsy
- Liver biopsy
- Kidney biopsy
- Gastroenterological biopsy
- Gynecological biopsy
- Breast biopsy
- Prostate biopsy
By End-use (Revenue, USD Billion; 2018-2028)
- Diagnostic and Imaging Centers
- Academic & Research Institutes
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Biopsy Devices market over the forecast period?
- What are the major factors driving the growth of the Global Biopsy Devices Market?
- What are the key challenges impacting the global Biopsy Devices market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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