The global Biopsy Guidance System Market is anticipated to create an opulent growth outlook of the market over the assessment period by registering a CAGR of 5.8% from 2022 to 2032. The global market was valued at US$ 1.1 Billion in 2021 and is expected to surpass a valuation of US$ 2 Billion by 2032. The market for Stereotactic Guided Biopsy is expected to be the highest revenue-generating segment expected to grow at a CAGR of 6.1% from 2022 to 2032. According to the historical analysis conducted by Future Market Insights, a market research and competitive intelligence provider, the global biopsy guidance system market registered a CAGR of 5.1% from 2017 to 2021.
Due to the rising prevalence of cancer, the surge in the geriatric population, increasing demand for non-invasive procedures, technological innovations, and government initiatives are the key drivers for the market. A biopsy is one of the most common procedures for diagnosing cancer and other chronic diseases, and it is used to diagnose breast, brain, skin, and prostate cancers. Furthermore, the demand for non-invasive procedures is skyrocketing owing to the boost in demand for biopsy guidance systems, resulting in a surge in the need for biopsy guidance systems. Patients recover faster and are less traumatized as a result of these procedures.
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A significant surge has been witnessed in the incidences of cancer which is one of the primary factors driving the market expansion. Because the biopsy guidance system is one of the most important requirements for the initial diagnosis of cancer, the market is expected to grow at a rapid pace over the forecast period. In addition to that, a substantial increase in the incidence of cancer, more advanced technology, safer, and more effective biopsies are being developed, which is driving the biopsy market. Non-invasive procedures are becoming more popular, which is fueling market growth in that area.
Report Highlights
With the substantial increase in the incidence of cancer along with rising technological advancements, safer and more effective biopsies are rapidly being developed, which is driving the biopsy market globally. Non-invasive procedures are becoming more popular, which is fueling market growth in that area.
Patients attributed to the high costs and painful side effects associated with this treatment have resulted in undiagnosed or inadequate diseases later in life, often avoiding invasive biopsies. These symptoms consequently increase mortality rates and lead to greater expenses and difficulties in treatment.
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Recent Developments
When the tumor is located deep inside the body, image-guided biopsies are employed. The Biopsy guidance systems are known as both cost-effective and simple to operate. They can provide superb real-time details that cause the procedure to be less uncomfortable and more efficient for the patient. Furthermore, these guided biopsies can enable to rapid inspect numerous lesions in the axillary and sub-areolar areas.
The robotic biopsies segment is on the rise due to its less invasive nature. A rising number of product launches, combined with quick FDA approval, are also contributing to the segment’s growth.
Increased awareness of biopsy guidance systems along with surging healthcare infrastructure development, impressive reimbursement policies, increased investment in healthcare research and development, and an upsurge in the number of hospitals and diagnostic centers are expected to drive demand for biopsy guidance systems during the assessment period.
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Competitive Landscape
With several local firms vying against multinational competitors, the market is significantly fragmented. To stay competitive in the industry, major businesses are focusing more on research and development of new products.
The prominent players in the Biopsy Guidance System Market are Becton, Dickinson, and Company, Hologic, Inc., Devicor Medical Products, Inc., B. Braun Melsungen AG, and ARGON MEDICAL. Major market players use a variety of methods to preserve their dominance, including high Research and Development activity, global expansion strategies, broad product offers, and frequent introduction of advanced versions of existing items.
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Market Segments Covered in Biopsy Guidance System Market Analysis
By Product Type:
- Stereotactic Guided Biopsy
- Ultrasound Guided Biopsy
- MRI Guided Biopsy
By Application:
- Brain Biopsy
- Breast Biopsy
- Other Applications
By End-User:
- Hospitals
- Specialty Clinics
- Diagnostic Centres
- Research and Academic Institutes
By Region:
- North America
- Latin America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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