A sluggish CAGR of 3.70% promises to take the global biopsy device market to US$ 3,270.4 million by 2034. In addition, it is estimated that the subject market will reach US$ 2,274.1 million by 2024.
The rising prevalence of chronic and lifestyle-related diseases surges the need for frequent check-ups. Due to this, it surges the demand for biopsy devices to arrest the disease causing pathogen or virus. Hence, this is the primary market driver for the subject market.
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Governments are investing heavily in developing the medical infrastructure. This surges the scope of advancement through modernization of medical equipment. Thus, the innovation of biopsy devices becomes possible, driving the subject market.
Patients are becoming aware of preventive check-ups. This surges the demand for early disease-detecting devices. Consequently, this generates more demand for biopsy devices used to detect the presence of cancer-causing viruses.
Key Takeaways from the Market Study:
- The Indian market is the largest in terms of its progress rate. It propels a moderate CAGR of 5.8%, the highest among all the countries.
- France leads the European market in terms of the forecasted growth rate. It projects the market advancement at a CAGR of 4.3%.
- Based on the product type, the needle biopsy market segment will secure the highest market share of 36.6% by 2024.
- Medical diagnosis is the largest market segment based on the application category, holding 61.3% by 2024.
“Ethicality and legality of biopsy procedures create a significant challenge for the global biopsy device market. Therefore, a medical professional must follow all procedures to perform clean practices,” says an FMI analyst.
Competitive Landscape:
Due to strong strategic positioning, key marketers have bolstered their global biopsy device market positions. Moreover, their strong presence clutters the subject market, creating fierce competition for new entrants.
Organizations formulate business strategies based on market positioning, innovation, or brand projection. Strategic alliances, partnerships, mergers and acquisitions, and many key strategies are employed to gain a competitive edge in the subject market. The following are the key market developments observed in the market:-
- In March 2022, B. Braun Melsungen AG acquired Intermedt Medizin & Technik GmbH. This strategic initiative helped the business diversify the product portfolio of the Avitum division.
- In March 2024, Becton, Dickinson, and Company collaborated with GOCC. This move will allow the organization to access advanced bloodstream infection testing. Also, it will help the business expand in Poland.
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Key Companies Profiled:
- CR Bard
- Becton, Dickinson, and Company
- B. Braun Melsungen AG
- Hologic Inc.
- Cook Medical
- Devicor Medical Products Inc.
- Argon Medical Inc.
Biopsy Device Market – Key Segments:
By Product Type:
- Guidance System
- Needles
- Guns
- Reagents and Kits
- Others
By Application:
- Medical Diagnosis
- Scientific Research
By End Use:
- Hospital
- Specialized Oncology Centres
- Diagnostic Centers
- Research Institutes
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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