The global Biopsy Devices Market, valued at US$6.86 billion in 2023, is forecasted to grow at a robust CAGR of 7.2%, reaching US$7.27 billion in 2024 and an impressive US$11.01 billion by 2030. The rising prevalence of cancer. Additionally, the increasing preference for minimally invasive surgeries. Moreover, the improved reimbursement policies are likely to promote the growth of biopsy device market. Underdeveloped healthcare infrastructure in emerging economies would challenge the growth of the biopsy device market across the forecast period.
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By product type, the biopsy devices market is divided into Needle based biopsy instrument, Visualization device, Brush biopsy instrument, Biopsy accessory and robotic biopsy device. Among these, in 2023, the biopsy accessory segment accounted for the second highest market share in the biopsy device market. These accessories, such as needles, forceps, and localization wires, are important for ensuring proper sample collection, accuracy, and procedural effectiveness. The rising incidence of cancer and the growing use of image-guided biopsy methods have fueled the demand for quality accessories. This maximizes the diagnostic accuracy. Moreover, ongoing technological innovations, such as the creation of disposable and minimally invasive biopsy accessories, have also accelerated market growth. Their extensive use throughout hospitals, diagnostic laboratories, and ambulatory surgery centers, and the requirement of successive use in several procedures, guarantees consistent demand, making their firm position in the market.
By end-user, the biopsy devices market is segmented into hospitals and breast care centers, diagnostic imaging centers, ambulatory surgical centers and other end users. In 2023, The hospitals and breast care centers segment accounted for the largest share of the biopsy devices market. These centers are well equipped with the latest imaging modalities like MRI, ultrasound, and mammography. This would facilitate accurate image-guided biopsies. Also, hospitals and specialty breast care centers are the main sites of care for cancer screening programs, especially for breast cancer, which is one of the most prevalent cancers globally. Rising cases of breast cancer, along with government support for early diagnosis, have increased the demand for biopsy procedures in such hospitals. Also, hospitals are associated with research institutions and diagnostic laboratories thus, making it possible to have access to cutting-edge biopsy technologies like liquid biopsy and molecular diagnostics. In addition to that, Insurance coverage and reimbursement policy are also helping increase the volumes of biopsy procedures in such hospitals.
By geography, the biopsy devices market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa. The north America accounts for the largest market share of 32.9% in the biopsy device market in 2023. North America leads the market for biopsy devices. This is due to its well-developed healthcare system, high healthcare expenditure, and key players strong base in the market. The region has rising incidence rates of cancer. Further, with consequent high demand for advanced biopsy procedures and favorable reimbursement policies foster the adoption of biopsy devices. Technological advancements such as AI-based biopsy systems further increase the growth of the market. Additionally, government policies supporting cancer research and early diagnosis schemes, along with an increasing number of elderly people prone to chronic diseases, also support the market.
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Prominent players in the biopsy device market include, BD (US), Devicor medical products, Inc (US), Medtronic (Ireland), Cardinal Health (US), B. Braun SE (Germany), Hologic, Inc. (US), Olympus Corporation (Japan), Boston Scientific Corporation (US), FUJIFILM Corporation (Japan), Stryker (US), Teleflex Incorporated (US), CONMED Corporation (US), Merit Medical Systems (US), Johnson & Johnson Services, Inc. (US), Cook Group (US), MicroPort Scientific Corporation (China), Argon Medical Devices (US), INRAD, Inc (US), Summit Medical LLC (US), TransMed7, LLC (US), Dr. Japan Co., Ltd. (Japan), IZI Medical Products (US), Planmed Oy (Finland), Advin Health Care (India), Trivitron Healthcare (India).
Devicor Medical Products, Inc. (US):
Devicor Medical Products has the largest market share in the biopsy devices market largely because of its highly innovative and popular Mammotome® biopsy system. The system is a top VAB technology with high accuracy and low invasiveness, which has emerged as the go-to method for the diagnosis of breast cancer. Devicor has a very well-established brand reputation, rigid global distribution channels, and strategic partnerships with healthcare professionals, guaranteeing its popularity among the stake holders and broad use of its products. The company is also involved in extensive investments in research and development, constantly improving the efficiency of biopsy devices. Its wide-ranging portfolio, that comprises of disposable biopsy needles and ultrasound-guided systems, addresses varied clinical requirements, reinforcing its strong leadership in the biopsy devices market.
Medtronic (Ireland):
Medtronic has a strong competitive advantage in the market for biopsy devices due to its minimally invasive biopsy solutions and strong research and development capabilities. For example, Medtronic produces sophisticated biopsy devices such as robotic biopsy devices developed to make the biopsy process more accurate and also increase patient comfort. The company’s global reach, acquisitions, and partnerships with stakeholders also help cement its place in the industry. Being one of the leading players in the Biopsy Devices market, Medtronic has also established itself through an established network of distributors and continues to invest in the creation of new technologies, thus catering to the increasing requirement of early diagnostics and minimally invasive treatment of diseases.
Cardinal Health (US):
Cardinal Health with its large product line, robust distribution network, and strategic purchases, makes it a leader in biopsy devices market. Cardinal Health provides a broad selection of high-quality biopsy devices to address multiple clinical requirements in oncology and pathology. Its worldwide distribution chain and robust logistics infrastructure also provide it with the broad accessibility of biopsy instruments. This enhances its market dominance. Further, Cardinal Health has exploited strategic alliances and acquisitions to grow its product and technological strength base, enabling it to effectively rival market leaders in the industry.
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