Biopsy is a medical procedure involving extraction of sample cells/tissues from a tumor for examination and diagnosis of malignancy. The procedure is performed in two ways- needle-based minimally invasive procedures and open surgical procedures.

Statistics:
The global biopsy devices market is estimated to account for US$ 3,786.8 Mn in terms of value by the end of 2027.

Global Biopsy Devices Market: Drivers
Increasing incidence of cancer is expected to propel growth of the global biopsy devices market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

Moreover, increasing geriatric population is also expected to aid in growth of the global biopsy devices market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.

Statistics:

North America held dominant position in the global biopsy devices market in 2019, accounting for 38.8% share in terms of value, followed by Europe and Asia Pacific, respectively.

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Global Biopsy Devices Market: Restraints
Issues with medical reimbursements are expected to hinder growth of the global biopsy devices market. Insurance companies do not allow reimbursements for every biopsy procedure. For instance, in European countries, core needle biopsies are not covered for reimbursements as medical insurance companies believe that these are only investigative techniques and not surgical techniques. Moreover, reimbursements are available for core needle biopsies only if they are recommended by surgeons as medically unavoidable.

Global Biopsy Devices Market: Opportunities

R&D in wireless biopsy is expected to offer lucrative growth opportunities for players in the global biopsy devices market. For instance, in January 2020, researchers from Chonnam National University, South Korea, reported development of a novel wireless biopsy capsule endoscopes employing active five degree-of-freedom locomotion and a biopsy needle punching mechanism for the histological analysis of the intestinal tract.
Moreover, adoption of AI in biopsy is also expected to aid in growth of the market. For instance, in October 2018, Freenome, an AI genomics company based in the U.S., is focused on developing blood tests to detect the body’s early-warning signs of cancer, using AI. In October 2018, the company presented early data in R&D for using machine learning to detect colorectal cancer at its earliest stages.

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Market Trends/Key Takeaways

Major players in the global biopsy devices market are focused on approval and launch of new devices in order to expand their product portfolio. For instance, in December 2019, Medtronic plc received the U.S. Food and Drug Administration clearance for its Stealth Autoguide system, for biopsy procedures, stereoelectroencephalography (sEEG) depth electrode placement, and for the positioning of the Visualase bone anchor, which is used for catheter placement.
Major players in the market are also focused on adopting M&A strategies in order to expand their product portfolio. For instance, in January 2019, IZI Medical Products acquired a set of biopsy and breast localization needles from Cook Medical for an undisclosed amount.

Global Biopsy Devices Market: Competitive Landscape

Major players operating in the global biopsy devices market include, Angiotech, Cardinal Health Inc., CareFusion Corporation, BD, Devicor Medical Products, Inc., DTR Medical, Hologic, Inc., INRAD, Inc., UK Biopsy, Medtronic plc, IZI Medical Products, FUJIFILM Medical Systems U.S.A., Saga Diagnostics, Zomedica Pharmaceuticals Corp., QIAGEN N.V, GRAIL, Inc., and Foundation Medicine, Inc.

Global Biopsy Devices Market: Key Developments

Major players in the global biopsy devices market are focused on approval and launch of new devices in order to expand their product portfolio. For instance, in January 2020, Zomedica Pharmaceuticals Corp., a veterinary diagnostic and pharmaceutical company, announced completing the development and manufacturing of its reference lab cancer liquid biopsy platform for canine cancers.

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