Global Biopsy Devices Market is estimated to be USD 3.8 billion by 2026 from USD 2.53 billion in 2019, at a CAGR of 6% from 2020 to 2026. Significant increase in cancer occurrence, such as breast, prostate, and lung, and fast technological advancements such as 3D optical biopsies, MRI-targeted biopsies, and Ultrasound-guided biopsies fuel the acceptance of biopsy devices. Moreover, the rise in consciousness on the diagnosis of chronic diseases fosters the demand for integrated biopsy technologies such as stereotactic-guided biopsy. However, the high cost of biopsy devices and limited accessibility of skilled professionals in low-income countries hamper the market's development.

Global Biopsy Devices Market: Market Outlook and Trends

The biopsy is a process to execute surgical removal of tissue from an organ to conclude the presence or extent of disease, generally cancerous and inflammatory conditions. It is usually performed by surgeons, radiologists, and interventional cardiologists. Biopsies can be executed on any organ using precise biopsy devices as a confirmatory test for cancer and celiac diseases. The use of each biopsy device varies according to the type of organ under consideration. Conventional biopsy devices can complement progressive imaging technologies, such as MRI-guided biopsy, stereotactic-guided biopsy, ultrasound-guided biopsy, CT scan, and others, to execute biopsy with correctness and minimal invasiveness. These integrated procedures are used to do biopsies on body organs such as the lungs, liver, and kidneys.

Global Biopsy Devices Market

Growth Drivers

Rising cases of cancer

The growing occurrence of cancer universal and the occurrence of untapped opportunities in developing economies, especially of Asia Pacific, along with refining healthcare infrastructure in these regions, are amid the key trends stoking market growth. Surging demand for effective diagnostic procedures for cancer is also predictable to work in favor of the market.

R&D in the medical field

The outline of technologically advanced products such as the Aspiration biopsy syringe gun by INRAD Inc. supports the section's development. Moreover, the burgeoning demand for vacuum-assisted devices is inducing the biopsy devices market positively. These devices are manual, semi-automatic, and automatic with a spring-loaded mechanism for minimally invasive insertion to obtain laboratory testing samples. Such devices prove high efficiency and accuracy in the withdrawal of large volumes and excellent quality tissue samples with minimal passes through the skin.

Continual research and development in medical devices have led to the introduction of various novel gear and systems in the market, such as robotic medical systems. Robotic guidance systems offer multiple welfares in a process such as growing the total number of surgeries executed by a surgeon and reducing patient stay in the hospital. These systems are used to reduce the entire procedural duration to safeguard minimal patient discomfort.

Restraint
Financial constraint

Growing cancer-related expenditure is triggering the need for actual diagnostic procedures. Government and healthcare regulatory bodies worldwide are engaged continuously in curbing high costs related to the treatment of cancer. Primary and secondary healthcare centers in emerging nations are boosting patients to experience regular diagnostic examinations. Biopsy devices involve a comparatively lesser number of hospital stays and, therefore, is economically viable.

Impact of COVID-19 in industry

During the COVID-19 epidemic, screenings have fallen sharply. Cervical cancer repeats were down 68 percent in the US across the first 15 weeks of 2020, while breast cancer checking downfall by 17 percent, with more significant declines in areas where the outbreak was sturdiest. Amid patients with cancer and COVID-19, 30-day all-cause humanity was high and related to general risk factors and risk factors exclusive to cancer patients. Longer follow-up is desirable to understand better the effect of COVID-19 on results in patients with cancer, including the capability to last specific cancer treatments.