Insights from MarkNtel Advisors: Global Biopsy Devices Market to Achieve 6.5% CAGR Growth by 2030
Cancer Prevalence & Technological Advancements Expected to Augment the Global Biopsy Devices Market
The Global Biopsy Devices Market is projected to grow at a CAGR of around 6.5% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The Global Biopsy Devices Market is expanding rapidly due to the growing prevalence of cancer cases, advancements in biopsy techniques, and a growing preference for early cancer detection. Furthermore, the growing need for minimally invasive biopsy procedures for cancer diagnostics is driving the significant market growth of various biopsy devices such as biopsy guns, vacuum-assisted devices, etc., during the forecast period.
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Moreover, developing nations present a substantial opportunity for the growth and use of biopsy technology due to more stabilized healthcare infrastructure, rising chronic disease burdens, and surging government & private sector investment to support the healthcare system.
Additionally, advancements in biopsy device technology, such as image-guided therapy, 3D biotics, etc., to increase the efficiency of biopsy procedures, is further anticipated to result in the widespread use of biopsy procedures in hospitals and clinics, further states the research report, “Global Biopsy Devices Market Analysis, 2024.”
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Segmentation Analysis
Ultrasound Imaging Technology Expected to Capture Substantial Market Share
Based on imaging technology the market is classified into ultrasound, MRI-guided biopsy, and guided biopsy. Among them, ultrasound is the most commonly used imaging technique for guiding biopsies due to its non-invasive nature, portable system, use of high-frequency sound waves for real-time monitoring, and cost-effectiveness.
In addition, ultrasound's real-time imaging capabilities allow you to reliably target specific areas of interest, such as suspicious lumps or anomalies. This has led the medical industry to increasingly use ultrasound imaging techniques as the primary imaging method for biopsies. Therefore, due to its wide availability and low cost in comparison to other imaging techniques, the demand for ultrasound imaging biopsy is rising specifically across developing and underdeveloped economies.
North America Dominating the Global Biopsy Devices Market
North America holds a dominant position in the Global Biopsy Devices Market, primarily propelled by the increasing incidence of cancer, government initiatives, and rising awareness about chronic diseases.
The growth of this region is further underpinned by favorable medical reimbursement policies and surging demand for minimally invasive medical devices. Many Biopsy device manufacturing companies such as Medtronic, Cardinal Health, etc., are introducing a diverse array of biopsy devices, effectively streamlining the cancer diagnosis process.
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Moreover, the North American market also benefits from the escalating demand for disposable biopsy devices and the widespread adoption of cutting-edge technologies. The growing preference for disposable devices, driven by their convenience and ability to mitigate contamination risks, plays a pivotal role in driving the market's expansion in the North America.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Boston Scientific Corporation, Cardinal Health, Medtronic, BD, Cook, Devicor Medical Products, B. Braun, Argon Medical, Olympus Corporation, Fujifilm, Inrad Inc., Zamar Care, Limaca Medical, Iscon Surgical, IZI Medical, and others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across various regions?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various regions, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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