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Oct 5, 2020 10:00 AM ET

Global Smart Biopsy Devices Market Is Set For Moderate Growth, To Reach Around USD 3.43 Billion by 2025

iCrowd Newswire - Oct 5, 2020

Zion Market Research has published a new report titled “Smart Biopsy Devices Market by Application (Prostate Cancer, Liver Cancer, Skin Cancer, Breast Cancer and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 – 2025”. According to the report, global demand for smart biopsy devices market was valued at approximately USD 2.24 billion in 2018, and is expected to generate revenue of around USD 3.43 billion by end of 2025, growing at a CAGR of around 6.3% between 2019 and 2025.

Smart biopsy devices are of play an important role in diagnosis of various types of cancer tumors. These devices aid interventional radiologists or diagnostic department in differentiating the calluses or healthy cells from that of tumorous cells. Various types of cancers are identified based in their cell or organ origin. For diagnosis of cancer wide range of biopsies are performed which include shave, skin, incision and excision, fine needle aspiration, center needle, and vacuum-assisted biopsies.

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Smart Biopsy Devices Market

The global smart biopsy devices market growth is propelled by various factors such as growing prevalence of various types of cancer across the globe and increasing need for early cancer diagnosis. Also, technological advancements in the medical field, surge in R&D investments for product feature improvement and device miniaturization, growing preference for minimally invasive surgeries, and increasing health awareness are some other major factors that support the market growth. Smart biopsy devices allow cancer biopsies with minimally invasiveness and thus give less pain to patients, shorter hospital stay and quick recovery. However, high cost of devices may hamper the market growth in the coming years. Emerging markets with growing cancer incidence rates and increasing elderly population are projected to open new growth opportunities for global smart biopsy devices market over the forecast period.

The smart biopsy devices market is segmented based on application and region. Based on application, market is segmented into liver cancer, prostate cancer, breast cancer, skin cancer, and others. Among application segment, breast cancer accounted for largest revenue share in 2018. Breast cancer is second leading type of cancer across the globe. Government initiatives to create cancer awareness and favorable reimbursement policies are projected to further boost market growth in the coming years.

At regional level, North America held largest revenue share in 2018 for smart biopsy devices market. This large share is accredited to various factors including availability of favorable reimbursement policies, increasing prevalence of cancer, growth in R&D investments to develop innovative and effective diagnostic solutions, availability of skilled professionals, funds and developed healthcare facilities, and presence of prominent market players in this region. Europe was second leading regional market for smart biopsy devices market. Growing prevalence of various cancers, government initiatives to create cancer awareness, favorable reimbursement policies and preference for minimally invasive surgeries are key factors that propel the market growth in European region. Latin America is anticipated to showcase moderate growth in the coming years. Asia Pacific region is estimated to observe highest CAGR for smart biopsy devices market over the forecast timeframe. This is due to growing adoption of minimally invasive diagnostic and surgical procedures, increasing elderly population, growing cancer prevalence, increasing disposable income and healthcare spending, emergence of insurance players, along with increasing cancer awareness. Lack of funds and awareness may hinder the market growth in Middle East and Africa region over the forecast period.

Major players included in the report are INRAD Inc., PLANMED OY, B. Braun Melsungen AG, Cook Medical, Becton, Dickinson and Company and C. R. Bard, Inc. among others.

The report segment of global smart biopsy devices market as follows:

Global Smart Biopsy Devices MarketBy Application

Global Smart Biopsy Devices Market: By Region

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Keywords:    Smart Biopsy Devices Market

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