SAN FRANCISCO, July 14, 2021 /PRNewswire/ -- The global biopsy guidance system market size is expected to reach USD 1,383.5 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.2% from 2021 to 2028. The increasing prevalence of cancer, rise in the geriatric population, growing demand for non-invasive procedures, technological innovations, a rising number of government initiatives, and impact of COVID-19 are the key driving factors for the market.
Key Insights & Findings:
In terms of product, the stereotactic guided biopsy segment held the largest revenue share in 2020 and the ultrasound-guided biopsy segment is estimated to be the fastest-growing segment over the forecast period
In terms of application, the brain biopsy segment held the largest revenue share in 2020 and the breast biopsy segment is estimated to be the fastest-growing segment during the forecast period. The rising prevalence of brain cancer is the major factor driving the demand for brain biopsies
In terms of end-use, the hospital segment held the largest revenue share in 2020. The hospital segment's dominance is majorly attributed to the higher biopsy guiding system utilization in hospitals
North America dominated the market in 2020 owing to numerous factors such as enhanced infrastructure, rising patient awareness, and the presence of key players in the region
A biopsy is one of the most prominent procedures for diagnosing cancer amongst other chronic diseases, and it is commonly employed in the diagnosis of breast, brain, skin, and prostate cancer. The increasing prevalence of cancer is a major factor responsible for market growth. For instance, according to Cancer.org, in 2021, around 1.9 million new cancer cases are expected to be diagnosed in the US. Since the biopsy guidance system is one of the major requirements for the initial diagnosis of cancer, thus, rising number of cancer cases is anticipated to propel market growth over the forecast period
Furthermore, there is a rising preference for minimally invasive biopsy treatments in the market. During the forecast period, several types of technologies and products including robot-assisted biopsy guidance systems, needle-based biopsy guns, and vacuum-assisted core biopsy systems, are expected to expand rapidly. For instance, in March 2021, IZI Medical Products, LLC launched Quick-Core Auto Biopsy System for soft tissue biopsy. It is a lightweight, completely automatic biopsy device and provides reliability, quality, and accuracy. Additionally, rising awareness of breast cancer treatment and diagnosis will further boost market growth over the forecast period.
Grand View Research has segmented the global biopsy guidance system market on the basis of product, application, end-use, and region:
Biopsy Guidance System Product Outlook (Revenue, USD Million, 2016 - 2028)
Stereotactic Guided Biopsy
Ultrasound Guided Biopsy
MRI Guided Biopsy
Biopsy Guidance System Application Outlook (Revenue, USD Million, 2016 - 2028)
Biopsy Guidance System End-use Outlook (Revenue, USD Million, 2016 - 2028)
Research and Academic Institutes
Biopsy Guidance System Regional Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of Biopsy Guidance System Market
Becton, Dickinson, and Company
Devicor Medical Products, Inc.
B. Braun Melsungen AG
Boston Scientific Corporation
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.