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.
The report covers forecast and analysis for the smart biopsy devices market on a global and regional level. The study provides historic data from 2016 along with forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the smart biopsy devices market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the smart biopsy devices market on a global as well as regional level.
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.
In order to give the users of this report a comprehensive view on the smart biopsy devices market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the smart biopsy devices market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launch, agreements, partnerships, collaborations & joint ventures, research & development, regional expansion of major participants involved in the smart biopsy devices market on global and regional basis.
The study provides a crucial view on the smart biopsy devices by segmenting the market based on application, and region. All the segments of smart biopsy devices market have been analyzed based on present and future trends and the market is estimated from 2018 to 2025.
Smart biopsy devices are of utmost importance for diagnosis of cancer tumors. These devices assist diagnostic department or interventional radiologists in distinguishing calluses or healthy cells from tumorous cells. A large number of cancer types are classified based on their origin, organ etc. For cancer diagnosis various types of biopsies are done such as skin, shave, center needle, incision and excision, vacuum-assisted biopsies and fine needle aspiration.
The demand for smart biopsy devices market is driven by increasing prevalence of various types of cancer across the globe. Additionally, increasing preference for minimally invasive surgical procedures, technological advancements, R&D investments for product up-gradation, increasing health awareness are other important factors that boost the market growth. Smart biopsy devices are minimally invasive and thus cause less pain, quick recovery and shorter hospital stay. However, high cost of smart biopsy devices may limit the market growth over the forecast period. Emerging markets with increasing cancer prevalence and growing aging population are expected to bring growth opportunities over the forecast period for global smart biopsy devices market.
Based on application, smart biopsy devices market is categorized into prostate cancer, liver cancer, skin cancer, breast cancer and others. Breast cancer application segment accounted for largest market share in 2018 as it is second most prevalent type of cancer across the globe. Also, increasing awareness for breast cancer among women is further expected to market growth over the forecast period.
North America dominated the global smart biopsy devices market in 2018. Presence of favorable reimbursement policies, availability of developed healthcare infrastructure, increasing prevalence of cancer, increasing R&D investments for novel therapy development, presence of major market players are key factors driving the market in this region. Europe was second largest regional market. Increasing prevalence of various cancer types, increasing awareness, preference for minimally invasive surgeries, favorable reimbursement policies are major factors that boost market growth in this region. Latin America is projected to witness moderate growth over the forecast period. Asia Pacific region will exhibit highest growth for smart biopsy devices market during the forecast period. This high growth is attributed to increasing adoption of minimally invasive surgical and diagnostic procedure, increasing cancer prevalence, increasing geriatric population, emergence of insurance players, increasing disposable income and healthcare expenditure along with increasing health awareness. Lack of awareness and funds may impede the market growth in Middle East and Africa region in coming years.
Major players included in the report are PLANMED OY, INRAD Inc., Cook Medical, B. Braun Melsungen AG, C. R. Bard, Inc., and Becton, Dickinson and Company among others.
The report segment of global smart biopsy devices market as follows:
Global Smart Biopsy Devices Market: By Application
Global Smart Biopsy Devices Market: By Region