Biopsy Guidance System Market Size & Growth Analysis to 2030

The global biopsy guidance system market size is expected to register a positive CAGR of over 5% during the forecast period 2021 to 2027 and was valued at around USD 1 billion in 2020. The rising prevalence of cancer cases around the globe is a primary factor driving the market growth. As per the latest information shared by IARC (International Agency for Research on Cancer), over 19 million new cancer cases were registered in 2020 and 10 million deaths were recorded due to the cancer disease.

The growing preference for non-invasive procedures and the increasing geriatric population are other factors to boost the market. Furthermore, the technological advancement in medical devices and increasing government initiatives around the world are expected to fuel the market growth over the forecast period. The governments of various countries are working for cancer awareness and health benefits of early detection of diseases through screening services.

Market Drivers:

Increasing Incidence of Cancer: The rising incidence of cancer worldwide is a significant driver for the biopsy guidance system market. Biopsy guidance systems play a crucial role in the accurate and efficient diagnosis of cancer by providing real-time imaging guidance during biopsy procedures. The growing prevalence of cancer fuels the demand for biopsy guidance systems.

Advancements in Imaging Technologies: Technological advancements in imaging technologies, such as ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), and positron emission tomography (PET), have improved the accuracy and precision of biopsy procedures. Biopsy guidance systems integrate with these imaging technologies to provide real-time imaging during the procedure, enhancing diagnostic accuracy and patient outcomes.

Minimally Invasive Procedures: There is a growing preference for minimally invasive procedures in healthcare due to their advantages, such as reduced trauma, faster recovery, and shorter hospital stays. Biopsy guidance systems enable minimally invasive biopsies, allowing physicians to obtain tissue samples with minimal invasiveness. The increasing demand for minimally invasive procedures drives the adoption of biopsy guidance systems.

Increasing Awareness and Screening Programs: Growing awareness about cancer and the importance of early detection has led to the implementation of screening programs and initiatives. Biopsy guidance systems are essential in performing biopsies during screening procedures, such as mammograms, to detect and diagnose cancer at an early stage. The emphasis on early detection drives the demand for biopsy guidance systems.

Precision Medicine and Personalized Treatment: The growing trend of precision medicine and personalized treatment approaches requires accurate diagnosis and characterization of tumors. Biopsy guidance systems assist in obtaining tissue samples for genetic testing and biomarker analysis, enabling personalized treatment decisions. The increasing focus on precision medicine contributes to the adoption of biopsy guidance systems.

Favorable Reimbursement Policies: Reimbursement policies play a significant role in the adoption of medical devices, including biopsy guidance systems. Favorable reimbursement policies and coverage for biopsy procedures encourage healthcare facilities and physicians to invest in advanced biopsy guidance systems, driving market growth.

Increasing Geriatric Population: The aging population is prone to various cancers and requires regular diagnostic procedures. The growing geriatric population worldwide drives the demand for biopsy guidance systems as they play a crucial role in diagnosing and monitoring cancer in elderly patients. The increasing geriatric population contributes to market growth.

Technological Advancements in Biopsy Guidance Systems: Biopsy guidance systems have witnessed technological advancements, including improved imaging resolution, real-time image fusion, robotic assistance, and enhanced software capabilities. These advancements offer greater accuracy, efficiency, and ease of use during biopsy procedures, attracting healthcare providers to adopt these systems.

Rising Healthcare Expenditure: Increasing healthcare expenditure, both in developed and developing countries, supports the adoption of advanced medical technologies. Governments, private healthcare providers, and insurance companies allocate resources to improve diagnostic capabilities, including biopsy guidance systems, to enhance patient care. The rising healthcare expenditure drives the market for biopsy guidance systems.

Growing Demand for Non-invasive Diagnostics: Patients and healthcare providers prefer non-invasive diagnostic procedures whenever possible. Biopsy guidance systems enable non-invasive or minimally invasive biopsies, reducing patient discomfort and recovery time. The demand for non-invasive diagnostic options contributes to the growth of the biopsy guidance system market.

Market Outlook:

Market Insights:

The global biopsy guidance system market is bifurcated into product, application, end-use, and geography. Based on the product, the market is further segmented into stereotactic, ultrasound, and MRI-guided biopsy. The stereotactic guided biopsy segment dominated the market in 2020 and accounted for the largest revenue share of around 40% of the market. The segment growth is attributed to the benefits associated with this biopsy such as less invasive, rapid recovery, and causes minimal scarring. On the other hand, the ultrasound-guided biopsy segment is expected to grow at the fastest growth rate over the forecast period.

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Based on application, the market is classified into brain biopsy, breast biopsy, and other applications. The breast biopsy segment is expected to grow at the fastest CAGR over the forecast period due to the increasing cases of breast cancer among women. According to WHO (World Health Organization), around 2.26 million new cases are recorded as breast cancer in 2020. In contrast, the brain biopsy segment dominated the global biopsy guidance systems market in 2020 and accounted to hold the largest revenue share of over 42% in 2020. The segment growth is attributed to the increasing cases of brain cancer across the globe.

The biopsy guidance system comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market, and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The biopsy guidance system market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Product:

• Stereotactic Guided Biopsy
• Ultrasound-Guided Biopsy
• MRI Guided Biopsy

By Application:

• Brain Biopsy
• Breast Biopsy
• Other Applications

By End-Use:

• Hospitals
• Specialty Clinics
• Diagnostic Centers
• Research and Academic Institutes

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, North America dominated the market in 2020 and accounted to hold the largest market share around half the global market. The introduction of new advanced biopsy guidance systems and increasing incidence of cancer cases are major factors driving the region’s biopsy guidance system market. The rising demand for innovative treatments and expansion of cancer diagnostics centers is further expected to boost the market growth in North America. Moreover, the increasing investment in research and development by the government and other organizations is expected to support the market in North America.

Market Competition Assessment:

Some of the major players operating in the global biopsy guidance system market are Becton, Dickinson and Company, Hologic, Inc., ARGON MEDICAL, B. Braun Melsungen AG, and Devicor Medical Products, Inc. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Becton, Dickinson, and Company
• Hologic, Inc.
• ARGON MEDICAL
• Braun Melsungen AG
• Devicor Medical Products, Inc.
• Boston Scientific Corporation
• INRAD Inc.
• Cook Medical
• PLANMED OY

Key Questions Answered by Biopsy Guidance System Market Report

• Global biopsy guidance system market forecasts from 2021-2027
• Regional biopsy guidance system market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
• Biopsy guidance system submarket forecasts from 2021-2027 covering the market by product, by application, by end-use, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis of biopsy guidance system market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level biopsy guidance system markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the biopsy guidance system market