Biopsy Guidance System Market Is Likely To Witness Huge Growth By 2028

Biopsy Guidance System Industry Overview

The global biopsy guidance system market size was valued at USD 934.4 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. The demand for biopsy guidance systems is rapidly growing, owing to an upsurge in the prevalence of cancer cases across the globe, a surge in the geriatric population, an increasing preference for non-invasive procedures, technological advancements, and increasing government initiatives.

The COVID-19 pandemic has resulted in significant reductions in cancer screening, cancer management visits, and cancer procedures across the globe. The repercussions of delayed cancer detection owing to COVID-19 were investigated in a study undertaken in the U.K. and published in The Lancet Oncology in March 2021. The study covered data from over 100,000 people with breast, colorectal, esophageal, or lung cancer. The study found that 1 and 5-year cancer survival rates will be severely reduced as a result of the outbreak of COVID-19, owing to the lack of availability of screening services. As a result, owing to lockdowns, screening services have disrupted to some extent which may restrain the market growth over the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Biopsy Guidance System Market

The rising prevalence of cancer is thus boosting the development of more effective, safe, and advanced biopsy procedures, thereby leading to market growth. Increasing preference for non-invasive procedures is also a key factor contributing to market growth. The high costs of invasive biopsies, coupled with painful side effects, cause patients to postpone or avoid the treatment, resulting in a lack of diagnosis or diagnosis at a later stage of the disease. As a result, mortality rates are increasing, and treatments are becoming more complicated and expensive. Therefore, considering all these factors, the demand for non-invasive procedures is increasing, thereby, propelling the demand for biopsy guidance systems. Patients heal faster and are less traumatized as a result of these treatments. Furthermore, noninvasive biopsies are less expensive than traditional open surgical biopsies. Thereby, owing to the numerous benefits offered by minimally/non-invasive surgical technologies, the biopsy guidance systems market is expected to grow at a rapid pace over the forecast period.

The rising elderly population is considered one of the most significant risk factors for the development of cancer. For instance, according to the World Health Organization (WHO), the global population aged 60 years and above is projected to total 2 billion. The US Census Bureau also states that the number of adults aged 85 years and older is likely to surge from 6.4 million in 2016 to 19 million by 2060. In the elderly, cancer is one of the predominant causes of mortality and morbidity, and its incidence increases with aging. For instance, according to the National Cancer Institute, the incidence rate of cancer upsurged from 25 cases per 100,000 people below age 20 years to around 350 per 100,000 people amongst aged 45 to 49 years. Furthermore, it is higher than 1,000 per 100,000 persons in the 60+ age range.

Moreover, as per the most recent statistics from NCI’s Surveillance, Epidemiology, and End Results (SEER) Program, the average age of diagnosis for cancer is 66 years. Another research article published in NCBI, states that patients aged 65 and above account for more than 70% of cancer deaths across the globe. As a result of the rising elderly population, the use of biopsy guidance systems is likely to increase in the near term. Therefore, the rise in the geriatric population and their vulnerability to cancer is ultimately boosting the market growth over the forecast period.

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Biopsy Guidance System Market Segmentation

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)

Brain Biopsy
Breast Biopsy
Other Applications

Biopsy Guidance System End-use Outlook (Revenue, USD Million, 2016 - 2028)

Hospitals
Specialty Clinics
Diagnostic Centers
Research and Academic Institutes

Biopsy Guidance System Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America
Europe
Asia Pacific
Latin America
MEA

Market Share Insights

February 2020: NeoDynamics AB is planning to launch the new pulse biopsy system ‘NeoNavia’, for breast cancer diagnosis.
April 2019: Hologic Inc. launched the Trident H.D. specimen radiography system in the US. It helps provide higher image quality as well as a protocol for verification of sample during breast-conserving procedures and stereotactic breast biopsies.

Key Companies profiled:

Some of the prominent players in the biopsy guidance system market include:

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

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