Biopsy Device Market

Biopsy Device Market Outlook from 2024 to 2034

After a thorough study of the healthcare domain, Future Market Insights speculates a positive yet moderate growth forecast for the biopsy device market from 2024 to 2034. Current projections indicate a valuation of USD 2,274.1 million in 2024 for this market.

Thematic analysis of the biopsy device ecosystem points at a potential CAGR of 3.7% through 2034. Demand for biopsy devices is poised to attain a market value of USD 3,270.4 million by the end of the present decade. The market for biopsy device is en route to growing 1.4x from 2024 to 2034.

Attributes	Key Insights
Estimated Market Size in 2024	USD 2,274.1 million
Projected Market Value in 2034	USD 3,270.4 million
Value-based CAGR from 2024 to 2034	3.70%

Key Market Trends and Highlights

• Biopsy devices are used in different market verticals of the medical sector. Due to the widened applications, new openings for the subject market can be exploited, benefitting its growth.
• For carrying out speedy biopsy processes, point-of-care diagnostic solutions are provided by medical organizations. The portability of these biopsy devices surges the propagation of the market, which is another key market trend.
• Modernization of traditional biopsy techniques is another key trend. New techniques like liquid biopsy are emerging, replacing the conventional methods. Hence, this is another market-driving trend seen in the subject market.
• Consumers have started giving more preference to personalized biopsy machines. Due to this, manufacturers are keen to meet these demands. Hence, this is another crucial market trend.

Growth Footprint of Biopsy Device Market from 2019 to 2023 vs. Expansion Road from 2024 to 2034

The biopsy device landscape has left a substantial growth legacy from 2019 to 2023. With substantial investments pouring in to develop innovative product lines, a CAGR of 6.4% was observed in the past five years alone.

Based on the conditions prevailing in the market, the biopsy device market yielded revenues worth USD 2,123.4 million in 2023.

The increased number of cancer patients is the foremost market driver during the historical period. The rising prevalence of cancer brought attention to the need for early detection of the disease. Consequently, the demand for biopsy devices surged, driving the subject market.

Various government initiatives to bolster the healthcare sector helped the global biopsy device market propel. Due to measures taken to uplift the industry, many benefits like enhanced monetary support, relieved legal policies, etc., helped the subject market. Hence, this was another important market driver.

Historical CAGR from 2019 to 2023	6.40%
Forecast CAGR from 2024 to 2034	3.70%

The forecasted period focuses more on technological advancements. Innovation will be fostered due to technology disruption, helping the subject market propel. In addition, new biopsy devices can be introduced in the market, leveraging innovation.

The increasing prevalence of lifestyle-related diseases and chronic diseases will lead to rising demand for frequent check-ups. Hence, this is another important market driver for the subject industry.

Market Drivers

• The rising prevalence of chronic diseases drives the demand for early check-up devices. This surges the demand for the manufacturing of biopsy devices, propelling the market.
• Governments have been investing heavily to develop the medical sector. Due to this, the industry's scope of innovation and product development is enhanced, surging cutting-edge products.
• Increasing inclination towards minimally invasive treatments surges biopsy devices. Consequently, this drives the subject market.
• Rising awareness about preventive check-ups surges the demand for biopsy devices as they provide a detailed check-up to the patient, giving prior ideas regarding the diseases. Hence, this is another crucial market driver.

Market Challenges

• Integrating changing biopsy methods into traditional methods or devices might be a key challenge for the global biopsy device market.
• Appropriate ethical and legal procedures must be followed. If these processes are not followed, it might threaten the market greatly.
• Due to the fierce competition, the scope of innovation and expansion is reduced, hampering the market growth.

Country-wise Analysis

Forecast CAGRs from 2024 to 2034

Countries	Forecasted CAGR
Canada	2.60%
France	4.30%
Spain	4.10%
India	5.80%
Thailand	4.50%

The Developed Medical Infrastructure Helps the Canadian Market Grow

• The projected market advancement for the biopsy device market in Canada is at a sluggish CAGR of 2.60%.
• The Canadian government has focused on developing medical facilities and infrastructure. This creates a niche for medical professionals in many market verticals.
• Due to medical advancements and the developed healthcare sector, the scope of growth of the subject market is greater in the country.
• Apart from this, the private healthcare sector is emerging, increasing the accessibility of biopsy devices to patients.
• Therefore, these drivers fuel the market growth.

Key Growth Prospects for Biopsy Device Market Expansion in France

• France forecasts a near-to-moderate advancement rate and promises to fuel the subject market at a CAGR of 4.30% through 2034.
• This market advancement is attributed to the government’s investments in the healthcare industry.
• Various policies have been implemented, fostering higher expenditure on medical facilities, which surges the demand for medical devices.
• Due to this, biopsy devices have come in demand, which fuels the subject market.
• Further, advancements in the medical field assist the propelling market, helping the subject market grow.

Adopting Liquid Biopsy in Spain Fuels the Biopsy Device Market

• Different trends in the global biopsy device market can be witnessed. Liquid biopsy is one of these trends.
• Spanish medical professionals and institutes have started to adopt this technique to test patients’ responses and treat them accordingly.
• Apart from this, it allows them to analyse the disease progression better than traditional biopsy methods.
• Consequently, this drives the subject market in the country. Apart from this, the support from the Spanish government also fuels this transition.
• Hence, these market drivers push the subject market at a CAGR of 4.10%.

Increased Prevalence of Lifestyle-Related Diseases Drives the Indian Market

• India registers the highest advancement rate for the biopsy device market due to various key factors. It forecasts the market to propel a moderate CAGR of 5.80% through 2034.
• The fundamental driving force for the market is the rising prevalence of lifestyle-related diseases, including diabetes and hypertension.
• Further, cases of life-threatening diseases like cancer are also increasing, surging for early detection of diseases.
• Hence, this generates demand for biopsy devices, driving the market.

Medical Tourism Supports the Growth of the Thai Biopsy Device Market

• Thailand registers the market progression at a CAGR of 4.50% through 2034.
• This market advancement is attributed to increased tourism in Thailand, supporting local medical professionals and institutions.
• Apart from this, medical tourism supports the biopsy device market by surging the demand for medical instruments for early disease detection.
• Consequently, it supports the subject market as biopsy devices gain rising importance amidst the abovementioned factors.
• Therefore, this is a crucial market driver for the Thai market.

Category-wise Insights

Category	Product Type - Needles
Market Share in 2024	36.6%
Market Segment Drivers	Due to the high reliability of needle biopsy, medical professionals prefer this market segment, and hence, it surges the demand for the subject segment. Biopsy treatment given under this segment is less invasive. Due to this, it provides comfort to patients. Hence, this surges the demand for the segment. The better recovery time adds points to the segment’s account, fueling its growth.

Category	Application - Medical Diagnosis
Market Share in 2024	61.3%
Market Segment Drivers	Increased prevalence of medical awareness surges patients to preventive check-ups. This fuels the progress of the market segment. The accuracy of medical diagnosis is more, which propels the trustworthiness of the segment. Hence, consumers prefer the segment more. Preserving and researching infected tissues with a rare disease can develop medical science. This advances the market segment.

Competitive Landscape

The competitive landscape is robust, leaving little room for emerging marketers to secure significant market share. Consequently, new entrants must focus on automation, technological integration, and product innovation for a decisive market position. Brand positioning must be exclusive for a competitive edge.

Existing market players have been influencing the market drastically with many key expansion strategies. These strategies include product innovation, strategic collaborations, market diversification, global market penetration, and other exclusive business formulations. Due to these key moves, the competitive space of the global biopsy device market could be clearer.

Key Market Developments

• In March 2022, B. Braun Melsungen AG sold its hospital services business, its provider in Colombia. This strategic decision was taken to neutralize deteriorating business conditions in the country. Moreover, it has given stability to the organization.
• In May 2023, Becton, Dickinson, and Company introduced the world with the first spectral cell sorter with high-speed cell imaging. This innovation in the product will help scientists and researchers gain knowledge about cells. This bolsters the market position of the said organization.
• In February 2024, Hologic, Inc. introduced an FDA-cleared digital cytology system. This gives the organization a competitive niche as the product launched is the first-ever system in the world. This will help diagnose cervical cancer better.

Key Coverage of Biopsy Device Market Report

• Encompassing the market landscape in terms of its dynamics and forces affecting it.
• Key coverage of the competitive landscape and expansion strategies of market players.
• Market forecasts and predictions with the help of theoretical frameworks for assistance.
• Key market developments made by allied markets.
• Emerging regions’ analysis and lucrative opportunities in developed countries

Report Scope

Attributes	Details
Estimated Market Size in 2024	USD 2274.1 million
Projected Market Valuation in 2034	USD 3270.4 million
Value-based CAGR 2024 to 2034	3.70%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in USD million
Key Regions Covered	North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa
Key Market Segments Covered	By Product Type, By Application, By End Use, Region
Key Countries Profiled	The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel
Key Companies Profiled	CR Bard; Becton, Dickinson, and Company; B. Braun Melsungen AG; Hologic Inc.; Cook Medical; Devicor Medical Products Inc.; Argon Medical Inc.

Biopsy Device Market - Key Segments

By Product Type:

• Guidance System
• Needles
• Guns
• Reagents and Kits
• Others

By Application:

• Medical Diagnosis
• Scientific Research

By End Use:

• Hospital
• Specialized Oncology Centres
• Diagnostic Centers
• Research Institutes

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa

Frequently Asked Questions

At what rate is the biopsy device market propelling?

The biopsy device market is estimated to propel at a CAGR of 3.7% through 2034.

What will the market size of the biopsy device market be by 2034?

The biopsy device market will achieve a market valuation of US$ 3270.4 million in 2034.

What will the market size of the biopsy device market be by 2024?

The biopsy device market will achieve a market valuation of US$ 2274.1 million in 2024.

Based on application, which category holds the highest market space in the biopsy device market?

The biopsy device market's medical diagnosis segment holds 61.3% of the market space, the largest among all other categories.

Based on product type, which category holds the highest market space in the biopsy device market?

The biopsy device market's needles segment holds 36.6% of the market space, the largest among all other categories.