Biopsy Guidance System Market: Key Companies & Market Share Insights

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 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.

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.

Related Press Release@ Biopsy Guidance System Market Report

Biopsy Guidance System Market Report Highlights

• 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