Technavio, a tech-focused market research firm, has published a new report on the global biopsy devices market, which is expected to experience a steady growth with a CAGR of more than 6% during the forecast period.
This latest report by Technavio covers the market outlook and growth prospects of the global biopsy devices market for 2016-2020, considering 2015 as the base year. In addition, an overview of the market, key leading countries, vendor landscape, and a detailed analysis of the top vendors operating in this market are covered in the report.
Based on geographical division, Technavio market researchers segment the global biopsy devices market into the following key regions: The Americas, EMEA, and APAC.
Geographical segmentation of the global biopsy devices market for 2015 (market share %)
|
Americas |
52.31% |
|
APAC |
31.18% |
|
Europe |
16.51% |
Source: Technavio
The Americas: largest revenue generating region for biopsy devices
During 2015, the Americas accounted for more than 52% of the overall market revenue owing to its highly developed healthcare infrastructure that provides people with easy access to advanced diagnostic tests. The high growth potential of the markets in the US, Mexico, Argentina, Brazil, and Chile are expected to contribute to the growth of the biopsy devices market in the Americas during the forecast period. Furthermore, organizations such as National Cancer Institute, a part of the National Institutes of Health (NIH), play a key role in creating awareness of the importance of early diagnosis of cancer by educating people about the symptoms and the diagnostic tests, leading to growth of the market. Therefore, the rising incidence of several diseases among people in the region, coupled with the rise in healthcare expenditure by governments in the region, will propel the demand for biopsy solutions in the Americas over the next four years.
According to Abhay Sinha, a lead analyst at Technavio, specializing in research on lab equipment, “Medical tourism initiatives taken up by governments is fueling the growth of the healthcare sector across the globe. The key treatment areas for medical tourism include cosmetic surgery, cancer, dentistry, cardiovascular, and orthopedics. Some of the countries that are popular for medical tourism initiatives include Costa Rica, Singapore, India, Taiwan, Malaysia, Israel, Mexico, South Korea, Thailand, and Turkey. These countries are popular for the availability of cost-effective treatments for cancer and other chronic diseases.”
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Biopsy devices market in EMEA
The market’s growth in the EMEA is driven primarily by an upsurge in the age-related chronic diseases such as skin disorders, kidney diseases, and cancer as a result of the growing elderly population. The usage of healthcare services in EMEA is high among the elderly individuals due to their susceptibility to diseases and infection. The high degree of product penetration creates scope for the launch of new products in the biopsy devices market in EMEA. There is also a significant surge in medical tourism initiatives taken up by governments across the region, especially in countries such as Germany, France, and Spain, popular for diagnosis and treatment in terms of procedures, alternative treatments, highly trained specialists, and rich resources related to several diseases.
Biopsy devices market in APAC
APAC is the fastest growing region in the global market for biopsy devices. During 2015, the biopsy market in APAC accounted for almost 17% of the overall market revenue. The growth of the market in this region can be accredited to the high demand for biopsy solutions. This stems from the fast increase in the number of hospitals and diagnostic laboratories intended to address the disease diagnosis and treatment needs of a huge population base, especially in countries such as India and China. Increased healthcare awareness in the region is also augmenting the demand for biopsy devices in APAC countries. Furthermore, vendors in the market space are expected to shift their manufacturing, sales, and distribution facilities to APAC to leverage on the attractive proposition of lower cost of land and material, easily available labor, and access to a large patient market. This will make their solutions available to end-users at much lower costs. The biopsy devices market in APAC is anticipated to grow at a CAGR of more than 8% during the forecast period.
The top leading vendors operating in the global biopsy devices market are:
- BD
- C.R. Bard
- Cook Medical
- Devicor Medical Products
Other prominent vendors in the market include Argon Medical Devices, Boston Scientific, Cardinal Health, DTR Medical, FUJIFILM, Gallini, Heart Medical Europe, Hologic, Intact Medical, Ethicon US, Mauna Kea Technologies, MDNA Life Sciences, MDxHealth, Sanarus, and Veran Medical Technologies.
A more detailed analysis is available in the Technavio report tilted, ‘Global Biopsy Devices Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Tissue Banking Market 2016-2020
- Global Pet Scanners Market 2016-2020
- Global Cancer Diagnostic Devices Market 2016-2020
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