Emerging Trends and Growth Opportunities in the Biopsy Device Market is expected to have a CAGR of 4.9% by 2033: A Comprehensive Analysis

The Korea Biopsy Device Market is forecast to increase at a CAGR of approximately 4%-4.5% during the forecast period, as per Future Market Insights’ latest analysis. Overall sales of biopsy devices are expected to reach a total of US$ 3.3 Billion by 2033 and Korea will play a significant role in achieving this valuation.

Increasing demand for needle-based biopsy instruments due to rising prevalence of cancer and growing awareness about the benefits of early cancer detection is a key factor driving the Korea biopsy device market.

Needle-based biopsy instruments offer a minimally invasive way to diagnose cancer, which is accepted as a better alternative to conventional methods. Moreover, they are also preferred due to their high accuracy in providing accurate results, even with minimal tissue sampling.

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Rising popularity of needle biopsy is expected to boost the Korea biopsy device market over the coming years. In addition, increasing focus on improving patient experience through improved biopsy procedures is likely to have a positive impact on the overall market development.

Furthermore, an increase in research and development activities and the introduction of innovative products by manufacturers will provide a strong impetus to Korea’s biopsy device market during the forecast period.

Finally, increasing investment from venture capitalists and private companies into the development of new products is likely to expand the Korea biopsy device market over the next ten years.

New applications for biopsy devices are being explored by medical professionals across Korea. This will create new opportunities for companies operating in the Korea biopsy device market in near future.

Key Takeaways from the Biopsy Device Market

• The global biopsy device market is projected to accelerate at a CAGR of 9% during the assessment period from 2023 to 2033.
• Korea is expected to hold a significant share of the global biopsy device market by the end of the projection period.
• Sales of biopsy devices across Korea are likely to increase at around 4% to 4.5% CAGR through 2033.
• Rising demand for needle-based biopsy instruments for taking samples will stimulate the demand for biopsy devices in Korea.

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“Growing demand for needle-based biopsy instruments in Japan is likely to drive the biopsy device industry forward during the forthcoming decade. Hence, key players are manufacturing technologically advanced devices to solidify their position in the market.”– Says an FMI Analyst.

Competition Landscape in the Biopsy Device Market

In order to increase their share in Korea biopsy device market, key manufacturers are implementing numerous key tactics such as new product launches, investments in research and development, and adopting merger & acquisition strategy.

CR Bard, Becton, Dickinson and Company, B. Braun Melsungen AG, Hologic, Inc., Cook Medical, Devicor Medical Products Inc. and Argon Medical Inc are the key companies in Korea biopsy device market.

Recent Developments

• In January 2021, a new technique for detecting prostate cancer in patients with higher accuracy was invented by a team of researchers/scientists from the Korea Institute of Science and technology.
• In January 2022, an exclusive partnership with Sanofi was announced by South Korean clinical-stage biotech company ABL Bio, Inc.

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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

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By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific Excluding Japan
• Japan
• Middle East and Africa(MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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