Global Biopsy Device Market Sets its Path of promising to reach USD 3,270.4 Million by 2034, FMI Report

According to the latest insights, the global biopsy device market is expected to achieve a valuation of USD 2,274.1 million in 2024, marking the beginning of a period of moderate yet steady growth. The market is anticipated to expand at a compound annual growth rate (CAGR) of 3.70% during the forecast period, reaching an estimated USD 3,270.4 million by the end of the decade.

Key findings from the thematic analysis of the biopsy device ecosystem suggest a robust 1.4x growth trajectory from 2024 to 2034, underpinned by increasing demand across healthcare settings globally. Factors contributing to this growth include advancements in biopsy technologies, rising incidences of cancer and chronic diseases necessitating diagnostic procedures, and expanding healthcare infrastructure in emerging economies.

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“We are optimistic about the growth prospects of the biopsy device market over the next decade,” commented a spokesperson from Future Market Insights. “The steady adoption of minimally invasive biopsy procedures and ongoing research and development activities are expected to further fuel market expansion.”

The report also highlights significant opportunities for market players in enhancing product portfolios to cater to evolving clinical needs and geographical expansion to capitalize on emerging market opportunities.

Key Takeaways from the Market Study:

• The Indian market is the largest in terms of its progress rate. It propels a moderate CAGR of 5.8%, the highest among all the countries.
• France leads the European market in terms of the forecasted growth rate. It projects the market advancement at a CAGR of 4.3%.
• Based on the product type, the needle biopsy market segment will secure the highest market share of 36.6% by 2024.
• Medical diagnosis is the largest market segment based on the application category, holding 61.3% by 2024.

“Ethicality and legality of biopsy procedures create a significant challenge for the global biopsy device market. Therefore, a medical professional must follow all procedures to perform clean practices,” says an FMI analyst.

Competitive Landscape:

Due to strong strategic positioning, key marketers have bolstered their global biopsy device market positions. Moreover, their strong presence clutters the subject market, creating fierce competition for new entrants.

Organizations formulate business strategies based on market positioning, innovation, or brand projection. Strategic alliances, partnerships, mergers and acquisitions, and many key strategies are employed to gain a competitive edge in the subject market. The following are the key market developments observed in the market:-

• In March 2022, B. Braun Melsungen AG acquired Intermedt Medizin & Technik GmbH. This strategic initiative helped the business diversify the product portfolio of the Avitum division.
• In March 2024, Becton, Dickinson, and Company collaborated with GOCC. This move will allow the organization to access advanced bloodstream infection testing. Also, it will help the business expand in Poland.

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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

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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