BIOPSY DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

Global Biopsy Devices Market- Drivers

• Increasing prevalence of cancer: The increasing prevalence of cancer cases around the world has become a major concern for the healthcare industry and governments. Cancer is one of the leading causes of death globally, and its incidence has been rising steadily over the past few decades. As per the World Health Organization (WHO) 2022 report, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Breast, lung, colorectal, prostate, and skin were the top five cancer types, accounting for 2.26 Mn, 2.21 Mn, 1.93 Mn, 1.41 Mn, and 1.20 Mn cases worldwide.
• Technological advancements in biopsy devices: Technological advancements in biopsy devices are significantly contributing to the growth of the global biopsy devices market. A biopsy is a medical procedure that involves extracting cell or tissue samples from a patient to examine them under a microscope. Traditionally, biopsy procedures involved invasive surgical methods that caused pain and discomfort for patients. However, recent technological innovations are enabling minimally invasive biopsy procedures that are faster, safer and more accurate. For instance, in July 2021, GE Healthcare, a multinational medical technology company, announced the installation of Serena Bright in five hospitals and radiology centers across the U.S. Serena Bright is the industry's first contrast-guided biopsy solution, assisting clinicians and patients in their fight against breast cancer. The technology, which received 510(k) clearance from the U.S. FDA in May 2020, allows patients to have their breast biopsy exams with contrast guidance using the same mammography equipment, in the same room, and with the same staff as the screening or diagnostic mammogram.
• Government and private funding for cancer research: The increased government and private funding for cancer research has significantly boosted the biopsy devices market. Governments across the world are allocating higher budgets for cancer research and diagnostic technologies in view of rising cancer cases. For instance, on November 13, 2023, the American Cancer Society (ACS), the U.S. largest non-government, non-profit funder of cancer research, approved funding for 131 new Extramural Discovery Science (EDS) research and career development grants totaling US$64.5 million. Beginning in 2024, the grants will support researchers at 72 institutions across the U.S.

Global Biopsy Devices Market- Opportunities

• Emerging Economies: The emerging economies in the Asia Pacific and Latin America regions provide huge growth potential for the biopsy devices market. These developing nations are witnessing improvements in healthcare access and infrastructure, backed by strong economic growth over the past decades. Countries like India, China, Brazil, and Mexico have invested heavily to strengthen primary care and introduce universal healthcare programs. This is increasing patients' ability to seek medical help and diagnostic procedures. For instance, in September 2022, AstraZeneca India, a multinational pharmaceutical and biotechnology company, collaborated with the Cancer Awareness Prevention and Early Detection (CAPED) Trust, a grass root non-profit working in healthcare since 2014, to expand its flagship initiative 'Ganga Godavari Cancer Screening Program' in Mathura, India. The event was held at the RKMSC Hospital in Vrindavan, India. The program, which is supported by the Charities Aid Foundation (CAF) India, aims to raise cancer awareness and detect oral, breast, and cervical cancers in their early stages among women through specialized screening camps.
• Launch of innovative biopsy gun devices: The introduction of innovative biopsy gun devices could provide promising growth prospects for the biopsy devices market. Biopsy gun devices allow for a less invasive tissue collection method compared to traditional biopsy needles. They utilize spring-powered technology to effectively obtain tissue samples from within the body, reducing patient discomfort and procedure time. For instance, in August 2022, Mammotome, a leader in breast care, announced the launch of the Mammotome DualCore biopsy system, the company's first dual stage core biopsy instrument. This new core biopsy device enhances the Mammotome ultrasound-guided breast biopsy portfolio, which also includes the Mammotome Elite Tetherless Vacuum-Assisted Biopsy Device (tetherless VABB) and the Mammotome Revolve Dual Vacuum-Assisted Breast Biopsy System (tethered VABB).
• Development of minimally invasive biopsy techniques: The development of minimally invasive biopsy techniques could provide a huge opportunity for growth in the biopsy devices market. Minimally invasive procedures are less traumatic for patients as they involve smaller incisions and cause less damage to tissue compared to traditional open biopsy methods. This allows for shorter procedure times, less pain and discomfort, lower risks of complications, and shorter recovery periods. As healthcare increasingly focuses on providing less invasive options that improve patient outcomes and experiences, the demand for minimally invasive tools and techniques across medical specialties is anticipated to increase over the forecasted period.

Global Biopsy Devices Market- Restraints

• High cost of biopsy procedures: The increasing cost of biopsy procedures is a major factor restraining the growth of the biopsy devices market. Biopsy procedures can be an expensive diagnostic option owing to the sophisticated biopsy instruments and equipment used during the procedures. The high costs associated with biopsy procedures make it inaccessible for many patients across the world, especially in developing regions with weak economic conditions. The biopsy procedure usually involves using specialized biopsy needles, guides, sampling devices, and other auxiliary equipment, which adds to the overall cost. According to a study titled "Costs of Biopsy and Complications in Patients with Lung Cancer" published by the National Center for Biotechnology Information in March 2021, the overall cost of lung biopsies was high. The conclusions were made using data from IBM Marketscan Databases collected between July 2013 and June 2017. The database comprised 22,870 patients who had a total of 37,160 biopsies. Inpatient surgical biopsies had the greatest median total costs (US$ 29,988), while outpatient percutaneous biopsies had the lowest (US$ 1028). Repeat biopsies of the same type increased costs by 40-80%.
• Lack of reimbursement policies: Lack of reimbursement policies for biopsy procedures is a major restraint on the growth of the biopsy devices market. When insurance plans do not adequately cover the costs of these procedures, it disincentivizes both patients and healthcare providers. For patients, the out-of-pocket costs of a biopsy can be prohibitively expensive. This discourages them from getting tested even if clinically recommended. As a result, many potentially cancerous or other conditions may go undiagnosed.