BIOPSY DEVICES MARKET ANALYSIS

Regional Analysis

Global Biopsy Devices Market- Regional Insights

• North America is expected to be the largest market for biopsy devices during the forecast period, accounting for 32.4% of the market share in 2023. The growth of the market in North America is attributed to factors such as the presence of key market players, the launch of novel products, and favorable reimbursement scenarios. Moreover, inorganic growth strategies such as acquisitions adopted by market players are further anticipated to support the market development over the analysis period. For instance, on April 27, 2023, Quest Diagnostics, a prominent provider of diagnostic information services, and Haystack Oncology, an early-stage oncology company, announced an all-cash equity transaction in which Quest will acquire Haystack. MRD testing is a rapidly growing category of liquid biopsy tests that detect circulating tumor DNA (ctDNA) in patients' bloodstreams following cancer surgery and treatment. Haystack, founded in 2021, has developed a ctDNA-based technology for MRD detection based on 20 years of research and development.
• Europe is expected to be the second-largest market for biopsy devices, accounting for over 23.1% of the market share in 2023. The growth of the market is attributed to the presence of skilled healthcare professionals, top notch healthcare institutes, the growing prevalence of cancer, and the adoption of inorganic growth strategies such as partnerships that are anticipated to support the market development in this region. For instance, on September 18, 2023, Roche France, a multinational healthcare company, Foundation Medicine, Inc., a company that sells genomic profiling assays based on next-generation sequencing technology, and the Institute Gustave Roussy, a cancer-research hospital in Europe, announced a unique partnership to establish in-house liquid biopsy testing at the Institute Gustave Roussy's facilities in France, by transferring technology from Foundation Medicine's FoundationOneLiquid CDx, a blood-based comprehensive genomic profiling (CGP) test. FoundationOne Liquid CDx analyzes more than 300 cancer-related genes for genomic alterations that cause cancer to grow using a simple blood sample.
• The Asia Pacific is expected to be the fastest-growing market for biopsy devices during the forecast period. The growth of the market in Asia Pacific is attributed to growing geriatric population, rise in the healthcare expenditure, and regulatory approvals is expected to support the development of the market over the analysis period. For instance, on May 30, 2023, Guardant Health, Inc., a pioneer in precision oncology, announced that Singapore's Health Sciences Authority (HSA) has approved Guardant360 CDx, a liquid biopsy test for tumor mutation profiling, also known as comprehensive genomic profiling (CGP), in patients with advanced solid cancers. The Guardant360 CDx test has also been approved as a companion diagnostic to identify patients with advanced non-small cell lung cancer (NSCLC) who have epidermal growth factor receptor (EGFR) alterations and may benefit from TAGRISSO (osimertinib) treatment.

Figure 1. Global Biopsy Devices Market Share (%), By Region, 2023

• North America: U.S. and Canada
• Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
• Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
• Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
• Middle East: GCC Countries, Israel, and Rest of Middle East
• Africa: South Africa, North Africa, and Central Africa