Albany, NY (PRWEB) January 13, 2014
According to a new market report published by Transparency Market Research "Biopsy Devices Market (Disposable & Reusable Needles, Hot & Cold Forceps, Needle-based Biopsy Guns, VAB, CNB, FNAB Devices, Guidance Systems) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," in 2011, the global biopsy devices market was valued at USD 1.3 billion and is expected to grow at a CAGR of 6.6% from 2012 to 2018, to reach an estimated value of USD 2.1 billion in 2018.
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The market is driven mainly by rising worldwide cancer incidence, increasing preference for minimally invasive procedures and growing awareness regarding frequent screenings. People are more aware regarding development of cancer and its early diagnosis, thereby opting for regular screenings and check-ups. The demand for disposable devices and needles is on the rise, as patients are now highly conscious about issues such as transmission of infectious diseases. Cancer being a fatal disease if not diagnosed early, patients do not hesitate to opt for expensive surgeries. All these factors are expected to drive the growth of the market during the forecast period 2012 to 2018.
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Needle-based guns are identified as the fastest growing segment with a CAGR of 8%. Within this segment, preference for vacuum-assisted biopsy devices is higher due to its high efficiency and minimally invasive nature. The biopsy guidance systems segment accounted for the largest market share in 2011; the market for these devices was valued at USD 607.5 million. This segment is expected to continue to lead the market till 2018, in terms of revenue.
Geographically, North America accounted for the largest share in this market in 2011. This is mainly due to the large patient population, availability of advanced medical technologies and strong presence of leading market players. However, with a healthy CAGR of 10.5%, Asia is expected to emerge as the fastest growing regional market on account of the rapidly growing overall population as well as aging population, increasing incidence of cancer, rising disposable incomes of patients and growing economies.
The global biopsy devices market is highly consolidated and is dominated by players such as C.R. Bard, Inc., CareFusion Corporation, Hologic, Inc. and Devicor Medical Products, Inc. Of these, C.R. Bard, Inc. accounted for the largest market share in 2011.
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