SOURCE: BCC Research LLC

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April 04, 2016 05:43 ET

Developing Economies Spurring Growth in Biopsy Devices Market, Reports BCC Research

WELLESLEY, MA--(Marketwired - April 04, 2016) - The increased prevalence of chronic disease and a rise in income levels in developing economies are promoting the growth of novel biopsy procedures. BCC Research reveals in its new report that companies in the developing Asia-Pacific market are integrating imaging technologies with biopsy procedures to improve their efficiency and reduce the cost of procedures.

The global market for biopsy devices by type is categorized into the following: breast biopsy devices, fine-needle aspiration (FNA), soft tissue biopsy needles, bronchial biopsy devices, gynecology biopsy devices and robotic guidance systems.

The global market should reach about $2.1 billion by 2020 from over $1.5 billion in 2015, reflecting a five-year compound annual growth rate (CAGR) of 6.2% from 2015 to 2020.

The North American market is expected to grow to $663.9 million and $868.8 million in 2015 and 2020, respectively, with a five-year CAGR of 5.5%. The European market should reach $586 million and $785.3 million in 2015 and 2020, respectively, with a five-year CAGR of 6%. In Asia-Pacific, conventional diagnostic technologies represent one of the smallest shares of the market with 15.2%; however, it accounts for the highest forecast growth with a five-year CAGR of 7.9%. The ROW region accounts for a 4% share of the market.

The therapeutics market is dominated by breast cancer biopsy due to the higher prevalence of the disease and availability of efficient treatment. Applications of breast cancer biopsy devices should increase from about $574.3 million in 2015 to about $741.1 million by 2020, demonstrating a five-year CAGR 5.2%. Applications of biopsy devices for gynecological diseases, which represent the smallest share of the market by therapeutic area, should increase from $124.4 million in 2014 to $169.6 million in 2020 at a CAGR of 6.4%.

The market for biopsy devices by end user includes diagnostic centers and hospitals. Diagnostic centers dominate this end-user market due to the high cost of capital involved in the establishment of advanced biopsy devices. Revenue generated from diagnostic centers was $771.1 million in 2014 and is expected to grow at a five-year CAGR of 5.6% from 2015 to 2020, reaching $1.1 billion by 2020. Hospitals providing biopsies accounted for $700.4 million in revenue in 2014, and it is expected to increase to just over $1.0 billion by 2020 at a five-year CAGR of 6.8% from 2015 through 2020.

In the developing economies, diagnostic centers account for a higher share of biopsies performed than hospitals do because of their low-cost infrastructure. Developing economies are facing higher challenges than the rest of the world due to an increase in the prevalence of chronic diseases and the rise in aging populations.

"The disease diagnosis market in Asian countries is currently dominated by conventional biopsy technologies such as core needle biopsies and surgical biopsies," says BCC Research analyst Yojana Jeevane. "The market also is dominated by digital imaging technology. Companies are now integrating imaging technologies with biopsy procedures to improve their efficiency and reduce the cost of procedures."

Biopsy Devices: Technology and Global Markets  (HLC171B) analyzes the industry by device type, therapeutic segments and geographic markets, with a focus on key imaging technologies. Analyses of global market drivers and trends, with data from 2014, estimates for 2015, and projections of CAGRs through 2020 also are provided.

About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information@bccresearch.com.

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