News | April 24, 2014

Global Biopsy Devices Market Value to Grow Moderately by 2019

April 24, 2014 — The global biopsy devices market value will increase at a modest rate over the coming years, climbing from $506.4 million in 2013 to $602.4 million by 2019, at a compound annual growth rate (CAGR) of 2.93%, forecasts research and consulting firm GlobalData.

According to the company’s latest report, MediPoint: Biopsy Devices - Global Analysis and Market Forecasts, the biopsy devices market in emerging economies, such as China, India and Brazil, will increase at much higher CAGRS than the global rate, reaching shares of 24%, 10% and 6% by 2019, respectively.

Despite the modest global growth, several barriers are dampening the potential adoption of biopsy devices within a number of markets. Notably in the United States, reimbursement for image-guided breast biopsies has undergone drastic cuts, which GlobalData expects will have a significant effect on the adoption of more expensive vacuum-assisted biopsy (VAB) devices.

Joseph Gregory, GlobalData’s analyst covering surgical devices, said: “Additionally, routine screening for prostate cancer and breast cancer has come under scrutiny, as sophisticated clinical trials reveal that these interventions have a minimal impact on the cancer related mortality. This is a long-term setback for the adoption of biopsy devices in diagnosing these cancers, given that these criticisms could curb adoption of routine screening.”

While these challenges are likely to affect the biopsy devices market, GlobalData believes that current and future players can still position themselves to obtain a competitive advantage.

“The major European countries have general mass-screening programs for breast cancer detection and will be increasing their adoption of VAB devices over the forecast period. Additionally, the emerging economies are increasing their access to healthcare resources and showing a preference for more expensive core needle biopsy devices over fine needle aspiration devices,” Gregory concluded.

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