Top 4 Drivers Impacting Biopsy Devices Market Until 2020, Reports Technavio

LONDON--()--Technavio analysts forecast the global biopsy devices market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global biopsy devices market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the key vendors in the market. Vendors are identified based on the popularity and visibility of their products.

Breakthrough technological advances have opened a new avenue of diagnostic testing with the introduction of real-time liquid biopsies, which enable the genomic alteration of cancer tumors and help identify personalized and customized treatment options, based on simple blood tests. These tests are minimally invasive and less painful, decreasing the necessity for tumor tissue biopsies that are mostly risky, costly, and painful.

Reimbursement policies for diagnostic testing and treatment of chronic diseases such as cancer and kidney diseases are becoming more generous for people of all ages, especially elderly people who suffer the most from chronic diseases due to their weakening immune systems. The increase in reimbursement policies has made it easier for people to afford treatments as the cost is reimbursed later.

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Technavio analysts highlight the following four factors that are contributing to the growth of the global biopsy devices market:

  • Growing cases of cancer
  • Rise in geriatric population
  • Increasing incidence of liver diseases
  • Growing number of diagnostic centers

Growing cases of cancer

There is an increasing prevalence of cancer worldwide due to various reasons such as unhealthy diet, lack of physical activity, tobacco use, and excessive alcohol consumption. Lung cancer is the cause of more than one million deaths every year worldwide. The increase in the number of cancer-related cases globally is driving the need for advanced biopsy tests that can reveal the condition of the patient’s disease to pursue further treatment. A biopsy helps in the detection and removal of cancerous cells and their uncharacteristic growth in the body. The early detection of the disease with the help of advanced diagnostic techniques is vital to reduce mortality rates globally.

Amber Chourasia, a lead lab equipment analyst at Technavio, says, “A significant number of cancer survivors, along with cancer organizations such as Breast Cancer Awareness Body Painting Project, help generate awareness of the disease among people. These awareness programs have notably influenced people to undergo check-ups that include various types of biopsy tests in the suspected area, thereby escalating the growth of the biopsy device market.”

Rise in geriatric population

A rising concern worldwide is the increase in elderly population in the major countries such as Japan, South Korea, China, Germany, and the US. This has increased the chances of people getting affected by chronic diseases such as cancer due to a gradual decline in the immune system, which is responsible for preventing diseases in the body.

Age is the highest risk factor for developing cancer. Hence, elderly people are more prone to be diagnosed with cancer than people of any other age. Their bodies have had more time to develop gene mutations that can cause the formation of cancerous cells over a period of time,” adds Amber.

Increasing incidence of liver diseases

Liver diseases have increased to an alarming level worldwide in the last few years due to several reasons such as alcohol, obesity, and viral hepatitis. Most liver diseases are preventable through a proper lifestyle and occasional diagnosis of the liver condition.

Many imaging tests such as X-rays and CT scans assist in identifying areas of concern but cannot distinguish between cancerous and non-cancerous cells, which is a major drawback. An accurate way of detecting the disease and disorder present in the liver is through a liver biopsy, which ascertains the liver condition through a procedure that involves the insertion of a needle to remove a small piece of liver tissue. The tissue is later examined under a microscope for signs of disease or damage.

Growing number of diagnostic centers

An ever-changing consumer demand has resulted in shifting diagnostic testing from hospitals and commercial laboratories closer to the patient's home, which lessens the cost of testing. In many countries, most of the healthcare services being delivered at homes are primarily for urban areas, with a very less focus on rural areas. Many developing countries have a high percentage of people living in the rural areas where diagnostic centers are few, and accessibility is low. A very high rate of cancer deaths is prevalent in rural areas, which can be attributed to a lack of awareness of the disease, leading to ignorance of diagnosis and treatment.

Top vendors:

  • Becton, Dickinson and Company
  • C. R. Bard
  • Cook Group
  • Devicor Medical Products

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global biopsy devices market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com