As we live longer, the chances of a cancer diagnosis are higher. But there are a whole range of biopsy devices on the market that can help to take the first step in diagnosing the disease.
A new market report from Transparency Market Research projects that in 2018, the global biopsy device market will grow to $2.1 billion from $1.35 billion in 2011 at a compounded annual growth rate of 6.6 percent.
The growth is being fueled by consumer awareness and a growing aging population. While North America continues to be the largest market by region, Asia is set experience "record maximum growth" because of demographics, according to the report. It is projected to see CAGR of 10.5 percent
The market can be broadly divided into five subsegments - needle-based biopsy guns, biopsy needles, biopsy forceps, other tools and biopsy guidance systems. Needle-based guns are expected to be the fastest-growing subsegments with a CAGR of 8 percent because of the minimally invasive nature of vaccum-assisted biopsy devices. However, the largest subsegment is the biopsy guidance systems, which in 2011 accounted for $607.5 million
The market leaders are C.R. Bard with its Bard Biopsy Systems division and is followed by the likes of CareFusion, Hologic and Devicor Medical Products.
Other companies also in this space include Cook Medical and AngioTech
The FDA recently approved a novel device from Dune Medical Devices that surgeons use during breast cancer removal surgery to test the adjacent tissue in the breast and know whether it is healthy or cancerous.
- By Arundhati Parmar, Senior Editor, MD+DI.