The biopsy devices space across the 10 major markets (10MM) of the US, France, Germany, Italy, Spain, the UK, Japan, Brazil, China, and India, will rise modestly in value from $915.2 million to over $1.16 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 3.5%, according to research and consulting firm GlobalData.
The company’s latest report* states that market expansion will occur due to an increase in the number of cancer cases over the 10MM. Emerging countries in the Asia-Pacific region, such as India and China, will have growth rates similar to the global CAGR due to increased market access of each country’s population to healthcare resources.
Yizhe Xu, MSc, GlobalData’s Analyst covering Medical Devices, says: “Although the market value is rising, there are several barriers preventing this growth from being particularly striking. In the US, for example, the benefit of routine screening for prostate cancer has come under scrutiny, as sophisticated clinical trials have revealed that screening has a minimal impact on cancer-related mortality.
“The current biopsy devices market also faces substantial long-term competition, as start-up companies and large medical device manufacturers try to employ new technologies to make the diagnosis of cancer even less invasive without the need for target tissue extraction. Two such technologies include optical and liquid biopsies, which seek to replace physical ones.”
Unlike traditional biopsy techniques, which involve extracting a tissue sample from the patient, optical biopsies capitalize on the properties of light to enable the operator to make real-time diagnostic assessments without the need for extracting tissues and examining them under a microscope.
Liquid biopsy technology is based on circulating tumor cells or circulating DNA, and would only require a sample of patient’s blood in order to obtain key information on the cells’ physical and biological properties.
Xu explains: “It is the minimally invasive nature of these new technologies that is spurring on the hype surrounding them. With liquid biopsy now very close to maturity, commercial interests in this approach have started to accumulate.
“Companies like Qiagen have already introduced their liquid biopsy kit into the market, and increasing public acceptance of the technology means more players are expected to flood into this segment, as evaluated in GlobalData’s report. Once large-scale trials support the accuracy of this procedure, liquid biopsy will change the landscape in cancer diagnosis and treatment.”
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NOTES TO EDITORS
*MediPoint: Biopsy Devices – Global Analysis and Market Forecasts
This report provides analysis of the biopsy devices space across the 10 major markets of the US, France, Germany, Italy, Spain, the UK, Japan, Brazil, China and India, including annualized market data from 2013 and forecast until 2022.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
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