Biopsy Instruments Market gross revenue will cross $3 billion by 2024
SELLBYVILLE, Del., May 17, 2018 /PRNewswire-iReach/ — The growing deployment of imaging tests for the detection & treatment of carcinogenic cells is certain to fuel biopsy instruments market over the years ahead. Strictly speaking, most of the biopsy tests pose low risks and are essentially pain-free. The increasing preference for minimally invasive medical treatment methods is thus likely to have a remarkable influence on biopsy instruments industry share. In fact, taking into consideration the rising significance of biopsy tests, key players in biopsy instruments market are constantly developing advanced and next-generation biopsy devices for effective treatments. The surging involvement of companies in innovative product development will thus impel biopsy devices market size in the ensuing years. Apart from locating cancer cells, imaging tests are also used in the detection of non-cancerous conditions such as polycystic fibrosis. For the record, in 2015, biopsy devices industry held a revenue of USD 1.75 billion.
Typically, there are various types of biopsy tests in availability currently, such as bone marrow, endoscopic, skin, surgical and needle biopsies. Among these, needle biopsies are being prominently used for collecting samples of skin. Different types of needle biopsies such as fine needle, core needle, vacuum assisted, and image-guided ones can be effectively conducted, depending on the diagnosis requirements. For instance, in imaging procedures like CT scan and X-rays, doctors need image-guided biopsies for specifying a particular area of the body such as the liver or lung. Vacuum-assisted biopsies are used to collect cells from suction generated from vacuum. As of now, vacuum-assisted biopsy devices are becoming more popular pertaining to their minimally invasive treatment nature, which is likely to stimulate biopsy instruments industry trends over the years ahead positively.
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In order to encourage the innovation of novel products in biopsy instruments market, many medical science companies have been providing sufficient funding for research and development activities. For instance, in 2017, Epic Sciences raised USD 40 million for promoting clinical studies related to liquid biopsy tests. An improved product portfolio is likely to help doctors detect cancer tumors more efficiently with minimized discomfort. In fact, in North America, various NGOs and regional governments have been continuously supporting participants in biopsy instruments market by providing ample funds to be utilized for effective diagnostics procedures. Owing to the favorable regulatory support and growing awareness among people about cancer diagnosis, in 2015, the U.S accounted for 80% of North America biopsy devices industry share. Furthermore, several regulatory agencies based in the U.S. are continuously campaigning for regular health checkups, which will considerably boost product demand over the years ahead.
Taking into account the increasing demand for biopsy devices, leading behemoths in biopsy instruments market are focusing on capacity expansion in order to dominate the business space. In addition, they have also been adopting new manufacturing processes to reduce the overall product cost by minimizing manufacturing lead times and costs associated with manufacturing processes. Numerous giants in biopsy instruments industry have been teaming up with renowned companies to expand their product portfolios and bring forth a range of innovative devices in biopsy instruments industry. Say for instance, in 2017, one of the leading medical device manufacturers for Michigan based Alliant Enterprise, MediSurge, acquired Inrad, Inc. to enhance its portfolio in biopsy needles and accessories. Indeed, this incidence validates that the growing involvement of companies to consolidate their positions by means of adopting tried-and-tested business strategies is likely to propel biopsy instruments market share in future.
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