The North America Biopsy Devices Market is expected to register a CAGR of 6.6% during the forecast period. The major factors driving the growth of the market in the North America region is due to the increasing preference for minimally invasive procedures, an increase in the number of cancer cases, and initiatives undertaken by the government for early diagnosis of cancer.
Biopsy has been one of the major diagnosis techniques for cancer disorders and is widely used in the diagnosis of breast, skin, and prostate cancer. According to the Canadian Cancer Statistics 2019 report, it is estimated that nearly 1 in 2 Canadians will be diagnosed with cancer in their lifetime. An estimated 220,400 new cases of cancer are diagnosed in Canada in 2019. The number of cases in males (113,000) was expected to be slightly higher than in females (107,400).
There is also a demand for minimally invasive biopsy procedures that is rising at a significant rate in the market. The different types of technologies and products, such as biopsy guiding systems, needle-based biopsy guns, and vacuum-assisted devices are anticipated to witness the high growth during the forecast period. Thus, owing to above mentioned factors the market is expected to show significant growth over the forecast period.
Key Market Trends
Needle-based Biopsy Instruments is Expected to Hold a Major Market Share in the Biopsy Devices Market
Needle-based biopsy holds the leading share in the market due to the increasing demand for these instruments, for acquiring samples from soft tissues of internal organs, such as breasts, kidneys, and lungs. This is poised to contribute to the growth of the overall market during the forecast period.
According to the estimates of the American Cancer Society, in 2018, there would be 1,735,350 new cancer cases diagnosed and 609,640 deaths, due to cancer in the United States. The most common cancers in the United States are breast cancer, lung cancer, prostate cancer, colorectum cancer, bladder cancer, and skin cancer.
Furthermore, according to Globocon, 1,90,667 new cancer cases were diagnosed, and 83,476 deaths were reported due to cancer in Mexico in the year 2018. Breast cancer, prostate cancer, lung and bronchus cancer, and colorectal cancer were the most common types of cancers in Mexico.
Therefore, the above benefits of needle-based biopsy guns coupled with the increasing demand for minimally invasive procedures will spur the segmental growth.
The North America Biopsy Devices Market is fragmented competitive. The major market players operating in the biopsy devices market are Hologic, Becton, Dickinson and Company., Boston Scientific Corporation., among other players. These companies are undertaking strategies, such as product launch through technological innovations and partnerships to gain profits in the industry. Thus, the new product launches are the most preferred strategy followed by collaborations and geographical expansion for market capitalization.
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