Biopsy forms the first step in cancer diagnosis and subsequent treatment. The huge potential of the market for biopsy devices could be substantiated by its global market value of USD 1,347 million in 2011 and an expected CAGR of 6.6% from 2012 – 2018. North America is the leading regional market; however, with a remarkable growth rate, the Asian region is expected to record maximum growth due to the favourable demographic and economic conditions. C R Bard Inc. and Devicor Medical Products lead the biopsy devices market, closely followed by CareFusion Corporation and Hologic Inc.
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The major product categories in this market include needle-based guns, needles, forceps, guidance systems and others. Needle-based biopsy guns form the fastest growing segment in this market. The market is largely driven by change in consumer preferences, such as shifting from reusable devices to disposable devices.
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Growth of this market is directly proportional to the rate of cancer, which is growing rapidly, thus expanding the patient (consumer) base for biopsy devices. Majority of the cancer deaths globally can be prevented with early diagnosis and biopsy, enabling formulation of a proper treatment plan. Rising awareness and growing aging population are other major factors responsible for growth of this market globally.
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C R Bard Inc. dominates the market with its subsidiary Bard Biopsy Systems dedicatedly involved in manufacturing and distribution of biopsy devices in the major regional markets of North America and Europe. Affordability of expensive healthcare surgeries in developed and affluent countries of North America and Europe has propelled innovation and research in the field of biopsy. Asia is expected to witness a high growth rate with its simultaneous increase in population and cancer rate. Continuous advancements in technology and economic development are other prime factors driving growth of the biopsy devices market in Asia
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