The North America biopsy devices market is expected to reach US$ 1,466. 30 million by 2027 from US$ 897. 60 million in 2019; it is estimated to grow at a CAGR of 6. 5% during 2020-2027. The biopsy devices marketis growing primarily due to the increasing cancer prevalence, and government support and initiativesin the region.
New York, July 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Biopsy Devices Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product, Technology, Application, and Country" - https://www.reportlinker.com/p05934826/?utm_source=GNW
Factors such limitations associated to biopsy devices damage the growth of the market. Additionally, increasing awareness regarding early disease detectionand consistent improvements in product designs are the factors that are likely to fuel the growth of the biopsy devices market during the forecast period.
Biopsy is a medical examination implemented by surgeons, interventional radiologists, or interventional cardiologists to extract sample cells or tissues for the identification and detection of diseases.The tissue is generally observed under a microscope by pathologists; it can also be examined via chemical methods.
Biopsies are most commonly performed to identify cancerous and inflammatory conditions.
Governments in North American countriesare supportive toward promoting the early detection of cancer and undertake various initiatives for the same.For instance, the National Institutes of Health (NIH) started a new initiative called Precompetitive Collaboration on Liquid Biopsy for Early Cancer Assessment.
The purpose of this initiative is to establish a Public-Private Partnership Program for the development of new technologies or validate the existing technologies, methods, and assays for the capture and quantification of tumor-associated cells, RNA, DNA, or exosomes in the body fluids of patients with an early-stage disease or those who are at high risk. The initiative emphasizes detecting cancer in early stages, distinguishing between aggressive from nonaggressive cancers, and differentiating benign disease from cancer.
The NCI’s commitment toward funding the R&D of advanced clinical technology also encourages investigators to expand their research scope to include the early detection and accelerate clinical adoption of these promising technologies. For instance, in 2017,the estimated national expenditures for cancer care in the US were US$ 147.3 billion. In the coming years, these costs are likely to increase with the aging population and increasing cancer prevalence. The expenditure is also likely to shoot up as new, and often more expensive, treatments are adopted as standards of care, which is a major factor boosting the growth of the biopsy devices in the North America market.
In the US, due to an increasing number ofCOVID-19 infected patients, healthcare professionals and leading organizations are rechanneling the flow of healthcare resources from R&D to primary care, which is slowing down the process of innovation.Further, the COVID-19 pandemic spread is also hindering the conduct of clinical trials and drug development, and the operations of diagnostic industry in the US.
For instance, California-based Lucence Diagnostics Pte Ltd., a known player in the biopsy products industry, has diverted operations to manufacture COVID-19 diagnostics kits.
Moreover, according to a recent survey by Medscape in April 2020, substantial disruption in routine cancer carehas been witnessed,including tests for screening and diagnosis in suspected cases, to their treatment as a result of the COVID-19 pandemic. The rapid increase in the number of COVID-19 patients in the US and Canada is likely to hamper the growth of biopsy devices market and result in the slowdown of the market growth in the near future.
In 2019, the needle-based biopsy segment accounted for the largest share of the North America biopsy devices market.The growth of the market for this segment attributes to rising adoption of needle based-biopsy due to its high accuracy, with minimal injury associated with the procedure.
Further, the segment is also likely to register the highest CAGR in the market during the forecast period.
A few of the significant secondary sources associated with the North America Biopsy Devices market report are the World Health Organization (WHO), Centers of Disease Control and Prevention (CDC), American Cancer Society, and Canadian Cancer Society.
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