Demand for Minimally Invasive Surgical Procedures due to High Prevalence of Cancer Fuels Growth of Smart Biopsy Devices Market
Cancer is now the second leading cause of death worldwide, trailing only cardiovascular disease. Tobacco smoking, urbanisation and its associated pollution, and changing dietary patterns, along with increased wealth associated with better medical services and a longer post-reproductive life span, have been blamed for this phenomenon. There are over 100 different types of cancer, each classified by organs, such as malignant melanoma of the colon and rectum.
According to the Global Cancer Observatory's Globocan 2020 report, which estimated the incidence and mortality of 36 cancers in 185 countries worldwide, there were an estimated 19,292,789 new cases of cancer diagnosed in 2020 and approximately 9,958,133 people died from cancer worldwide. According to the same source, the number of new cancer cases is expected to reach 24,044,406 by 2030, indicating an increasing prevalence of cancer globally. The high prevalence of cancer will necessitate treatment, driving the market growth. As a result, the anticipated increase in cancer burden is a major factor contributing to the rising demand for biopsy, boosting the market growth.
Patients all over the world are increasingly preferring minimally invasive (MI) biopsy procedures. For instance, the MI breast biopsy technique (MIBT) eliminates the need for surgery to diagnose cancer while protecting healthy tissues from radiation damage. The growing acceptance, adoption, and popularity of minimally invasive surgeries are also expected to aid in the growth of the global smart biopsy devices market in the coming years. Furthermore, governments and private health organisations in various countries around the world are taking serious initiatives to raise cancer awareness, and the availability of various cancer therapeutics and diagnoses will help create new growth opportunities for vendors in the global smart biopsy devices market during the forecast period. In March 2022, the Japanese Ministry of Health, Labour, and Welfare approved Guardant360 CDx, a liquid biopsy test for tumour mutation profiling, also known as comprehensive genomic profiling, in patients with advanced solid tumours (MHLW).
Rising Awareness in Females Regarding Breast Cancer to Make it Ideal for Smart Biopsy Devices
Breast cancer is expected to be the fastest-growing segment of the smart biopsy devices market over the forecast period. This cancer begins in breast cells, which usually form in lobules or ducts. Breast cancer symptoms included breast pain, pitted skin over the entire breast, blood discharge from nipples, inverted nipples, and underarm swelling. Breast cancer is the most common cancer in low- and middle-income countries due to a lack of awareness among women. As a result, rising female awareness, as well as increased availability and affordability of diagnostic procedures, are expected to drive demand for smart biopsy devices in the breast cancer segment. Due to the growing number of patients suffering from malignant skin tumours, the skin cancer segment is expected to grow at the fastest CAGR in the coming years. Skin cancer is caused by two main factors. UV radiation exposure and the use of UV tanning machines can cause multiple mutations in skin cells.
Rising Number of Cancer Patients in Market Players North American to Drive Growth of Smart Biopsy Devices Market
Dominance of North America is likely to continue over the forecast period due to the rising number of cancer cases, the availability of financing for cancer-related research and development, the presence of important market players, and increased initiative by leading market participants, Furthermore, National Breast Cancer Awareness Month (NBCAM), which is organised by major breast cancer charities in the United States, raises awareness about the causes and prevention of breast cancer. All of these elements are expected to drive regional demand for smart biopsy devices.
One of the primary elements driving market expansion is increased funding from governmental and private entities. For instance, according to the National Institutes of Health (NIH) 2020 predictions, total funding for breast cancer research in the United States was USD 709 million in 2019, and USD 768 million in 2020. Similarly, Canada's overall health spending in 2019 was USD 208.2 billion, according to the Organisation for Economic Co-operation and Development (OECD).
Due to increasing government initiatives, healthcare spending, cancer awareness campaigns, and the availability of technologically enhanced smart biopsy devices, Asia Pacific is expected to have the fastest CAGR during the forecast period. Initiatives undertaken by the government and global health organisations contribute to market growth. For instance, the Indian government announced two major healthcare initiatives, Ayushman Bharat and the National Health Protection Scheme. As a result of the aforementioned factors, the smart biopsy devices market is expected to grow in the future.
Global Smart Biopsy Devices Market: Competitive Landscape
Companies in the global smart biopsy devices market are introducing new products alongside initiation collaborations, alliances and partnership agreements. For instance, in April 2022, Guardant Health, Inc. partnered with Epic, the nation's most widely used comprehensive health record, to integrate the company's extensive cancer test portfolio with Epic. On the other hand, in March 2021, Izi Medical Product introduced the Quick-Core-Auto Biopsy System, which is fully automated. This will strengthen the company's product portfolio and market position.
A few of the players in the smart biopsy devices market include Argon Medical, B. Braun Melsungen AG, Canon medical systems corporation, Cook Medical, Danaher, IMS Giotto S.p.A, INRAD, Inc., Becton, Dickinson and Company, Boston Scientific Corporation, C. R. Bard, Intuitive Surgical and PLANMED OY.
Global Smart Biopsy Devices Market is Segmented as Below:
By End User
Key Elements Included In The Study: Global Smart Biopsy Devices Market
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