According to our research report, the size of the Asia Pacific Biopsy Devices Market was worth USD 349.30 million in 2022 and is estimated to be growing at a CAGR of 8.54% to reach USD 526.20 million by 2027.
A biopsy is a medical examination performed by surgeons, radiologists, or cardiologists to extract sample cells or tissues to detect disease. The tissue is usually studied by pathologists under a microscope or may be analyzed by chemical examination. The most effective method of detecting cancer and inflammatory disorders is to conduct biopsies. A biopsy involves the removal of cells or tissues from tumors located in different parts of the body, and the devices used for this process are called biopsy devices. The market is regarded as rapid innovation and technological developments, leading to continuous product improvement ensuring better patient comfort and minor trauma during and after surgery.
The Asia Pacific is estimated to represent strong potential market growth in the biopsy devices market due to fast technological advancements. Increasing incidences of cancer, increasing demand for minor invasive surgeries, and government support and initiatives in the region are the leading causes of the growth of the biopsy devices market. In addition, increased public awareness of the need for early disease detection and improved product designs are also driving the growth of the biopsy devices market in the Asia Pacific. Although the research in biopsy diagnostics is not as advanced as in Western countries, it is still growing faster than its western counterparts. Hence, more funding is being received for cancer diagnostic research.
The market is anticipated to record growth mostly because of the quickly aging population and a parallel increase in cancer incidence. In addition, competitive pricing of products and reimbursement for biopsy procedures will lead to a higher uptake of biopsy devices, thereby driving the market's growth.
The high cost of biopsy devices is likely to hamper the growth of the market. High prices of these cutting-edge instruments are a deterrent in price-sensitive markets such as South East Asia. In addition, product recalls due to a rising number of quality and accuracy issues have hindered the growth of this market. Recently Asia-Pacific region is witnessing a massive challenge in the form of the growing COVID-19 cases, which has adversely influenced even cancer diagnostics. Cancer patients are faced with tremendous diagnosis and treatment issues, and progress tests are delayed as hospitals struggle with rising COVID-19 cases.
This research report on the Asia-Pacific Biopsy Devices Market has been segmented & sub-segmented into the following categories:
By End User:
Regionally, the Asia Pacific region is the third-largest market share by region after North America and Europe. However, it is also the fastest-growing region in the world. Reforms introduced in India and China are poised to increase their purchasing power, further escalating the market's growth. China is the biggest name in this region, followed closely by Japan and India. Japan has a better healthcare infrastructure conducive to research, but India is the fastest-growing market due to the sheer size of the diseased population.
One recent factor that may significantly shift the region's landscape is the anti-China sentiment in countries, especially in India. With the Indian government's increased efforts to make everything in-house, the upcoming few years would be the one to watch out for as other countries’ dependence on China is likely to lessen, with India being an obvious alternative. South Korea and Australia are the other notable countries in the market.
The Chinese biopsy devices market is dominating the Asia Pacific. The Indian biopsy devices market is estimated to grow at the highest CAGR in the forecast period due to the rising aging population.
KEY MARKET PLAYERS:
A few of the companies playing a key role in the APAC Biopsy Devices Market profiled in this report are Medtronic, Leica Biosystems, Hologic Inc., Boston Scientific Corporation, Becton, Cook Medical Inc., C.R. Bard Inc., Mauna Kea Technologies, Ethicon EndoSurgery Inc., Veran Medical Technologies, Dickinson and Company, Fujifilm Medical Systems, MDxHealth, Argon Medical Devices Inc and Intact Medical Corp.
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