Biopsy Devices Market Trends

Growth Drivers

Prevalence of Cancers amid Ageing Population

World Health Organization reported that Cancer is the number 2 cause of death globally and estimated 9.6 million deaths in 2018.Moreover, it estimated that between 2015 and 2020, the proportion of world’s population over 60 years will nearly double from 12% to 22%. Production of biopsy devices for early identification of cancer will help in controlling the mortality rates. This factor is anticipated to have a significant positive influence on the growth of the market.

Overweight, Obesity and Work patterns

It was reported by IHME, that in 2017, 4.7 million deaths globally were caused by obesity and majority of the cases were reported in urban areas of the world where reduced activity and poor diets are attributed to accelerate the rise of it. Working hours and lifestyle patterns are leading to mental ill-health which is resulting in significant rise in cases of depression, stress, anxiety, eating disorders leading towards cigarettes, alcohol or drugs.

The WHO reports that 300,000 children aged 0 to 19 years are diagnosed with cancer every year.A study published by National Cancer Institute, U.S. Department of Health and Human Services, points out that Obesity & Overweight is predicted to increase the risk of cancerssuch asendometrial cancer, gastric cardia cancer, meningioma, colorectal cancer and others.The risk of Cancer in this population demography is estimated to drive the growth of biopsy devices market positively.

COVID’19 and its aftermath

WHO as of May 6^th 2020, reported that the death toll among COVID-19 patients is high in cases where patients are suffering from various other illnesses like pneumonia, coronary heart diseases, cancers and others prior to COVID’19.The treatment for the patients suffering from cancers and later affected by COVID’19 involves the use of ventilators and biopsy devices. This results in healthcare professionals urging the governments to provide them the biopsy devices for proper treatment.

Challenges

High costs to Impact the Market Growth

A major factor that is estimated to affect the growth of the market is the high cost associated with biopsy devices, which makes them unaffordable for a large section of the society.