In Europe, the market for biopsy devices is facing challenges such as fierce competition and lack of reimbursements. Despite the dominance of tier I participants, there is still a significant level of competition among smaller participants for market share.
New analysis from Frost & Sullivan (medicaldevices.frost.com), European Market for Biopsy Devices, finds that this market earned revenues of $213.8 million in 2007 and estimates this to reach $370.5 million in 2014.
"Increased public awareness, paralleled with the sharp rise in the incidence of cancer, is propelling the demand for biopsy devices, globally," notes Frost & Sullivan Research Analyst Janani Narasimhan. "These trends are rapidly broadening the scope of a previously underserved market, with biopsy devices set to experience significant growth in the coming years."
Technology continues to play an important role in this market. It is increasingly being used to avoid surgical procedures and enhance treatment regimes in conjunction with patient monitoring capabilities.
However, many countries in Europe do not offer reimbursement for biopsy devices such as core needles. Many insurance companies still consider biopsies as investigation techniques. Consequently, reimbursement is denied unless physicians can demonstrate that the procedure was medically necessary and unavoidable. The lack of adequate reimbursement streams will pose a hurdle for companies wishing to increase their unit sales and market revenues.
"Moreover, the highly concentrated market is heightening the barriers to entry, with large market shares being controlled by major market participants such as CR Bard, Cardinal Health Inc. and Ethicon Endo-Surgery Inc.," adds Narasimhan. "It is, therefore, important for companies with smaller market shares to strategically forge alliances with other market participants."
Smaller market participants should form alliances with companies that can help them increase sales and subsequently, market share. By forging alliances, smaller companies can actively participate and compete with more well-established market participants.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the European market for biopsy devices, then send an email to Patrick Cairns, Corporate Communications, at pcairns_pr[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
European Market for Biopsy Devices is part of the Medical Devices Growth Partnership Services Programme, which also includes research in the following markets: European Bone Growth and Spinal Fusion Stimulators, European Bone Grafts and Bone Cements and European Urinary Incontinency. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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European Market for Biopsy Devices