Skin Biopsy Market Expected to Reach $181.6 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Skin Biopsy Market," The skin biopsy market size was valued at $101.20 million in 2021, and is estimated to reach $181.6 million by 2031, growing at a CAGR of 6% from 2022 to 2031.

Skin biopsy is an examination of skin cells which involves removal of cells and tissues from the skin or lesions and further observing it under microscope. Skin biopsy technique has a wide application in diagnosis of skin conditions such as melanoma, dermatitis, psoriasis, and other skin infections. These conditions can be diagnosed via biopsy such as punch biopsy, shave biopsy, wedge biopsy, incisional biopsy, and excisional biopsy. Thus, there is an increase in demand for skin biopsy in the healthcare sector especially in the dermatology field, which drives the growth of the market.

In addition, skin biopsy market trends such as technological advances in the field of diagnosis are expected to drive the market during the forecast period. There has been a huge advancement in the healthcare sector, owing to an increase in research activities carried out by scientists and researchers in the field of diagnostics. Also, the key market players in the pharmaceutical and medical device industries are upgrading the existing skin biopsy product portfolio with some new innovations, which makes the diagnosis of skin conditions easier and more comfortable. Thus, propelling the growth of the skin biopsy market.

Furthermore, there is an increase in awareness among the population of developed and developing countries regarding minimally invasive diagnostic procedures. People are also becoming aware about the skin biopsy diagnostic technique, which increases its adoption by the patients for diagnosis of various skin disorders. 
 
Moreover, advantages offered by the skin biopsy such as smaller incision and faster recovery of wound associated with sampling, and less pain is anticipated to increase the adoption of skin biopsy technique by the people and healthcare provider. This leads to expansion of the market. In addition, increase in R&D activities related to cancer is also driving the growth of the market. In past few years, as there is an increase in number of skin cancer cases, there is a subsequent rise in research activities related to skin cancer which further helps in developing advanced diagnostic and treatment procedures. Thus, this increase in number of research activities also increases the demand for skin biopsy, for sample collection in large number of patients which also drives the skin biopsy market growth.

In addition, for market players, emerging economies in the Asia-Pacific region and LAMEA provide lucrative opportunities. Increased healthcare spending, industrial growth, and investments from developed countries in the Asia-Pacific region, along with increasing knowledge of new methods and technologies for diagnosing and treating various skin conditions, are all anticipated to have a positive impact on the market during the forecast period. Additionally, the gradual adoption of less invasive treatments like skin biopsies in developing countries is anticipated to provide significant potential for market expansion.

On the basis of type, the market is bifurcated into shave biopsy, punch biopsy, and excisional biopsy. The punch biopsy segment exhibited highest growth in 2021, and is expected to grow at a fastest rate during forecast period, owing to increase in demand for punch biopsy devices in diagnosis of skin conditions as it proves to be an important tool, when full thickness of the skin is required for diagnosis. On the basis of indication, the market is classified into skin cancer, actinic keratosis, dermatitis, and others. The skin cancer segment dominated the market in 2021, and is expected to grow at a fastest rate during the forecast period, owing to the increase in prevalence of skin cancer and rise in adoption of skin biopsy for the diagnosis of skin cancer.

On the basis of end user, the market is segmented into hospitals and clinics, diagnostic laboratories and others. The hospitals & clinics exhibited highest growth in 2021, owing to increase in number of visits for dermatologist in hospitals & clinics. On the other hand, the diagnostic laboratories segment is expected to grow at a fastest rate during the forecast period, owing to the rise in the number of diagnostic laboratories along with strengthening testing capacity of diagnostic laboratories.

Region wise, North America obtained the highest market skin biopsy market share in 2021, owing to its well-developed healthcare industry, rise in awareness among people about skin conditions and government support for quality healthcare. Whereas Asia-Pacific is expected to witness highest growth during the forecast period, owing to factors such as rise in investments in manufacturing of high-quality skin biopsy devices, availability of raw materials for manufacturing and increasing awareness about skin health in Asia-Pacific region. 

Moreover, cost of skin cancer diagnosis and treatment in Indian and other emerging countries such as China and Japan are comparatively less that other developed countries. This leads to shift of patients toward emerging countries for diagnosis and treatment of skin cancer, which contributes toward the growth of the market in the Asia-Pacific region.
 
Key findings of the study
•   By type, the punch biopsy segment was highest contributor to the skin biopsy industry in 2021.
•   By indication, skin cancer segment dominated the market in 2021 and is anticipated to grow at the highest CAGR during the forecast period.
•  By end user, the hospitals and clinics segment dominated the skin biopsy market size in 2021. However, diagnostic laboratories segment is anticipated to grow at the highest CAGR during the forecast period
• Region-wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.