Biopsy Needle Market Size By Product (Needle Based Biopsy Guns {Vacuum-assisted Biopsy (VAB) Products, Fine Needle Aspiration Biopsy (FNAB) Products, Core Needle Biopsy (CNB) Products}, Biopsy Needles {Disposable, Reusable}), By Application (Cancer/Tumor

Biopsy Needle Market Size By Product (Needle Based Biopsy Guns {Vacuum-assisted Biopsy (VAB) Products, Fine Needle Aspiration Biopsy (FNAB) Products, Core Needle Biopsy (CNB) Products}, Biopsy Needles {Disposable, Reusable}), By Application (Cancer/Tumor {Breast, Lung, Prostate, Colon, Stomach, Liver, Rectum, Cervix uteri, Oesophagus, Pancreas, Leukaemia}, Infectious Diseases, Autoimmune Disorder), By End-use (Hospital, Ambulatory Surgical Center), Regional Outlook, Industry Analysis Report, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Biopsy Needle Market is slated to demonstrate massive growth between 2023 and 2032, owing to the constant technological advancements for developing novel biopsy needles. In addition, the availability of innovative technologies for tissue scanning and detecting small cancerous tumors will bolster the industry growth over the forecast period.

Besides, several reimbursement policies and incentives offered by governments or public health insurance firms in high-income countries are further slated to propel the biopsy needles market expansion.

The competitive landscape of the biopsy needle market is highly intact. Key players in the market are constantly engaging in strategic initiatives, including partnerships, mergers and acquisitions, and product launches, to strengthen their market positions. For instance, in December 2022, Olympus Corporation announced inking a definitive agreement to acquire Odin Vision, a cloud-based AI endoscopy company, in a deal worth USD 79 million in upfront and milestone-based payments.

In yet another example, Boston Scientific received FDA approval for the extended labeling of the WATCHMAN FLX™ LAAC Device, which can be used for dual anti-platelet therapy as a medication after the procedure.

Overall, the biopsy needle market is classified in terms of product, application, end-user, and region.

On the basis of product, the market share from biopsy needles segment is slated to grow exponentially over the foreseeable period. The multiple benefits offered by biopsy needles including high cost affordability and robust operational speed would boost the product demand in the ensuing years.

Considering the application, the cancer/tumor segment held approximately 50% of the market share in 2022 and is expected to grow considerably through 2032. Needle biopsy reveals whether a lump or mass is an infection, a cyst, a benign tumor, or cancer, which is expected to propel segment growth substantially. In addition, the introduction of several new cancer diagnosis centers and products by leading market players is estimated to propel the segmental growth in the future.

Based on the end-user, the hospital segment is expected to register massive growth through 2032. Needle biopsies are performed using CT scan, MRI, mammogram, or ultrasound, which can be done easily in hospitals, further supporting the segmental expansion in the coming years.

Regionally, the North America biopsy needle market held over 48% market share in 2022 and is slated to demonstrate massive growth through 2032. This can be attributed to the constant product development in the healthcare sector, rising awareness regarding infectious diseases, and increasing application of point-of-care diagnostic devices for safe and early disease detection. In addition, the presence of several established key players and highly developed co-payment and insurance systems will positively impact the overall market outlook in the region.