Aspiration & Biopsy Needles Market: Current Analysis and Forecast (2021-2027)

Aspiration & Biopsy Needles Market: Current Analysis and Forecast (2021-2027)

Global Aspiration & biopsy needles Market is anticipated to grow with an elevated CAGR of around 7% over the forecast period (2021-2027). A needle biopsy is a minimally invasive procedure for obtaining a sample of cells from a patient’s body for laboratory testing. Fine-needle aspiration and core needle biopsy are some of the common needle biopsy procedures.

The aspiration and biopsy needles market is growing on account of the surging incidences of cancer coupled with a rapidly growing geriatric population. According to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice that it was in 1980 at 382 million. The number of the elderly population is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Further, it has been estimated by CDC that the number of cancer cases in the US will increase 49% each year, from 1,534,500 in 2015 to 2,286,300 in 2050, with the largest percentage increase among adults aged ≥75 years. This exponential increase in cancer prevalence globally has created a buzz among various pharmaceutical & biotechnology companies for investing in the development of effective cancer diagnostics and screening solutions. Thereby, boosting the growth of the aspiration & biopsy market.

Furthermore, growing advancements in technology, promulgating strategic alliances among industry players, and recent product launches or approvals are some of the major factors contributing to the growth of the aspiration & needles market. For example, in January 2019, IZI Medical Products acquired Cook Medical’s soft tissue biopsy and breast localization needle product line. Additionally, the increasing preference for minimally invasive procedures and initiatives undertaken by the government are some other factors driving the growth of the market globally.

Becton, Dickinson and Company, Olympus Corporation, Medtronic Plc, Boston Scientific Corporation, Stryker Corporation, Cardinal Health, CONMED Corporation, Merit Medical Systems, Argon Medical Devices Inc., INRAD Inc., are some of the prominent players operating in the aspiration & biopsy needles market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with aspiration & biopsy needles.

Insights Presented in the Report

“Amongst Product Type, biopsy needles segment holds the major share”

Based on product type, the aspiration & biopsy needles market is segmented into biopsy needles and aspiration needles. The biopsy needles segment accounted for the largest market share in 2020 it is estimated that it will exhibit the highest CAGR during the forecast owing to the surging incidences of cancer coupled with the growing demand for minimally invasive diagnostic procedures over excision biopsies. Furthermore, the use of needle biopsies is on the rise due to the increase in the geriatric population for diagnosing various diseases, particularly cancer.

“Amongst Procedure, image-guided procedures segment holds the major share”

Based on procedure, the aspiration & biopsy needles market is segmented into image-guided procedures and non-image-guided procedures. The image-guided procedures segment occupied a substantial share of the aspiration & biopsy needles market in 2020 and it is expected to grow considerably in the upcoming years. The growth of this segment is due to the rising preference of patients for minimally invasive biopsy and aspiration procedures.

“Amongst Application, tumor/cancer applications segment holds the major share”

Based on application, the market is fragmented into tumor/cancer applications, wound applications, and others. In 2020, the tumor/cancer applications segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period as there is the rising prevalence of various types of cancers including breast, colorectal, prostate, and others. Also, the growing awareness regarding various types of cancer and increasing research activity pertaining to cancer screening and diagnosis are some of the factors driving the segment growth.

“Amongst End-Users, hospitals & surgical centers segment holds the major share”

Based on end-users, the market is fragmented into hospitals & surgical centers, diagnostic clinics & pathology laboratories, ambulatory care centers, and research & academic institutes. In 2020, the hospitals & surgical centers segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The growth of this segment is attributed to the increase in the number of patients opting for biopsy procedures in hospitals. Additionally, well-established healthcare infrastructure and the presence of well-trained oncologists in hospitals and surgical centers are also some other factors driving the growth of this segment.

“Asia-Pacific represents one of the largest markets of aspiration & biopsy needles market”

For a better understanding of the market dynamics of the aspiration & biopsy needles market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. Asia-Pacific constitutes a major market for the aspiration & biopsy needles market industry and generated revenue of USD XX Million in 2020 owing to growing healthcare expenditure and an increase in cancer incidences in the region.

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