The aspiration and biopsy needles market is forecasted to be worth US$ 0.87 billion in 2021, with a CAGR of 7% forecast to hit US$ 1.83 billion by 2032.
Many growth-promoting factors are driving the aspiration and biopsy needles market, along with rising demand for minimally invasive surgeries, greater cancer awareness campaigns by global health organizations and governments, and rising cancer diagnoses.
Cancer screening, cancer management visits, and cancer biopsy procedures have all decreased significantly due to the COVID-19 pandemic. In addition, cancer screening operations were hampered due to the lockdowns, resulting in a reduction in demand for biopsy needles.
Since March 2020, COVID-19 has resulted in a substantial drop in imaging operations (for all modalities).
The aspiration and biopsy needles market players have an opportunity to expand their presence in the unexplored aspiration and biopsy needles market of emerging nations. For example, in the Middle East and Asia-Pacific, the senior population and cancer prevalence rapidly rise, yet biopsies are mostly administered using the standard surgical approach.
Emerging economies such as India, China, and South Korea provide market participants with high-growth potential. As a result, the Asia Pacific market is predicted to grow at the fastest CAGR during the forecast period.
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The driving factors of the aspiration and biopsy needles market are fueling the global of this regional aspiration and biopsy needles market are increased government initiatives for cancer diagnostics and screening, increased research activities, and the high incidence of cancer in significant Asia Pacific countries such as India and China.
As a result, enterprises in the area have begun merging several imaging modalities to improve the operation and lower the cost for patients. Furthermore, as individuals in this country become more informed about efficient cancer diagnostic procedures, aspiration and biopsy needles market manufacturers have the potential to expand by focusing on developing-country clients.
“India is facing an acute shortage of oncologists, radiotherapists, and surgical oncologists. With 1.8 million cancer patients in the country, there is only one oncologist to treat every 2,000 patients.”
Radiologists and surgeons use biopsy needles to examine abnormalities at a specific site. Since these treatments include cuts and incisions for obtaining tissue samples, patients may become infected. In addition, aspiration and biopsy needles are frequently reused, which raises the risk of infection during these operations. Although the reuse of biopsy needles is discouraged by healthcare authorities and product manufacturers, the practice persists, particularly in underdeveloped nations.
Key Takeaways:
- By 2026, the global aspiration and the biopsy needle are estimated to reach US$ 1.29 billion.
- Core needle biopsy (CNB) is the most common type of biopsy, accounting for over 47% of the total aspiration and biopsy needle market in 2019.
- Hospitals accounted for 74.3% of the entire aspiration and biopsy needle market in 2019.
- North America is the world’s largest consumer area, accounting for 35.2% of worldwide aspiration and biopsy needle market sales in 2019.
- Europe is a significant consumer aspiration and biopsy needle market, accounting for 30.46% of worldwide sales.
- Vacuum-assisted biopsy, biopsy guns, and biopsy forceps and punches will all develop at far faster rates than Fine Needle Aspiration, with CAGRs of 3.97 percent, 3.70 percent, and 1.63 percent, respectively.
Competitive Landscape
To expand their portfolio and streamline the competition, manufacturers in the aspiration and biopsy needles market have acquired other companies in recent years.
Olympus Corporation, Boston Scientific Corporation, Medtronic plc, Stryker Corporation, Becton, Dickinson and Company, Argon Medical Devices Inc., CONMED Corporation, Merit Medical Systems Inc., Sterylab s.r.l., Cook Medical LLC, and Cardinal Health Inc. are among the significant global aspiration and biopsy needles market manufacturers.
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The following are some noteworthy developments in this aspiration and biopsy needles market’s competitive landscape:
- In September of last year, Olympus Corporation of Tokyo gained FDA certification for its EZ Shot Plus 25 G needle.
- Olympus Corporation, based in Tokyo, introduced aspiration biopsy needles with Side Port – Reusable to the market in April 2016. (NA-2C-1)
- In the United States, Cook Group Incorporated released the EchoTipProCore 20 Gage Needle a few years ago. It was designed for fine needle biopsy with ultrasound guidance (FNB).
- In January 2021, Hologic, Inc. acquired SOMATEX Medical Technologies GmbH, a leader in biopsy site biomarkers, for USD 64.00 million. The acquisition funds Hologic, Inc.’s strategy to deliver a varied range of novel solutions for breast cancer treatment. Hologic, Inc. would be able to expand the breast cancer marker portfolio.
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