A number of factors such as the increasing cases of cancer, mounting healthcare expenditure, surging awareness regarding cancer and cancer treatment options, soaring preference for minimally invasive surgeries, and rising technological advancements in image-guided biopsy systems are expected to drive the aspiration and biopsy needles market at a CAGR of 7.2% during the forecast period. According to P&S Intelligence, the market revenue stood at $801.5 million in 2019 and it is projected to reach $1,717.9 million by 2030.
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The aspiration and biopsy needles market is being driven by the surging cases of cancers across the world. According to the World Health Organization (WHO), in 2020, cancer accounted for approximately 10 million deaths. Breast, lung, colon and rectum, prostate, skin (non-melanoma), and stomach cancers were the most prevalent types of cancer in 2020. Different types of cancer are detected by biopsy and aspiration, which evaluates the nature of tumor by taking some fluid or a piece of the tissue under question and then analyzing it.
Currently, the increasing number of product approvals has become a prominent trend in the aspiration and biopsy needles market. Major market players are increasingly focusing on getting regulatory and safety approvals for their products. For example, in September 2018, Olympus Corporation received the U.S. Food and Drug Administration (FDA) approval for using its EZ Shot 3 Plus 25 G EUS single-use needle for fine-needle biopsy and aspiration. This single-use needle can be utilized for studying extramural and submucosal lesions, found in different sections of the gastrointestinal tract.
At present, aspiration and biopsy needle producers are focusing increasing their operations in the emerging economies of Middle East and Asia-Pacific. The developing countries of these regions have a vast pool of elderly population and a high prevalence of cancer cases, but most of the biopsies in these nations are still done through conventional surgical approaches. Owing to this drawback, market players are increasingly focusing on providing low-cost biopsy and aspiration options to the patients in these regions. The companies are doing so by integrating several imaging modalities in the healthcare structure of such countries.
The application segment of the aspiration and biopsy needles market is categorized into lung biopsy, breast biopsy, bone and bone marrow biopsy, prostate biopsy, and others. Under this segment, the breast biopsy category will hold the largest market share during the forecast period, due to the increasing cases of breast cancer. Whereas, the lung biopsy category is projected to witness the fastest growth in the coming years, due to the rising cases of lung cancer and amplifying awareness regarding diagnosis, detection, and treatment procedures of this cancer type.
Geographically, North America held the largest share in the aspiration and biopsy needles market in 2019, mainly on account of the escalating awareness regarding early cancer diagnosis, surging healthcare spending, and rising frequency of FDA approvals for several new devices in the region. Whereas, the APAC market is expected to record the fastest growth during the forecast period, due to the booming number of cancer patients and growing awareness regarding the diagnosis of this illness in the region.
Thus, the burgeoning cancer cases and the mushrooming number of product approvals will supplement the market growth throughout the forecast period.
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