The increasing number of surgical procedures, technological advancements, rising demand for minimally invasive procedures, favorable reimbursement scenario, and rising government concerns regarding the health hazards of surgical plumes are the factors driving the growth of aspiration & biopsy needles market.
How much is the Aspiration & Biopsy Needles Market worth?
The aspiration & biopsy needles market is projected to reach USD 1,272 million by 2024 from USD 894 million in 2019 at a CAGR of 7.3%. Some of the factors driving the growth of this market are the rising prevalence of cancer, initiatives undertaken by government and global health organizations, and the increasing preference for minimally invasive procedures. North America is expected to register the highest growth rate during the forecast period mainly due to the increasing number of surgical procedures.
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By product, the biopsy needles segment accounted for the largest share of the aspiration and biopsy needles market
On the basis of product, the market is segmented into aspiration and biopsy needles. The biopsy needles segment accounted for the largest share of the fine needle aspiration market in 2019. The large share of this segment can be attributed to the rising prevalence of cancer and increasing preference for minimally invasive diagnostic procedures.
By site, the breast segment held the largest share of the market in 2019.
On the basis of site, the aspiration and biopsy needles market is segmented into breast, lung, colorectal, prostate, kidney, and bone & bone marrow. In 2019, the breast cancer segment accounted for the largest share of the market. The large share of this segment is mainly attributed to the rising prevalence of breast cancer, growing awareness about the disease, and increasing research activity pertaining to breast screening and diagnosis.
Image-guided procedures accounted for the largest share of the aspiration and biopsy needles market, by procedure
On the basis of procedure, the aspiration and biopsy needles market is segmented into image-guided procedures (ultrasound-guided biopsy, stereotactic-guided biopsy, MRI-guided biopsy, and other image-guided procedures) and nonimage-guided procedures. Image-guided procedures accounted for the largest share of this market in 2018, primarily due to the provision of accuracy provided by it in locating the mass of cells and liquid hence helping it in accuracy for diagnosis.
By end user, the Hospitals segment is expected to grow at the highest rate during the forecast period
Based on end user, the aspiration and biopsy needles market is segmented into hospitals, research laboratories & academic institutes, and diagnostic & imaging centers. In 2019, the hospitals segment accounted for the largest share of the aspiration and biopsy needles market, and it is also projected to grow at the highest rate owing to the high preference for hospital-based biopsy procedures and the rising number of hospitals in emerging countries.
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North America held the largest share of the aspiration and biopsy needles market in 2019
This report covers the market across four major geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW). Of the four geographic regions studied in the report, North America is expected to register the highest growth rate during the forecast period mainly due to the increasing number of surgical procedures.
Geographically, the aspiration and biopsy needles market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America commanded the largest share of the fine needle aspiration market in 2019. Factors such as the increasing prevalence of cancer in the US and Canada and cancer awareness initiatives undertaken by local governments and global health organizations in the North America region are the key factors driving market growth.
Leading Companies
The major players in the market include CONMED Corporation (US), Medtronic Plc (Ireland), Olympus (Japan), Becton, Dickinson and Company (US), Boston Scientific Corporation (US), Cook Group Incorporated (US), Argon Medical Devices, Inc (US), INRAD Inc. (US), Somatex Medical Technologies (Germany), Stryker Corporation (US), Cardinal Health (US), Remington Medical (US), HAKKO CO.,LTD (Japan), and Merit Medical Systems (US)
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