According to the new market research report "Aspiration and Biopsy Needles Market by Product (Aspiration Needle, CNB, VAB), Application (Breast, Lung, Bone Cancer), Procedure (Image-guided (Ultrasound, MRI, Stereotactic), Non-image-guided), End user (Hospital, ASC, Academia) - Global Forecasts to 2027", published by MarketsandMarkets™, the global market is valued at an estimated USD 879 million in 2021 and is projected to reach USD 1,303 million by 2027, at a CAGR of 6.8% from 2021 to 2027.
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40 – Figures
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The rising prevalence of cancer, increasing preference for minimally invasive procedures, and the cancer awareness initiatives undertaken by governments and global health organizations are the major factors that are expected to drive the growth of this market during the forecast period. However, the risk of infections related to aspiration and biopsy needle procedures is expected to restrain the growth of this market in the coming years.
Biopsy needles accounted for the largest share of the aspiration and biopsy needles market, by product, in 2020.
On the basis of product, the aspiration and biopsy needles market is segmented into aspiration and biopsy needles. The biopsy needles segment accounted for the largest share of the aspiration and biopsy needles market in 2020 due to its widespread adoption in healthcare facilities. This segment is also expected to grow at the highest rate during the forecast period.
The lung cancer segment is expected to register the highest growth rate in the aspiration and biopsy needles market during the forecast period by application, in 2020.
On the basis of application, the aspiration and biopsy needles market is into tumor/cancer applications (breast, lung, colorectal, prostate, kidney, bone & bone marrow, and other cancers), wound applications, and other applications. The lung cancer segment is expected to register the highest growth rate due to the increasing prevalence of lung cancer.
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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 & surgical centers, ambulatory care centers, diagnostic clinics & pathology laboratories, and research & academic institutes.
The repercussions of delayed cancer detection owing to COVID-19 were investigated in a study undertaken in the UK and published in Lancet Oncology in March 2021. The study covered data from over 100,000 people with breast, colorectal, esophageal, or lung cancer. It found that 1- and 5-year cancer survival rates will be severely reduced because of the outbreak of COVID-19, owing to the reduction in diagnostic biopsies and lack of availability of screening services.
However, numerous physician reports from the US have observed a growing number of screening appointments during the last quarter of 2020, which is expected to rise continually.