Growing Cancer Menace Driving Aspiration and Biopsy Needles Market
The major reasons the aspiration and biopsy needles market is blossoming are the rising incidence of cancer, growing demand for minimally invasive diagnostic procedures, increasing healthcare spending, and surging awareness about cancer and its prevention and treatment. Hence, the industry is predicted to expand at a 7.2% CAGR between 2020 and 2030 (forecast period), to reach $1,717.9 million by 2030 from $801.5 million in 2019. In a biopsy, a piece of a solid tissue is taken out of the body for examination, while aspiration involves the sampling of bodily fluids.
Fine-needle and core-needle are the bifurcations of the aspiration and biopsy needles market on the basis of type, of which the core-needle bifurcation dominated the industry during 2014–2019 (forecast period). Benign lesions can be easily diagnosed via core-needle biopsies, which can also be used to differentiate between invasive malignant and in situ tumors in the breast. Due to the increasing cases of breast cancer, the volume of core-needle biopsies is rising, which would be instrumental in propelling this bifurcation at the higher CAGR during the forecast period.
On the basis of procedure, the aspiration and biopsy needles market is bifurcated into non-image-guided and image-guided. Of these, the image-guided bifurcation held the larger share in 2019, as image guidance makes it easier for doctors to see inside the body. During the procedure, the insides of the patients are continuously photographed with computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, or fluoroscopy (X-ray), while the doctor threads the biopsy needle toward the tissue or liquid to be sampled.
The major reason behind the growth of the aspiration and biopsy needles market is the increasing prevalence of cancer. The WHO says that from 12.7 million in 2008, the number of new diagnoses of malignant tumors will rise to 21.4 million in 2030. Additionally, cancer has an annual mortality rate of more than 9.6 million, which makes it the second-deadliest disease in the world, after heart diseases, which kill 17.9 million each year. After the initial blood tests and imaging studies, a biopsy is performed to determine the nature of the tumor.
The most-lucrative aspiration and biopsy needles market in current times is North America, as it accounts for an extremely high prevalence of cancer. In addition, several new types of biopsy and aspiration needles are being approved by the U.S. Food and Drug Administration (USFDA), which is making them easily available. Similarly, people’s awareness about the significance of early cancer diagnosis is rising, which is why more patients or suspecting patients than ever are undergoing biopsies and aspirations.
Therefore, with cancer becoming an even more serious issue, the demand for needles to perform aspirations and biopsies will rise.