Aspiration & Biopsy Needles Market Size

Aspiration & Biopsy Needles Market Analysis

The aspiration and biopsy needles market is expected to register a CAGR of 6.5% during the forecast period.

• The aspiration & biopsy devices market was significantly impacted during the COVID-19 pandemic due to a decrease in the number of biopsy procedures due to COVID-19 restrictions. According to an article published by the Journal of Clinical Pathology in April 2022, a study was conducted in Northern Ireland that showed a significant reduction in the number of diagnostic procedures for cancer, including biopsy. Thus, the COVID-19 pandemic had a significant impact on the market. However, as the pandemic has subsided currently, biopsy procedures are taking place normally. Hence, the studied market is expected to have stable growth during the forecast period.
• Furthermore, the rising incidence of cancer, awareness about the disease and treatment options, patient preference for minimally invasive surgeries, rising healthcare spending, and technological advancements in image-guided biopsy systems are all driving the market forward.
• According to an article published by the Chinese Medical Journal in February 2022, it was estimated that in 2022, there will be approximately 4,820,000 and 2,370,000 new cancer cases in China and the United States. The most common cancers were lung cancer in China and breast cancer in the United States. The rising incidence and mortality of cancers such as breast cancer led to higher adoption of needle-based biopsy instruments for testing breast cancer, thereby indicating this market's high growth.
• Additionally, governments of different countries are taking initiatives to increase awareness about cancer and its diagnosis so that it can be detected earlier. For instance, in February 2022, the Health Minister of Tamil Nadu, a state of India, stated that the government of Tamil Nadu is engaged in framing a policy to identify 66% of cancer patients in the first and second stages by 2030 and thus proper treatment could be availed. Hence, such policies are expected to drive the growth of the market, as it would increase the usage of biopsy needles for cancer diagnosis.
• Moreover, the market is expected to be driven by technological advancements, product launches, and merger and acquisition activity by key market players over the forecast period. For instance, in January 2021, Hologic Inc. acquired Somatex Medical Technologies. Hologic's strategy is to provide a comprehensive suite of innovative solutions across the continuum of breast health care. This acquisition would help the company in expanding its biopsy portfolio.
• Thus, all the factors mentioned above are expected to boost the market over the forecast period. However, the risk of infections associated with aspiration and biopsy needles restraints the market studied.