Aspiration & Biopsy Needle Market is on an Upward Trajectory, Projected to Grow at a CAGR of 6.1% by 2033 | FMI

By 2033, the aspiration & biopsy needles market is anticipated to be worth US$ 1,405.2 million, according to FMI. According to estimates, the market would decline at a CAGR of 6.1% during the forecast period. The market is anticipated to reach US$ 777.29 million in 2023.

The market for aspiration and biopsy needles is anticipated to benefit from the rising incidence of hematologic disorders. The numbers for transplants performed in the US in 2020 were made public by CIBMTR. whereby cord blood and bone marrow transplants, totaling 4,160 related and 4,864 unrelated patients, were carried out.

Bone marrow aspirations and biopsies are frequently carried out in outpatient and hospital settings. Different hematologic illnesses can be diagnosed with their assistance. The diagnostic procedure is made easier by the bone marrow biopsy needles.

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Cancer is taking hold of the world, and to counter this life-threatening disease, cancer awareness schemes are being established. The use of aspiration and biopsy needles is expected to escalate, given the widespread cancer cases and early cancer detection.  The bone marrow transplant theraphy is used to treat some types of cancers. This includes myeloma, lymphoma,  leukemia, and other blood system diseases.

Mortality rates due to cancer are relatively higher in developing economies like India and China. This can be attributed to accessibility constraints to treatment facilities in these nations.

Governments and health organizations alike are taking initiatives to positively impact the medical landscape, globally. People are also demonstrating a proclivity toward minimally invasive procedures, which is predicted to favor the market development.

Top Highlights from the FMI’s Analysis of the Aspiration & Biopsy Needles Market: 

• North America represented 34% market share in 2022. The regional market is projected to lead the market over the upcoming years. This can be attributed to the strong presence of market participants in the region. The introduction of new product lines and higher accessibility to treatment facilities in North America is pushing the market growth.
• Europe demonstrated a 26% overall market share. The industry growth has been catalyzed by many research and development activities and studies.
• Hospitals are expected to capture a significant portion of the market. In 2022, the segment acquired 46% of the market. Building upon the prior growth, the future market scope of the segment looks bright.
• The core biopsy needles segment attained a 58.60% market share in 2022. The demand graph of this product segment is projected to show an upward trend.
• India is expected to grow at lightning-bolt speed in the coming years. FMI has predicted an 8.3% CAGR for India from 2023 to 2033.

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Keeping Abreast with the Market Ongoings: Market News

• Micro-Tech Endoscopy strives to develop high-quality products for endoscopic diagnosis. In October 2021, the company released an improved version of EUS needles, such as Trident FNB and Areus FNA.
• NeoDynamics AB is a MedTech company, which is devoted to enhancing breast cancer treatment and diagnosis. The company’s patent for a biopsy needle got approved in the United States, in August 2021, to be used in NeoNavia FlexiPulse probe.
• In January 2019, IZI Medical Products procured the needle product line of soft tissue biopsy and breast localization of Cook Medical.

Key Players in the Market:

• Merit Medical Systems
• Cook Group Incorporated
• Olympus Corporation
• Medtronic PLC
• Argon Medical Devices Inc.
• Boston Scientific Corporation
• Cardinal Health Inc.
• Conmed Corporation
• Inrad Inc.

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Key Segments:

By Product Type:

• Biopsy Needles
• Aspiration Needles

By Application:

• Tumor/Cancer Applications
• Wound Applications
• Other Applications

By Procedure:

• Image-guided Procedures
• Non-image-guided Procedures

By End User:

• Hospitals & Surgical Centers
• Diagnostic Clinics & Pathology Laboratories
• Ambulatory Care Centers
• Research & Academic Institutes

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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