According to a recently released report from market research company Research and Markets, the global aspiration and biopsy needles market is poised for solid growth over the next five years. The report valued the market at an estimated $879 million US for 2021 and projects it will reach $1.3 million US in 2027, at a compound annual growth rate (CAGR) of 6.8 percent.
Reasons Behind the Growth
Aspiration and biopsy needles are used to remove samples from patients to diagnose a variety of cancers, as well as in other applications, such as diagnosing wound infections. As noted by the report, the strong projected growth of the aspiration and biopsy needles market is likely due to patients’ preference for minimally-invasive diagnostic procedures and to rising cancer rates.
Who Will See the Highest Growth?
Of the various aspiration and biopsy needle end-users, the report says that the hospital and surgical center group is predicted to grow at the highest rate for the reasons mentioned above and, of the two types of needle, the biopsy type will see the highest growth over the next five years, due again to increasing cancer rates and biopsy needles’ adoption in health care facilities. Other users include research and academic institutes, diagnostic clinics and pathology labs, and ambulatory care centers.
In terms of application, the report says the breast cancer segment held the largest share of the aspiration and biopsy needle market in 2020 and will likely continue to hold the largest share, due to rising breast cancer rates, more research being done in this area, and increasing awareness of breast cancer.
The report adds that high cancer rates, research growth, and cancer screening and diagnostics initiatives make it likely that the Asia Pacific market will grow at the highest CAGR over the next five years.