How Will Rising Demand for Aspiration and Biopsy Needles Market?
The major driver for the aspiration and biopsy needles market is the increasing incidence of cancer around the world. Around 12.7 million new cancers were diagnosed in 2008, according to the World Health Organization (WHO), and this number is expected to cross 21.4 million by 2030. Among cancers, those of the lungs, breasts, liver, stomach, colon, and rectum are the deadliest.
Thus, with the rising number of people falling victim to the disease and the significance of early diagnosis for effective treatment, the global aspiration and biopsy needles market is growing. Witnessing a 7.2% CAGR during 2020–2030 (forecast period), the industry revenue is expected surge from $801.5 million in 2019 to $1,717.9 million by 2030.
Hospitals are expected to be the largest end users in the aspiration and biopsy needles market till 2030. Such establishments employ skilled and highly trained healthcare professionals and have more facilities, which is why patients prefer them over diagnostic centers and clinics.
During the forecast period, the image-guided bifurcation would experience faster advance in the aspiration and biopsy needles market. This is ascribed to the lesser chances of errors that image-guided biopsies carry over the non-image-guided technique. Further, as image-guided biopsies are minimally invasive procedures, not requiring large incisions, the preference for them is high.
Breast biopsy held the largest value share in the industry during the historical period (2014–2019), as the incidence of breast cancer is rapidly escalating around the world. Additionally, currently, most cases in low- and middle-income countries are detected at later stages, thus raising the demand for early diagnosis.
Asia-Pacific (APAC) is predicted to display the highest CAGR, of 8.3%, during the forecast period. This quick growth of the aspiration and biopsy needles market in the region is attributed to the increasing prevalence of cancer here. As per the 2017 Global Burden of Disease report published by the WHO, East Asia accounted for 28.9% of the cancer deaths across the world that year.