Northbrook, IL -- (SBWIRE) -- 02/21/2022 -- According to the new market research report "Aspiration and Biopsy Needles Market by Product (Aspiration Needle, CNB, VAB), Application (Breast, Lung, Bone Cancer), Procedure (Image-guided (Ultrasound, MRI, Stereotactic), Non-image-guided), End user (Hospital, ASC, Academia) - Global Forecasts to 2027", published by MarketsandMarkets™, the global market is valued at an estimated USD 879 million in 2021 and is projected to reach USD 1,303 million by 2027, at a CAGR of 6.8% from 2021 to 2027.

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40 – Figures
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The rising prevalence of cancer, increasing preference for minimally invasive procedures, and the cancer awareness initiatives undertaken by governments and global health organizations are the major factors that are expected to drive the growth of this market during the forecast period. However, the risk of infections related to aspiration and biopsy needle procedures is expected to restrain the growth of this market in the coming years.

Biopsy needles accounted for the largest share of the aspiration and biopsy needles market, by product, in 2020.

On the basis of product, the aspiration and biopsy needles market is segmented into aspiration and biopsy needles. The biopsy needles segment accounted for the largest share of the aspiration and biopsy needles market in 2020 due to its widespread adoption in healthcare facilities. This segment is also expected to grow at the highest rate during the forecast period.

The lung cancer segment is expected to register the highest growth rate in the aspiration and biopsy needles market during the forecast period by application, in 2020.

On the basis of application, the aspiration and biopsy needles market is into tumor/cancer applications (breast, lung, colorectal, prostate, kidney, bone & bone marrow, and other cancers), wound applications, and other applications. The lung cancer segment is expected to register the highest growth rate due to the increasing prevalence of lung cancer.

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By end user, the Hospitals segment is expected to grow at the highest rate during the forecast period.

Based on end user, the aspiration and biopsy needles market is segmented into hospitals & surgical centers, ambulatory care centers, diagnostic clinics & pathology laboratories, and research & academic institutes. In 2020, the hospitals & surgical centers segment accounted for the largest share of the aspiration and biopsy needles market, and it is also projected to grow at the highest rate owing to the high preference for hospital-based biopsy procedures and the rising number of hospitals in emerging countries.

Image-guided procedures dominated the market during the forecast period.

On the basis of procedure, the aspiration and biopsy needles market is segmented into image-guided procedures and nonimage guided procedures. The image guided procedures segment is projected to grow at the highest CAGR during the forecast period due to the rising preference for minimally invasive biopsy and aspiration procedures. Advantages associated with image-guided procedures over nonimage-guided procedures, such as better accuracy, minimally invasive nature, rapidity and simplicity, and the lack of exposure to ionizing radiation, are also driving the adoption of these procedures.

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The large share of the Asian Pacific market can primarily be attributed to the large population in countries such as China and India, the rising prevalence and awareness of cancer, improving healthcare infrastructure, increasing healthcare spending, increasing per capita income, government initiatives, and the increasing focus of key market players on emerging APAC countries.

CONMED Corporation (US), Medtronic Plc (Ireland), Olympus Corporation (Japan), Becton, Dickinson and Company (US), Boston Scientific Corporation (US), Cook Group Incorporated (US), Argon Medical Devices, Inc (US), INRAD Inc. (US), Somatex Medical Technologies (Germany), Stryker Corporation (US), Cardinal Health (US), Remington Medical (US), Ranfac Corporation (US), HAKKO CO., LTD (Japan), and Merit Medical Systems (US) are some of the leading players.