CHICAGO, July 1, 2019 /PRNewswire/ -- According to the new market research report "Aspiration & Biopsy Needles Market by Product (Fine-needle Aspiration, Biopsy (Core & Vacuum Assisted)), Site, Procedure (Image-guided (Ultrasound, MRI, Stereotactic), Nonimage-guided), Enduser (Hospital, Academia) - Global Forecast to 2024", published by MarketsandMarkets™, the Aspiration and Biopsy Needles Market is projected to reach USD 1,272 million by 2024 from USD 894 million in 2019 at a CAGR of 7.3%.
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The market for aspiration and biopsy needles is primarily driven by the factors such as the rising prevalence of cancer, increasing preference for minimally invasive surgeries, and rise in cancer awareness initiatives undertaken by governments and global health organizations.
Biopsy needles accounted for the largest share of the Aspiration and Biopsy Needles Market, by product, in 2018.
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 2018 due to its widespread adoption in healthcare facilities. This segment is also expected to grow at the highest rate during the forecast period.
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The lung segment is expected to register the highest growth rate in the Aspiration and Biopsy Needles Market during the forecast period by site, in 2019
On the basis of site, the Aspiration and Biopsy Needles Market is segmented into breast, lung, colorectal, prostate, kidney, and bone & bone marrow. The lung segment is expected to register the highest growth rate due to the increasing prevalence of lung cancer.
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, research laboratories & academic institutes, and diagnostic & imaging centers. In 2019, the hospitals 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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North America held the largest share of the Aspiration and Biopsy Needles Market in 2019
The large share of the North American market can mainly be attributed to the increasing number of surgical procedures, technological advancements, rising demand for minimally invasive procedures, favorable reimbursement scenario, and rising government concerns regarding the health hazards of surgical plumes.
CONMED Corporation (US), Medtronic Plc (Ireland), Olympus (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), HAKKO CO.,LTD (Japan), and Merit Medical Systems (US) are some of the leading players.
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