Future Market Insights (FMI) recently released a study projecting significant growth in the global aspiration and biopsy needles market over the next decade. The market, valued at USD 777.29 million in 2023, is expected to surge to USD 1,405.2 million by 2033, reflecting a robust Compound Annual Growth Rate (CAGR) of 6.1% throughout the forecast period.
This substantial growth is fueled by the increasing preference for minimally invasive procedures within the healthcare sector. Aspiration and biopsy needles play a pivotal role in these procedures, offering distinct advantages such as reduced patient discomfort, expedited recovery times, and enhanced patient outcomes.
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Furthermore, advancements in healthcare technology are also propelling the market forward. New and innovative needles with enhanced functionalities are continuously being developed, leading to improved accuracy, efficiency, and safety during diagnostic and therapeutic procedures. This, in turn, is driving the adoption of aspiration and biopsy needles across various medical specialties.
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.
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
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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