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%.
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.
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 segmentis 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.
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.
Breast Biopsy Market by Product (Table, Needle, Localization wire, Guidance System), Type (Open Biopsy- Excisional, Incisional, Needle- Core Needle Aspiration, Vacuum Assisted) & by Guidance system (Ultrasound, Stereotactic, MRI) - Forecast to 2020
Biopsy Devices Market by Product (Core Needle Biopsy, Aspiration Biopsy, Vacuum Assisted Biopsy) Application (Breast Biopsy, Lung Biopsy, Prostate Biopsy) Guidance (Stereotactic, Ultrasound) & by End User (Hospital) - Global Forecast to 2022
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.