Stable Growth Predicted in Aspiration and Biopsy Needles Market in Coming Years

One of the most important factors leading to the rising demand for aspiration and biopsy needles is the increasing prevalence of cancer across the world. According to the World Health Organization (WHO), the number of people who died from cancer stood at 9.6 million in 2018. Furthermore, the number of people suffering from malignant tumors will increase from 12.7 million in 2008 to 21.4 million in 2030, which will considerably boost the demand for aspiration and biopsy needles, on account of the fact that biopsy and aspiration procedures are extensively used for studying the nature of tumors.

The other major factors contributing to the surge in the demand for aspiration and biopsy needles are the rising popularity of minimally invasive surgeries, soaring healthcare expenditure in several countries, and rapid technological innovations in the devices used for disease diagnosis. Due to these factors, the global aspiration and biopsy needles market size is predicted to increase from $801.5 million in 2019 to $1,717.9 million in 2030. The market is expected to progress at a CAGR of 7.2% during the forecast period (2020–2030).

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Geographically, the highest usage of aspiration and biopsy needles was observed in North America in 2019, mainly due to the rising awareness in the region about the early cancer diagnosis processes, soaring healthcare spending, and surging number of devices being granted approval by the USFDA. The fastest growth in the adoption of aspiration and biopsy needles is expected to be witnessed in the Asia-Pacific (APAC) region during the forecast period. This is primarily ascribed to the increasing pool of cancer patients and rising awareness regarding the various cancer diagnosis methods available in the region.

Therefore, owing to the rising incidence of cancer, increasing healthcare expenditure, and surging awareness amongst the people throughout the world about the various cancer diagnosis processes, the demand for aspiration and biopsy needles will observe significant growth in future.