The global aspiration and biopsy needles 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% during the forecast period. 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.
An analysis of the market developments between 2019 and 2021 has revealed that strategies, such as product launches and acquisitions were adopted by market players to strengthen their product portfolio and maintain a competitive position in the aspiration and biopsy needles market. Product launches and acquisitions were the most widely adopted growth strategies by market players in the last four years. In 2020, by Becton, Dickinson and Company (US), Cook Group Incorporated (US), Merit Medical Systems (US), Olympus Corporation (Japan), and Medtronic plc (Ireland) held major shares of the aspiration and biopsy needles market.
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Becton, Dickinson and Company (US) is a leading player in the aspiration and biopsy needles market. The company offers a wide range of biopsy products, including breast biopsy, bone marrow biopsy, and soft tissue biopsy forceps and needles. With a strong presence in North America, Europe, and APAC, the company focuses on expanding its geographic presence in emerging countries with expanding healthcare systems in Eastern Europe, the Middle East, Africa, Latin America, and certain countries within APAC. The company also focuses on inorganic strategies such as acquisitions to strengthen its product portfolio and market position. For instance, in April 2017, the company acquired C. R. Bard, Inc. (US) for USD 24 billion. It also acquired CareFusion Corporation (US) in March 2015 and positioned itself as a major player in the aspiration and biopsy needle market. These acquisitions are expected to boost the company’s presence in the market.
Cook Group Incorporated (US) is one of the leading players of the aspiration and biopsy needles market. The company has a strong portfolio for a wide variety of biopsy products along with the aspiration and biopsy needles used for applications in reproductive health, gastroenterology, urology, bone biopsy, and interventional cardiology. With a strong geographic presence and sales network in 135 countries, Cook is anticipated to witness growth in this market, during the forecast period. The company also focuses on strengthening its product portfolio by launching new products. For instance, in November 2015 it introduced the EchoTip ProCore 20 Gage Needle to its EchoTip ProCore product portfolio. Such strategic initiatives have helped the company to strengthen its presence in regional markets, strengthen its revenue base, and offer its customers advanced products.
Aspiration & 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
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