The rising prevalence of cancer, initiatives undertaken by government and global health organizations, and the increasing preference for minimally invasive procedures are the major factors driving the growth of the aspiration and biopsy needle market.
The COVID-19 pandemic has resulted in significant reductions in cancer screening, cancer management visits, and cancer biopsy procedures across the globe. As a result of lockdowns, cancer screening services were disrupted to some extent, which ultimately lowered the demand for biopsy needles.
COVID-19 led to a significant drop in imaging procedures since March 2020 (for all modalities). A late resurgence of imaging throughput was observed in the second half of 2020; however, the overall throughput remained at a level of roughly 80% of the baseline volume for the entire year.
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Globally, there has been a significant increase in the number of people suffering from cancer. This can be attributed to a number of factors, such as lifestyle changes, unhealthy diets, and increasing tobacco consumption.
According to the American Cancer Society, about 9.6 million people die from cancer every year, and 70% of cancer deaths occur in low-to-middle income countries such as China and India; these proportions are expected to increase further by 2025. With the rising prevalence of cancer in major regions across the globe, the demand for effective cancer diagnosis is expected to increase in the coming years.
Aspiration and Biopsy Needles Market Ecosystem:
The biopsy needles segment accounted for the largest share of the aspiration and biopsy needles market in 2020. This can be attributed to the rising prevalence of cancer and the increasing preference for minimally invasive diagnostic procedures (over excision biopsies).
On the basis of procedure, the aspiration and biopsy needles market is segmented into image-guided procedures (ultrasound-guided biopsy, stereotactic-guided biopsy, MRI-guided biopsy, and other image-guided procedures) and nonimage-guided procedures.
Increasing initiatives by government for the cancer diagnostics and screening, rising research activity, and the high incidence of cancer in key APAC countries such as India and China are the major factors driving the growth of this regional Biopsy Needles market.