Needle Biopsy Market
Needle Biopsy Market (Type: Fine-needle Aspiration Biopsy and Core Needle Biopsy; Application: Breast Cancer, Thyroid Cancer, Prostate Cancer, Liver Cancer, and Others; and End User: Hospital, Diagnostics & Imaging Centers, Research Laboratories & Academic Institutes, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
High Focus on Improving Visibility of Biopsy Needles to Aid Market Growth
In the past decade, improved awareness and knowledge of cancers coupled with longer life expectancy has played a key role in augmenting the demand for needle biopsies. Advancements in cancer diagnosis and major developments in the medical sector have primarily contributed to the increasing adoption of biopsy needles due to which, the needle biopsy market is projected to witness steady growth during the forecast period. Furthermore, increasing demand for biopsy needles with improved visibility in image guidance procedures, including ultrasound, is expected to propel the demand for biopsy needles.
The demand for biopsy needles is on the rise due to improved visibility and positional accuracy– a factor that is likely to propel the global biopsy needles market during the forecast period. A large number of players involved in the needle biopsy market are increasingly focusing on launching innovative biopsy needles with high visibility. In addition, market players are increasingly focusing on minimizing the deflection of needles in needle biopsy procedures. The increasing demand for interventional medical procedures around the world is anticipated to provide lucrative opportunities for players involved in the current needle biopsy market during the forecast period.
At the back of these factors, along with increasing demand for minimally invasive and accurate biopsies, the global needle biopsy market is projected to cross a market value of US$ 1.2 Bn by the end of 2030.
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Surge in Number of Cancer Cases Worldwide to Drive Market
The needle biopsy procedure is primarily deployed to diagnose prostate, skin, and breast cancer. Over the past couple of decades, the exponential rise in the number of cancer patients around the world is one of the primary factors due to which, the demand for needle biopsy has witnessed impressive growth. Moreover, the increasing demand for minimally invasive needle biopsy procedures is another major factor anticipated to augment the demand for needle biopsy during the forecast period. A notable surge in the number of breast cancer patients is expected to provide a massive boost to the adoption of needle biopsy procedures. This is another factor that is likely to provide considerable boost to the overall growth of the needle biopsy market during the forecast period.
Furthermore, the growing need to detect early signs of a preventable disease to improve survival rates of patients is another factor due to which, the demand for needle biopsy is on the rise.
Market players are increasingly focusing on research and development activities and other innovative techniques to improve the overall success rate of needle biopsy procedures. For instance, a new type of needle biopsy is currently being developed by a team of researchers as part of the Aalto University project– AdvaNeedle. The research primarily aims to address drawbacks of the current thick-and-fine-needle samples by minimizing pain and inadequate diagnosis.
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Demand to Remain Steady During COVID-19 Pandemic
The COVID-19 pandemic has derailed the growth of several core industries as a result of stringent lockdowns and restrictions on transportation and trade. However, the medical sector is likely to largely remain unaffected due to the COVID-19 crisis, as manufacturing of medical devices, drugs, and medication are classified as ‘essential goods and services’. The demand for needle biopsy procedures has remained steady throughout 2020. Thus, the needle biopsy market is expected to exhibit a steady growth. Although the number of non-critical procedures has witnessed significant decline, the demand for minimally invasive needle biopsy procedures is expected to provide considerable boost to the overall prospects of the needle biopsy market in 2020.
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The global needle biopsy market is expected to expand at a healthy CAGR of 7% during the forecast period. The market growth can be attributed to increasing prevalence of cancer worldwide, research and development activities, technological advancements, and high demand for minimally invasive needle biopsy procedures. Market players should focus on improving various physical and functional parameters of biopsy needles to gain a competitive edge in the current market landscape.
Needle Biopsy Market: Overview
- According to Transparency Market Research’s latest report on the global needle biopsy market for the historical period 2018–2019 and forecast period 2020–2030, increase in incidence of cancer across the globe, rise in global geriatric population, and government initiatives to spread awareness about cancer are expected to drive the global market during the forecast period
- According to the report, the needle biopsy market was valued at ~US$ 630 Mn in 2019. It is anticipated to expand at a CAGR of 7% from 2020 to 2030. In terms of volume, around 19,351,640 biopsy needles were used in 2019, and the number is projected to reach at 33,683,957 by the end of 2030.
Increase in Incidence of Cancer Worldwide: Key Drivers
- High prevalence and rise in incidence rate of cancer across the globe are likely to propel the market during the forecast period
- Cancer is the second-leading cause of death worldwide. In 2018, around 9.6 million deaths were estimated to have occurred globally due to cancer. Of every six deaths globally, around one death is due to cancer.
- According to WHO, globally, around 782,000 deaths were caused due to liver cancer in 2018. It is the sixth-most commonly occurring cancer worldwide.
- Moreover, according to the World Cancer Research Fund, in 2018, globally, around 567,233 cases of thyroid cancer were reported, accounting for 3.3% of all cancer cases
Increase in Geriatric Population to Boost Market
- Rapidly ageing population that are more prone to chronic medical conditions, especially cancer, is estimated to drive the market during the forecast period
- According to the World Health Organization, the geriatric population (people aged above 60) is expected to double by 2050, from 962 million in 2017 to 2 billion in 2050. Globally, the geriatric population is increasing at a rapid pace as compared to that of the young population.
- The geriatric population is more susceptible to various cancers, especially breast cancer and prostate cancer
- Breast cancer commonly occurs in women of over 40 years. According to a recent article published by the National Cancer Institute, U.S., reviewed on September, 2012, 12.4% women born in the U.S. are likely to develop breast cancer in their lifetime, i.e., one among eight women would be diagnosed with breast cancer.
- According to the American Society of Clinical Oncology (ASCO), more than 80% of prostate cancer cases are diagnosed in people who are aged 65 years and older
- Thus, rapid increase in the geriatric population across the globe is a prominent factor that is expected to boost the needle biopsy market during the forecast period
Availability of Alternative Biopsies for Disease Diagnosis to Hamper Market
- Liquid biopsy procedure holds significant potential for the diagnosis of a wide range of diseases and cancer. The method is a minimally invasive procedure and easy to perform compared to conventional needle biopsy.
- Presently, R&D on cancer diagnosis is primarily focused on liquid biopsy. Market players and research institutes are conducting extensive clinical trials to develop highly sensitive biopsy platforms.
- In May 2018, Grail, a U.S.-based biotechnology company, raised US$ 1 Bn in VC funding and embarked on a 120,000-patient study for early breast cancer detection
- In January 2018, researchers at Johns Hopkins developed a test called CancerSEEK, which is a non-invasive multianalyte test that analyzes levels of eight cancer proteins and presence of cancer gene mutation in circulating DNA in blood. The test included more than 1,000 patients with non-metastatic, stages I to III cancers of the ovary, stomach, liver, pancreas, esophagus, lungs, colorectum, and breast.
- Thus, extensive research on liquid biopsy aimed at promoting early and non-invasive diagnosis in cancer is likely to restrain the needle biopsy market during the forecast period
Needle Biopsy Market: Competition Landscape
- This report profiles major players in the global needle biopsy market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global needle biopsy market is highly consolidated, with few players holding majority of market share in global market
- Leading players operating in the global needle biopsy market include
- Dickinson and Company
- Merit Medical Systems, Inc.
- Argon Medical and Olympus Corporation
- INRAD, Inc.
- Argon Medical
- CONMED Corporation
- Stryker Corporation
- Medtronic plc
Needle Biopsy Market: Key Developments
- Key players in the global needle biopsy market are engaged in regulatory approvals, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the global needle biopsy market. A few expansion strategies adopted by players operating in the global needle biopsy market are:
- In May 2019, Argon Medical acquired Mana-Tech, Ltd., its exclusive distributor for the U.K. and Ireland. This acquisition strengthened the company’s distribution network in Europe.
- In August 2017, Hologic, Inc. launched the Brevera breast biopsy system with CorLumina imaging technology in the U.S. The biopsy system is designed to increase biopsy accuracy with real-time imaging to provide valuable information at point of care.
- In November 2017, Merit Medical Systems, Inc. entered into a definitive agreement to acquire Becton Dickinson and Company’s soft tissue core needle biopsy product line and Aspira product line of tunneled home drainage catheters and accessories. The total agreement was worth US$ 100 Mn.
- The report on the global needle biopsy market discussed individual strategies, followed by company profiles of manufacturers of needle biopsy. The competition landscape section has been included in the report to provide readers with a dashboard view of key players operating in the global needle biopsy market.
Needle Biopsy Market – Scope of the Report
TMR’s report on the global needle biopsy market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period, 2020 to 2030 The report provides the overall Value (US$ Mn) and volume (units) of the global needle biopsy market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global needle biopsy market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global needle biopsy market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of the top-down and bottom-up approaches to study various phenomena in the global needle biopsy market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on changing competitive dynamics in the global needle biopsy market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global needle biopsy market. The next section of the global needle biopsy market report highlights the USPs, which include breast cancer epidemiology, prostate cancer epidemiology, regulations related to premarket approval for new medical devices, regulations related to CE mark approval for new medical devices, overview of image guided needle biopsy, and impact of COVID-19 on the global needle biopsy market.
The report delves into the competition landscape of the global needle biopsy market. Key players operating in the global needle biopsy market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global needle biopsy market report.
Key Questions Answered in Needle Biopsy Market Report
- What is the sales/revenue generated by the global needle biopsy market across all the regions during the forecast period?
- What is the volume of biopsy needles across all the regions during the forecast period?
- What are the key trends in the global needle biopsy market?
- What are the major drivers, restraints, and opportunities in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2030 and which biopsy needle will expand at the fastest CAGR during the forecast period?
Needle Biopsy Market – Research Objectives and Research Approach
The comprehensive report on the global needle biopsy market begins with an overview of the market, followed by scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global needle biopsy market. It is followed by market introduction, market dynamics, and an overview of the global needle biopsy market, which include TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the needle biopsy market. The next section of the global needle biopsy market report highlights the USPs, which include epidemiology of breast cancer epidemiology, prostate cancer epidemiology, regulations related to premarket approval for new medical devices, regulations related to CE mark approval for new medical devices, overview of image guided needle biopsy, and impact of COVID-19 on the global needle biopsy market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section further divided into smaller sections. The entire report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the entire compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key biopsy needle manufacturers has been mapped to ascertain the size of the global needle biopsy market in terms of value. The forecast presented here assesses the total revenue generated in the needle biopsy market. In order to provide an accurate forecast, we initiated by sizing up the current needle biopsy market with the help of the parent market. Prices of different biopsy needles and number of biopsy procedures across different regions have been taken into consideration to drive the volume of biopsy needles during the forecast period.
The report analyzes the global needle biopsy market in terms of type, application, end user, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global needle biopsy market.
Needle Biopsy Market – Segmentation
Fine-needle Aspiration Biopsy
Core Needle Biopsy
Diagnostics & Imaging Centers
Research Laboratories & Academic Institutes
Middle East & Africa