The Needle Biopsy Market is cementing its foothold at a CAGR of 5.2 % by gaining a valuation of $677 million by 2023, asserts Market Research Future reports. The market is gaining traction generated by diseases such as cancer and several infections across the globe.
A Biopsy is a medical test that is commonly performed by a surgeon, interventional radiologists, or an interventional cardiologist. The process involves the extraction of sample cells or tissues for examination to determine the presence of a disease. The entire process is generally examined under a microscope by a pathologist or can be analyzed chemically.
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Global Needle Biopsy Market: Drivers & Trends
The Global Needle Biopsy Market is majorly driven by technological advancements in biopsy devices, which includes vacuum biopsy devices. These devices offer minimal invasiveness and favorable reimbursement policies such as Medicare reimbursement for biopsy to diagnose a disease like cancer. This factor is boosting the global needle biopsy market.
As per the research by MRFR, the factors such as the presence of untapped opportunities mainly in developing regions is also anticipated to boost the global needle biopsy market substantially in the years to come. Apart from this, more factors such as inactive lifestyle and unhealthy dietary habits with increasing consumption of alcohol and tobacco have escalated occurrence rate of cancer globally will boost industry growth over the coming years.
On top of it, factors such as rising awareness related to cancer diagnosis coupled with the growing demand for advanced diagnostic procedures are also projected to impact the global needle biopsy market. Even the key market players are continually focusing on developing cost-effective biopsy devices to gain a significant share of the global needle biopsy market in developing regions.
On the flip side, the development of ultrasensitive imaging technologies such as Magnetic Resonance Imaging (MRI), Computed Tomography (CT) and more can hold back the expected growth of the global needle biopsy market during the assessment period.
The Global Needle Biopsy Market has been segmented by type and applications.
In terms of type, the market has been segmented as fine-needle aspiration biopsy, core needle biopsy, vacuum-assisted biopsy, and image-guided biopsy.
In terms of utility, the market has been segmented as disposable and reusable.
In terms of applications, the market has been segmented as tumor, infection, inflammation, and others.
The regional analysis of the Global Needle Biopsy Market includes North America, Europe, Asia Pacific, and Middle East & Africa.
In the North American region, the US is reaping the benefits of favorable reimbursement scenarios and higher expenditure on healthcare. The region is recorded to hold maximum market share as the US is heavily investing in new technology in their medical sector, which has to prosper the global needle biopsy considerably.
The Asia Pacific and Europe are also evolving with rising awareness of diseases and significant unmet needs for biopsy, which is driving the market of expanding its size. Due to this, these regions recorded to be the second largest market share.
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Significant players in the Global Needle Biopsy Market are
- Boston Scientific Corporation
- Cook Medical
- CareFusion Corporation
- Hologic, Inc.
- Cardinal Health, Inc.
- R. Bard, Inc.
- Möller Medical GmbH
- Becton, Dickinson and Company
- Hakko co. Ltd.
- Argon Medical Devices, Inc.
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