Initiatives Undertaken By Government and Global Health Organizations
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. In April 2020, the US FDA issued a guidance to provide a policy to help expand the availability and capability of medical X-ray, ultrasound, MRI systems, and image analysis software used to perform needle biopsy while mitigating the circumstances that could lead to the exposure of patients, healthcare providers, and healthcare technology management (HTM) to COVID-19. 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. The repercussions of delayed cancer detection owing to COVID-19 were investigated in a study undertaken in the UK and published in Lancet Oncology in March 2021. 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. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=71036825 [203 Pages Report] 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%. Factors such as 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. With the growing awareness about different types of cancers, the demand for biopsy procedures is expected to increase in the coming years. However, there is a dearth of skilled surgeons to perform minimally invasive biopsy procedures. For instance, a shortage of more than 2,300 medical oncologists is expected in the US by 2025 (Source: Journal of Global Oncology). The effect of this factor will be more pronounced in developing and underdeveloped regions. For instance, one of the major obstacles in the delivery of care for patients with curable cancers in the Sub-Saharan African region is the dearth of medical oncologists, radiation oncologists, and other healthcare workers required for cancer care. On the basis of product, the market is segmented into aspiration and biopsy needles. 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 application, the aspiration and biopsy needles market is segmented by tumor/cancer applications (breast, lung, colorectal, prostate, kidney, bone & bone marrow, and other cancers), wound applications, and other applications. In 2020, the breast cancer segment accounted for the largest share of the market. This segment is also estimated to grow at the highest CAGR during the forecast period. The large share of this segment is mainly attributed to the rising prevalence of breast cancer, growing awareness about the disease, and increasing research activity pertaining to breast screening and diagnosis. CONMED Corporation (US), Medtronic Plc (Ireland), Olympus Corporation (Japan), Becton, Dickinson and Company (US), Boston Scientific Corporation (US), Cook Group Incorporated (US), Argon Medical Devices, Inc (US), INRAD Inc. (US), Somatex Medical Technologies (Germany), Stryker Corporation (US), Cardinal Health (US), Remington Medical (US), Ranfac Corporation (US), HAKKO CO., LTD (Japan), and Merit Medical Systems (US) are some of the major players in the aspiration needles market.