Steerable Needles Market Report: Trends, Future Growth, Regional Overview And Forecast To 2033
Global steerable needles market size is expected to reach $2.35 Bn by 2028 at a rate of 10.0%, segmented as by type, bevel-tip flexible needles, symmetric-tip needles, tendon actuated tip needles
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Steerable needles are a type of medical needle designed to change direction within the body to reach specific targets that are difficult to access with traditional straight needles. These needles incorporate mechanisms that allow for controlled, real-time adjustments in their trajectory, often guided by imaging technologies such as ultrasound, magnetic resonance imaging (MRI), or fluoroscopy. Steerable needles enhance precision in medical interventions, reduce trauma to surrounding tissues, and improve outcomes in complex procedures.
Sizing and Forecast
The steerable needles market size has grown strongly in recent years. It will grow from $1.47 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to regulatory approvals and standardization initiatives, increased demand for minimally invasive procedures, increased prevalence of chronic diseases, expanding applications in diagnostic imaging, and a growing geriatric population.
The steerable needles market size is expected to see rapid growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to the adoption of artificial intelligence in medical procedures, expansion of telemedicine and remote surgery, emerging markets and untapped opportunities, integration of steerable needles with imaging technologies, and development of advanced materials for enhanced maneuverability. Major trends in the forecast period include enhanced robotic-assisted navigation systems, miniaturization of components for improved flexibility, incorporation of sensor technology for real-time feedback, integration of machine learning algorithms for trajectory optimization, and development of smart materials for self-steering capabilities.
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Segmentation & Regional Insights
The steerable needles market covered in this report is segmented –
1) By Type: Bevel-Tip Flexible Needles, Symmetric-Tip Needles, Tendon Actuated Tip Needles
2) By Application: Biopsy, Tumor Ablation, Pain Management, Robotic Assisted Surgery, Other Applications
3) By End User: Hospitals, Ambulatory Surgical Centers, Others End Users
North America was the largest region in the steerable needles market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the steerable needles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing adoption of minimally invasive procedures is expected to propel the steerable needles market going forward. A minimally invasive procedure is a medical intervention performed through small incisions or natural body openings, minimizing tissue damage and recovery time. The increasing adoption of minimally invasive procedures is due to reduced recovery times, lower risk of complications, and less postoperative pain for patients. Steerable needles are used in minimally invasive procedures to precisely navigate and target specific tissues, enhancing accuracy and reducing damage to surrounding areas. For instance, in September 2023, according to the American Society of Plastic Surgeons, a US-based non-governmental organization, the number of minimally invasive procedures such as HA fillers increased to 48.83 million in 2022 from 28.78 million in 2020. Additionally, non-invasive fat reduction procedures rose from 38.65 million in 2020 to 68.29 million in 2022. Therefore, the increasing adoption of minimally invasive procedures is driving the growth of the steerable needles market.
Key Industry Players
Major companies operating in the steerable needles market are Johnson & Johnson, Medtronic Plc, Siemens Healthineers AG, Becton Dickinson and Company, Koninklijke Philips, Stryker Corporation, GE HealthCare Technologies, Boston Scientific Corporation, Olympus Corporation, Terumo Corporation, Intuitive Surgical Inc, Smith & Nephew plc, Hologic Inc, Varian Medical Systems Inc, Coloplast A/S, Cook Medical Incorporated, Bio-Rad Laboratories Inc, Teleflex Incorporated, KARL STORZ SE & Co KG, Elekta Instrument AB, Merit Medical Systems Inc, ConMed Corporation, Penumbra Inc, AngioDynamics Inc, AprioMed Inc
The steerable needles market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
………
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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