PUBLISHER: Acute Market Reports | PRODUCT CODE: 1572365
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1572365
The steerable needles market pertains to the specialized medical needles designed to be steered or manipulated in its path as it penetrates body tissues. This technology is crucial for avoiding sensitive structures, reaching specific anatomical locations with precision, and accessing hard-to-reach targets within the body. These needles, often used in minimally invasive procedures, mark a significant advancement in the field of medical interventions. The steerable needles market is estimated to grow at a CAGR of 6.5% from 2024 to 2032.
Driver: Increasing Demand for Precision in Minimally Invasive Surgeries
Minimally invasive surgeries have been steadily gaining preference over traditional surgeries due to their benefits such as reduced hospital stays, smaller incisions, less pain, and quicker recovery. As the complexity and demand for these surgeries grow, the need for more precise and advanced tools also escalates. Steerable needles, due to their ability to be manipulated during their course, fit this need perfectly. An evidence of this growing trend can be observed in the increasing number of laparoscopic surgeries globally. For instance, according to a report published in a renowned medical journal in 2021, the global rate of laparoscopic surgeries, a type of minimally invasive surgery, increased by 8% YoY, indicating a rising demand for precision tools like steerable needles.
Opportunity: Integration with Robotic Surgeries
As robotic surgeries become more widespread, there is an immense potential for integrating steerable needles with robotic surgical systems. Robots, with their ability to operate with micro-level precision, when combined with steerable needles, can redefine surgical outcomes, especially in intricate surgeries. A recent publication in a leading medical magazine highlighted a surgery performed in Germany where a steerable needle was used in tandem with a robotic surgical system to perform a complex heart valve replacement, further emphasizing the potential of this synergy.
Restraints: High Cost and Lack of Training
One significant barrier to the widespread adoption of steerable needles is their relatively high cost compared to conventional needles. Moreover, the use of these needles requires specialized training. Many medical institutions, especially in developing countries, face challenges in affording and imparting the necessary training to their staff. An article in a European medical journal from 2023 discussed the budget constraints of hospitals in Eastern Europe, highlighting the difficulty in procuring advanced tools like steerable needles, which are deemed non-essential compared to other medical equipment.
Challenge: Safety and Malfunction Concerns
While steerable needles offer increased precision, there's also the risk of malfunction or incorrect usage, leading to potential harm. An incident in a hospital in South Korea, as detailed in a medical case study, shed light on a situation where a steerable needle deviated from its course, leading to complications. Such instances underscore the need for rigorous quality checks, advanced training, and constant technological enhancements to ensure patient safety.
Market Segmentation by Type
Bevel-tip Flexible Needles emerged as the dominant segment in terms of revenue in 2023. The design allows for precise targeting and has been widely adopted for numerous interventions due to its enhanced control and efficiency. Moreover, these needles are renowned for causing minimal tissue damage, leading to quicker patient recovery. Conversely, the segment that exhibited the highest CAGR in 2023 was the Tendon-actuated Tips. Their innovative design, which leverages the mechanics of tendons, offers unprecedented control and flexibility, making them invaluable in surgeries requiring meticulous precision.
Market Segmentation by Application
In terms of application, the Biopsy segment secured the highest revenue in 2023. The rising prevalence of cancers globally and the criticality of early diagnosis accentuated the demand for advanced biopsy tools, of which steerable needles have become indispensable. On the other hand, Robotic Assisted Surgery witnessed the most robust CAGR. The synergy between robotic precision and the control of steerable needles was a major draw for many medical institutions, and as robotic surgeries continue to proliferate, this segment's growth is anticipated to remain unabated.
Market Segmentation by Region
Geographically, North America boasted the highest revenue share in 2023. This can be attributed to its well-established healthcare infrastructure, rapid adoption of advanced medical technologies, and the high number of minimally invasive surgeries performed in the region. However, Asia-Pacific is expected to showcase the highest CAGR from 2024 to 2032. Factors fueling this growth include increasing healthcare expenditure, burgeoning middle-class population demanding better healthcare facilities, and a growing number of hospitals adopting advanced surgical tools. Moreover, countries like China and India are heavily investing in healthcare, further propelling the demand for state-of-the-art medical equipment.
Competitive Trends
From a competitive landscape perspective, the Steerable needles market in 2023 was marked by the dominance of a few key players who consistently innovated and expanded their global footprint. Companies such as AprioMed, Inc., Merit Medical Systems.,DEAM, Johnson & Johnson Services, Inc., Boston Scientific Corporation, SerpexMedical, Olympus Corporation, Medtronic, and APT Medical Inc. stood out for their expansive portfolios and strategic acquisitions. Their key strategies included robust R&D investments, forging alliances with tech firms for integrating AI and robotics, and collaborating with medical institutions for trials. Furthermore, many engaged in training programs for healthcare professionals, ensuring the safe and effective use of their steerable needles.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Steerable Needles market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Steerable Needles market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Type
Application
End-Use
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Steerable Needles market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Steerable Needles market?
Which is the largest regional market for Steerable Needles market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Steerable Needles market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Steerable Needles market worldwide?
FIG. 10Market Positioning of Key Steerable Needles Market Players, 2023
FIG. 11Global Steerable Needles Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032