PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1576977
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1576977
Global ultrasound needle guides market is projected to witness a CAGR of 5.03% during the forecast period 2024-2031, growing from USD 340.62 million in 2023 to USD 504.40 million in 2031. The market's growth is supported by the rising requirement for point-of-care ultrasound systems, increasing preference for minimally invasive procedures, advancements in ultrasound imaging technologies, and novel launches by the market's key players.
Due to the rapid expansion of the healthcare sector and increasing investments towards the development of technologies and solutions that enhance patient comfort, the market is expected to experience significant growth as needle guides aid in the easy passage of needles through a predetermined track. It allows for fewer attempts to reach the mass or the lesion. Various medical device manufacturers and healthcare organizations are also increasingly focusing on research and development activities to ensure the availability of advanced solutions that improve treatment outcomes and enhance the convenience of healthcare professionals.
Additionally, the rising cases of breast cancer are also bolstering the growth of the market. As per the estimates of the World Cancer Research Fund International, 2,296,840 new cases of breast cancer were reported in 2022, among women. This increase is propelling the market requirement due to the minimally invasive nature of ultrasound-guided biopsies. Biopsies play a crucial role in aiding the healthcare provider in determining if the cells are cancerous or not, the results can also tell the healthcare provider about the origin of the cancer and its type.
Increasing Prevalence of Cancer Boosts Market Demand
The rising cases of cancer in various regions across the globe are bolstering the global ultrasound needle guides market demand. According to the estimates of the World Cancer Research Fund International, after including non-melanoma skin cancer, 19,976,499 cases of cancer were reported in 2022. This increase is propelling the market's demand as ultrasound-guided biopsy offers real-time dynamic observation with echogenic markers and convenience while allowing for precise placement. Ultrasound needle guides aid in the successful completion of biopsies, which are used for confirming the presence of metastases for staging, identifying tumor histology, and establishing diagnosis of malignancy. Biopsies are also a crucial part of clinical trials, especially adaptive trials that aim to identify relevant biomarkers and study the effects of drugs. Ultrasound-guided core needle biopsy provides good accuracy, specificity, and sensitivity in the diagnosis of axillary lymph node metastases in patients with breast cancer and can be used for preoperative detection and enable personalized treatment plans by facilitating early axillary staging.
Technological Advancements Support Market Growth
The rising investments by various companies towards the development of medical equipment and technologies to enhance patient experience and convenience for healthcare professionals are bolstering the global ultrasound needle guides market size. Various healthcare and medical device companies are also focusing on expanding their geographical presence and ensuring the availability of their devices and technologies in different regions across the globe. In October 2022, Intelligent Ultrasound Group received clearance from the Food and Drug Administration (FDA) for their artificial intelligence (AI) for real-time guidance in nerve block injections. The tool aims to improve the delivery of peripheral nerve block injections, which are often a superior option for pain relief or local anesthesia in several cases. The AI was previously cleared in Europe and the United Kingdom in the spring of 2021. Technological advancements also aid in enhancing needle alignment and stabilization and help healthcare professionals locate the needle path.
Hospitals and Clinics Expected to Witness Significant Growth
The growth of the segment can be attributed to the rising investments in upgrading and constructing hospitals with advanced equipment and solutions in different regions across the globe. In August 2024, Lakeridge Health and Infrastructure announced the issue of a Request for Qualifications (RFQ) for financing, designing, and building the Bowmanville Hospital Redevelopment project. The Canadian hospital will undergo expansion to boost the Durham region's healthcare capacity and increase the hospital's size to double that of the original. This expansion is expected to aid them in introducing patient-centric and modern facilities such as a hemodialysis center and ambulatory care clinics to provide critical care services.
Meanwhile, a USD 3.74 billion construction project is underway to upgrade a hospital in California. The UC Davis Medical Center will be upgraded and will be able to accommodate 675-700 beds and will receive a fourteen-story tower. The new tower is expected to expand the eastern wing of the medical center by one million square feet and will feature state-of-the-art facilities for burn care units and pharmacy, imaging centers, and operating rooms. With this project, the medical center aims to position its faculty, researchers, staff, and students to adapt and meet the regional healthcare requirements for the next five decades.
North America Holds a Significant Share of the Market
The strong presence of key market players and the rising prevalence of chronic diseases such as cancer in the region support the growth of the market in North America. The National Cancer Institute (NIH) estimates that approximately 2,001,140 new cases of cancer will be diagnosed in 2024 in the United States and 611,720 individuals are expected to die from the disease. Meanwhile, as per the Canadian Cancer Statistics published in the Canadian Medical Association Journal (CMAJ), approximately 247,100 new cases of cancer and 88,100 related deaths are expected to occur in 2024 in Canada. This increase is propelling the requirement for ultrasound guided needle biopsies as they allow the healthcare professionals to gain more information about the mass or the lesion.
Additionally, the Asia-Pacific market is expected to witness significant growth in the coming years. This growth is supported by the increasing investments by the key market players in enhancing and expanding the healthcare sector in the region. Furthermore, the rising emphasis on research and development activities is supporting the introduction of advanced technologies and equipment, boosting the market's growth in Asia-Pacific.
Future Market Scenario (2024-2031F)
According to the global ultrasound needle guides market analysis, the market is expected to witness significant growth in the coming years due to rapid expansion of the healthcare sector and novel product launches by the key market players. Deep learning and image processing technologies are expected to generate positive results in enhancing needle visibility in ultrasound images. Furthermore, advancements in ultrasound-assisted needle insertion processes, such as surface modification of the needles with the help of laser-etching and coating, are expected to enhance the needle insertion processes.
Additionally, the rising efforts towards research and development activities by different research institutes across the globe are also expected to boost the global ultrasound needle guides market expansion. An interventional study is being conducted in the Region Skane, Sweden, for evaluating ultrasound-guided subclavian vein catheterization with a needle guide and for evaluating if the addition of the guide aids in decreasing the number of central venous catheter insertions. The study is expected to conclude in June 2025.
Key Players Landscape and Outlook
Novel product launches by the key market players are supporting the global ultrasound needle guides market growth. In April 2023, Becton, Dickinson, and Company launched a specialized ultrasound system designed to aid clinicians in targeting the ideal vein for IV. With this launch, the company aims to provide patients with a 'one-stick hospital stays' by allowing healthcare providers to get the line right on their first attempt. The system, Prevue II, allows healthcare professionals to provide visible markers showing the needle's depth in real-time by providing a view of the skin during IV placement. Such product launches are expected to enhance the patient experience and convenience of the healthcare professional and bolster the market's expansion.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.