PUBLISHER: The Business Research Company | PRODUCT CODE: 1526834
PUBLISHER: The Business Research Company | PRODUCT CODE: 1526834
Steerable needles represent a category of medical needles engineered to alter their direction inside the body, enabling them to reach precise targets that conventional straight needles may struggle to access. These needles integrate mechanisms permitting controlled adjustments to their trajectory in real-time, frequently under the guidance of imaging modalities such as ultrasound, magnetic resonance imaging (MRI), or fluoroscopy. By facilitating precise adjustments, steerable needles enhance the accuracy of medical procedures, minimize tissue trauma, and enhance outcomes, particularly in intricate interventions.
The primary varieties of steerable needles comprise bevel-tip flexible needles, symmetric-tip needles, and tendon-actuated tip needles. Bevel-tip flexible needles feature a slanted, beveled edge at their tip, aiding in smoother tissue penetration. These needles find utility in various applications such as biopsies, tumor ablations, pain management, robotic-assisted surgeries, among others. They are distributed to end-users including hospitals, ambulatory surgical centers, and others.
The steerable needles market research report is one of a series of new reports from The Business Research Company that provides steerable needles market statistics, including the steerable needles industry global market size, regional shares, competitors with steerable needles market share, detailed steerable needles market segments, market trends, and opportunities, and any further data you may need to thrive in the steerable needles industry. These steerable needles market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 increased demand for minimally invasive procedures, regulatory approvals and standardization initiatives, expanding applications in diagnostic imaging, a growing geriatric population, and increased prevalence of chronic diseases.
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 anticipated growth in the forecast period can be credited to several factors, including the integration of artificial intelligence into medical procedures, the expansion of telemedicine and remote surgery, the emergence of new markets and unexplored opportunities, the fusion of steerable needles with imaging technologies, and advancements in materials for improved maneuverability. Significant trends expected in the forecast period involve the enhancement of robotic-assisted navigation systems, the miniaturization of components to enhance flexibility, the integration of sensor technology for immediate feedback, the incorporation of machine learning algorithms for trajectory optimization, and the development of smart materials enabling self-steering capabilities.
The growing acceptance of minimally invasive procedures is expected to drive the steerable needles market in the future. These procedures involve medical interventions conducted through small incisions or natural body openings, reducing tissue damage and recovery time. The rising adoption of minimally invasive procedures is attributed to their shorter recovery times, decreased risk of complications, and reduced postoperative pain for patients. Steerable needles play a crucial role in these procedures by enabling precise navigation and targeting of specific tissues, improving accuracy and minimizing damage to surrounding areas. For example, in September 2023, the American Society of Plastic Surgeons reported an increase in minimally invasive procedures, such as HA fillers, from 28.78 million in 2020 to 48.83 million in 2022. Similarly, non-invasive fat reduction procedures rose from 38.65 million in 2020 to 68.29 million in 2022. Thus, the growing adoption of minimally invasive procedures is a key driver for the steerable needles market's growth.
Major companies in the field of steerable needles are innovating with products such as steerable biopsy needles to improve the precision of tissue sampling, minimize patient discomfort, and enhance diagnostic accuracy. These specialized medical needles are designed to extract tissue samples from specific, often challenging-to-reach areas within the body, enabling controlled directional adjustments during insertion. For example, in September 2022, Serpex Medical, a US-based medical device company, obtained FDA 510K clearance for Compass Steerable Needles. These needles allow precise access to lung nodules in the intrapulmonary region, offering precise three-dimensional positioning to reach all 18 lung segments and access small lesions outside the airways. They provide exceptional maneuverability, enabling more precise targeting and lesion access. This controlled approach to target locations allows sampling of multiple tumor aspects without unwanted tip deflection.
In October 2022, Halma plc, a UK-based technology company, completed the acquisition of IZI Medical Products for £138 million ($149.9 million). This strategic move by Halma aims to bolster its healthcare division's capabilities, especially in the realm of minimally invasive diagnosis and treatment, particularly for conditions such as cancer. IZI Medical Products, a US-based medical equipment manufacturer, specializes in providing steerable FNA biopsy needles, which are instrumental in patient care.
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
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.
The countries covered in the steerable needles market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The steerable needles market consists of sales of biopsy needles, catheter insertion needles, spinal needles, endoscopic needles, and vascular access needles. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Steerable Needles Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on steerable needles market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for steerable needles ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The steerable needles market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.