The global steerable needle market is poised for substantial growth, projected to reach a value of USD 2.13 billion by 2033, up from USD 1.09 billion in 2023, representing a robust 6.9% compound annual growth rate (CAGR) throughout the forecast period. This significant expansion underscores the pivotal role of steerable needles in revolutionizing minimally invasive healthcare procedures.
Steerable needles have emerged as a cornerstone technology in the healthcare sector, offering unparalleled precision and control in minimally invasive surgeries. With the rising prevalence of chronic diseases such as cancer, cardiovascular disorders, and neurological conditions, there has been a surge in demand for minimally invasive surgical interventions. Steerable needles are at the forefront of this transformative shift, facilitating precise diagnosis, targeted therapy, and effective drug delivery in these critical treatments.
Unlock Insights: the Sample Report to Understand the Rising Demand for Steerable Needle Market
Patients, too, are increasingly embracing minimally invasive procedures due to their myriad benefits, including shorter recovery times, reduced pain, and lower risk of complications. Steerable needles play a pivotal role in enhancing the efficacy of these surgeries, enabling surgeons to navigate complex anatomical structures with unparalleled ease and perform interventions with minimal invasiveness.
The steerable needle market is witnessing constant technological advancements, including the development of robotic-assisted steerable needles, advanced imaging techniques, and miniaturization of devices. These innovations are enabling healthcare professionals to perform intricate procedures with improved accuracy and safety.
The steerable needle market is experiencing a surge in research and development activities, with a focus on enhancing device functionality, improving needle design, and exploring new applications. Collaborations between industry players, research institutions, and healthcare facilities are fostering innovation and driving market growth.
Key Takeaways from the Steerable Needle Market:
- The steerable needle market industry in the United States is predicted to reach USD 676.0 million by 2033, increasing at a 7.0% CAGR.
- The steerable needle market industry in the United Kingdom is estimated to reach a market size of USD 116.3 million, expanding at a CAGR of 7.2% by 2033.
- During the forecast period, the steerable needle market industry in China is expected to reach a market value of USD 147.8 million, securing an 7.6% CAGR.
- The steerable needle market industry in Japan is predicted to reach USD 107.6 million by 2033, increasing at a 7.5% CAGR.
- South Korea’s steerable needle market industry is predicted to achieve a market value of USD 121.9 million by 2033, rising at a 7.2% CAGR during the forecast period.
- With a CAGR of 6.6% from 2023 to 2033, the bevel-tip flexible needles segment by product is expected to dominate the steerable needle market industry.
- With a CAGR of 5.9% from 2023 to 2033, the biopsy segment by application is expected to drive the global market throughout the forecast period.
- With a CAGR of 6.2% from 2023 to 2033, the hospitals segment by end user is expected to dominate the steerable needle market industry.
How Does the Competition Look in the Steerable Needle Market?
The steerable needle market sector is a very competitive one, with large firms fighting for market share. Several significant participants in this industry comprise are Medtronic, Boston Scientific Corporation, Olympus Corporation, Stryker Corporation, Smith & Nephew plc, and Johnson & Johnson among other companies. The major businesses are heavily spending in R&D efforts to create innovative and inventive goods with enhanced effectiveness, dependability, and affordability. They are also focusing on expanding their product line and strengthening their distribution methods in order to fulfil shifting consumer expectations.
Tactical alliances and partnerships with other companies are becoming more common in the industry, allowing parties to leverage one another’s strengths and expand their market influence.
Leading firms use consolidation and mergers to strengthen their market position and gain entry into new markets. The sector is expanding significantly in developing economies, particularly in India and China.
To boost their presence in these regions, major companies are expanding their distribution networks and building regional manufacturing sites. They are also concentrating on offering cost-effective solutions to customers in these markets in order to get a competitive advantage.
Access Comprehensive Insights Now – Propel Your Business Forward
Key Players in the Steerable Needle Industry:
- AprioMed
- Elekta Instrument AB,
- Medtronic
- Boston Scientific
- Cook Medical
- Olympus Corporation
- Terumo Corporation
- Merit Medical Systems
- Vygon
- Johnson & Johnson
- B. Braun Melsungen AG
- Stryker Corporation
- Smith & Nephew
- AngioDynamics Inc.
- Teleflex Incorporated
- Argon Medical Devices Inc.
- BD (Becton, Dickinson and Company)
- Cardinal Health Inc.
- Teleflex Medical OEM
- ConMed Corporation
- Mindray Medical International Limited
- Hologic Inc.
Segmentation Analysis of the Steerable Needle Market:
By Product:
- Bevel-Tip Flexible Needles
- Symmetric-Tip Needles
- Tendonactuated Tips
By Application:
- Biopsy
- Tumor Ablation
- Pain Management
- Neurosurgery
- Cardiac Interventions
- Interventional Radiology
- Robotic-Assisted Procedures
By End User:
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
