The steerable needle market size is projected to be worth USD 1.09 billion in 2023. The market is likely to surpass USD 2.13 billion by 2033 at a CAGR of 6.9% during the forecast period. With the global population aging rapidly, there is an increased demand for effective diagnostic and treatment solutions for age-related conditions.
Steerable needles are advanced medical devices designed to enhance the precision and accuracy of needle-based procedures, such as biopsies, ablations, and drug delivery.
Other Drivers Propelling the Demand for Steerable Needle Market include:
Challenges for Companies /Manufacturers in the Steerable Needle Market:
Opportunities in the Steerable Needle Industry:
Latest Trends in the Steerable Needle Market:
| Attributes | Details |
|---|---|
| Steerable Needle Market Size (2023) | USD 1.09 billion |
| Steerable Needle Market Projected Size (2033) | USD 2.13 billion |
| Value CAGR (2023 to 2033) | 6.9% |
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
From 2017 to 2022, the global steerable needle market experienced a CAGR of 5.7%, reaching a market size of USD 1.09 billion in 2023.
Worldwide, there is a significant shift toward minimally invasive procedures. Steerable needles allow practitioners to perform precise and targeted interventions while causing minimum tissue damage, reducing patient discomfort, and allowing for shorter recovery times. As a result, demand for steerable needles is projected to rise as medical professionals seek to provide patients with minimally invasive alternatives.
Personalized medicine, in which therapies are tailored to specific patients, is gaining popularity. Steerable needles enable targeted drug delivery and precise interventions based on individual patient characteristics. The demand for steerable needles is projected to rise as personalized treatment becomes more common.
Future Forecast for Steerable Needle Industry:
Looking ahead, the global steerable needle market is expected to rise at a CAGR of 6.9% from 2023 to 2033. During the forecast period, the market size is expected to reach USD 2.13 billion by 2033.
The steerable needle market is seeing growth opportunities in developing regions such as Asia-Pacific and Latin America. These regions are undergoing tremendous economic development, as well as improvements in healthcare infrastructure and increased investments in healthcare technologies. Steerable needles are predicted to become more popular in these markets as access to modern medical technologies improves.
Steerable needles are in demand due to technological improvements such as robotic-assisted steering mechanisms, real-time imaging guiding, and sensor-enabled navigation systems. These developments improve the precision, accuracy, and safety of needle-based operations, resulting in increased utilization by healthcare practitioners.
| Country | The United States |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 676.0 million |
| CAGR % 2023 to End of Forecast (2033) | 7.0% |
The steerable needle market in the United States is expected to reach a market size of USD 676.0 million by 2033, expanding at a CAGR of 7.0%. In the USA, the market expansion is fueled by factors such as the increasing adoption of minimally invasive procedures, a rising incidence of chronic diseases, advancements in needle technology, and a growing emphasis on personalized medicine. Also, the aging population and investments in healthcare infrastructure contribute to the market's growth.
| Country | The United Kingdom |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 116.3 million |
| CAGR % 2023 to End of Forecast (2033) | 7.2% |
The steerable needle market in the United Kingdom is expected to reach a market value of USD 116.3 million, expanding at a CAGR of 7.2% during the forecast period. The market in the UK is expected to witness significant growth in the coming years. The UK's focus on healthcare advancements, investments in research and development, and the availability of advanced healthcare infrastructure contribute to the market's expansion. The market is poised to benefit from the increasing demand for precise and targeted interventions, driving the growth of the steerable needle market in the UK.
| Country | China |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 147.8 million |
| CAGR % 2023 to End of Forecast (2033) | 7.6% |
The steerable needle market in China is anticipated to reach a market size of USD 147.8 million by the end of 2033, growing at a CAGR of 7.6% throughout the forecast period. With rising income levels and increased awareness of advanced healthcare technologies, the demand for precise and targeted interventions is growing in China. Patients are seeking high-quality medical treatments, leading to increased adoption of steerable needles by healthcare providers to meet the rising demand.
| Country | Japan |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 107.6 million |
| CAGR % 2023 to End of Forecast (2033) | 7.5% |
The steerable needle market in Japan is estimated to reach a market size of USD 107.6 million by 2033, expected to thrive at a CAGR of 7.5%. Japan boasts a robust healthcare infrastructure, with well-equipped hospitals, research institutes, and skilled healthcare professionals. The presence of advanced healthcare facilities and a highly trained medical workforce supports the adoption of advanced medical devices like steerable needles. The strong healthcare infrastructure acts as a catalyst for market growth.
| Country | South Korea |
|---|---|
| Market Size (USD million) by End of Forecast Period (2033) | USD 121.9 million |
| CAGR % 2023 to End of Forecast (2033) | 7.2% |
The steerable needle market in South Korea is expected to reach a market size of USD 121.9 million, expanding at a CAGR of 7.2% during the forecast period. South Korea has witnessed an increasing preference for minimally invasive procedures across various medical specialties. Steerable needles are essential tools in performing precise and targeted interventions with minimal tissue disruption, reduced patient discomfort, and faster recovery times. The rising demand for minimally invasive procedures has led to an increased adoption of steerable needles in the country.
Based on products, bevel-tip flexible needles dominated the category withholding the significant share of the market at around 38.9% at the end of 2022. Bevel-tip flexible needles are designed with a flexible shaft that allows for greater maneuverability and navigation through complex anatomical structures.
Over time, surgeons have become accustomed to using bevel-tip flexible needles due to their widespread availability and advantages. Familiarity and positive experiences with these needles lead to their continued adoption in the field.
Based on application, biopsy segment has led the category withholding about 24.5% of the total market share. Steerable needles enable a minimally invasive approach to biopsies. Compared to traditional open surgical procedures, steerable needles can be inserted through small incisions or even percutaneously, resulting in less tissue trauma, reduced scarring, shorter recovery times, and lower risks of complications.
The hospitals have led the steerable needle market as the leading end user with the market share of 59.4% in 2022. Hospitals are full-service medical facilities that offer a wide range of medical services, including diagnostic tests. They have the infrastructure, technology, and competence to provide a wide range of diagnostic tests, treatments and services, which demands the need for needles, including steerable needles.
The steerable needle market has undergone market consolidation, with key players establishing and vying to maintain their competitive edge. Key players in the steerable needle industry are using certain strategies to stay competitive, such as differentiating their offerings, and adapting to evolving market dynamics. Continuous innovation, strong partnerships, regulatory compliance, and strategic market expansion.
Key Strategies Used by the Participants
Product Innovation
Key players continuously invest in research and development to introduce innovative products. They strive to develop assays with improved sensitivity, specificity, accuracy, and ease of use.
Strategic Partnerships and Collaborations
Key players often form strategic partnerships and collaborations with other companies, research institutions, and healthcare organizations. These partnerships can lead to knowledge sharing, joint product development, and expanded market reach.
Expansion into Emerging Markets
Expanding into emerging markets with growing healthcare infrastructure and rising demand for steerable needles allows companies to tap into new opportunities and gain a competitive edge.
Mergers and Acquisitions
Companies in the market may engage in mergers or acquisitions to streamline their product portfolio, obtain new technologies, enter new market niches, and gain access to novel products or intellectual property.
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
Key Developments in the Steerable Needle Market:
The steerable needle market is expected to progress at 6.9% CAGR until 2033.
The overall steerable needle market is projected to reach around USD 2.13 billion by 2033.
Bevel-tip flexible needles made up for 38.9% market revenue in 2022.
China dominates the Asia Pacific market and is projected to advance at 7.6% CAGR through 2033.
Application steerable needles in biopsy segment captured almost 24.5% market share in 2022.
Explore Medical Supplies Insights
View Reports
Steerable Needle Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
