Steerable Needle Market

Steerable Needle Market Outlook (2023 to 2033)

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:

• A primary market driver for steerable needles is the rising preference for minimally invasive procedures. The demand for steerable needles with improved maneuverability and targeting capabilities has increased recently as a result of several benefits that these procedures offer, such as decreased discomfort, shorter hospital stays, and quicker recovery.
• The prevalence of chronic diseases, such as cardiovascular diseases, cancer, and neurological diseases, has increased worldwide. Steerable needles are a crucial part in accurate disease diagnosis, treatment, and drug delivery, which is what is fueling market expansion.
• Pharmaceutical companies, manufacturers of medical equipment, and research institutions are all making significant investments in the development of steerable needle technology. The launch of novel products with enhanced functionality as a result of this emphasis on research and development has further fueled market growth.

Challenges for Companies /Manufacturers in the Steerable Needle Market:

• Due to their advanced features and technologies, steerable needles might be costly. The costly nature of these tools may limit their use, particularly in developing economies with budget constraints.
• The steerable needle market is subject to stringent oversight to protect patient safety. Obtaining regulatory approvals and adhering to different regional standards can be a complex and time-consuming procedure, providing a challenge for market players.
• Steerable needles require distinctive training and expertise. The scarcity of medical professionals proficient in using these devices may impede their general adoption, particularly in certain regions.

Opportunities in the Steerable Needle Industry:

• The use of interventional radiology procedures, such as image-guided biopsies, ablations, and vascular treatments, is increasing. Steerable needles are essential in these treatments as they allow for precise targeting while reducing harm to surrounding tissues. Steerable needle manufacturers could profit particularly from the increasing field of interventional radiology.
• The growing emphasis on targeted drug administration, particularly in oncology, generates a significant opportunity for steerable needles market. These needles can administer therapeutic medications precisely to specific tumor areas, decreasing systemic side effects and enhancing treatment success.
• The integration of steerable needles with robotic-assisted systems represents a considerable market expansion opportunity. Robotic platforms provide increased precision and flexibility, allowing for more complex maneuvers and better results in needle-based treatments.

Latest Trends in the Steerable Needle Market:

• Smart needle technologies with sensors and feedback mechanisms are emerging as an industry trend. These needles give clinicians with real-time information regarding tissue properties, vessel proximity, and needle direction, allowing them to make informed decisions during procedures.
• Concerns about infection control and patient safety are driving up demand for disposable and single-use medical devices. Steerable needles are being developed by manufacturers to be used for a single treatment and then discarded, decreasing the danger of cross-contamination and simplifying workflow in healthcare settings.
• The steerable needle market is also being influenced by the tendency toward reduction in size of medical devices and the addition of wireless connectivity. Smaller, wirelessly enabled steerable needles provide increased flexibility, convenience of use, and compatibility with other medical equipment, all of which contribute to enhanced procedural efficiency.

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%

2017 to 2022 Steerable Needle Market Demand Outlook Compared to 2023 to 2033 Forecast

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-Wise Insights

How is the USA Market Growing?

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.

The UK is Expected to Witness Significant Growth Attributed to Availability of Advanced Healthcare Infrastructure.

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.

Why China is a Key Market in East Asia Steerable Needle Market?

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.

Well Developed Healthcare Infrastructure Have Led the Market Flourish Substantially in Japan.

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.

Demand for Steerable Needle Market is Rising Due to Strong Healthcare Infrastructure.

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.

Category-Wise Insights

Which Product is Predominantly in Demand in the Global Scenario?

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.

Why Steerable Needles are Getting Widely Utilized for Biopsies?

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 minimally invasive nature of steerable needle biopsies generally leads to reduced patient discomfort compared to open surgical biopsies which results in result in less pain, reduced tissue trauma, and shorter recovery times, enhancing patient comfort and satisfaction.

Which End User Has Widely Adopted the Steerable Needle Devices?

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.

How Key Players Stay Competitive in the Steerable Needle Industry?

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.

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.

Key Developments in the Steerable Needle Market:

• In May 2021, Olympus Corporation announced the availability of the licensed BF-UC190F, which was the newest addition to their strong EBUS range of devices back then for less intrusive lung cancer detection by needle biopsy.

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

Frequently Asked Questions

What is the Global Steerable Needle Market Growth Projection?

The steerable needle market is expected to progress at 6.9% CAGR until 2033.

What is the Projected Steerable Needle Market Value by 2033 End?

The overall steerable needle market is projected to reach around USD 2.13 billion by 2033.

Which Type of Product Forms is the Leading Steerable Needle Market Segment?

Bevel-tip flexible needles made up for 38.9% market revenue in 2022.

Which is the Prominent Regional Market in Asia Pacific?

China dominates the Asia Pacific market and is projected to advance at 7.6% CAGR through 2033.

Which is the Leading Market Segment Based on Application of Steerable Needles?

Application steerable needles in biopsy segment captured almost 24.5% market share in 2022.