Dublin, March 11, 2024 (GLOBE NEWSWIRE) -- The "Global Steerable Needles Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
This Global Steerable Needles Market report projects a compounded annual growth rate (CAGR) of 6.49% during the forecast period, with expected revenues reaching USD 2.56 billion by 2034 from an estimated USD 1.28 billion in 2023. Factors such as the rising prevalence of chronic diseases, including cardiovascular and neurological disorders, and the increase in demand for minimally invasive surgical procedures are highlighted as primary growth drivers.
Market Segmentation Insights
By Type
- The bevel-tip flexible needles segment is shown to dominate the market share in 2023 due to the broad availability of these products and advancements in needle technology.
- Symmetric-tip needles are anticipated to register the fastest growth over the forecast period, stimulated by continuous innovation and increasing surgical procedures.
By Application
- Biopsy procedures have generated the most revenue within the application segment in 2023, attributed to the heightened need for precise diagnostic measures.
- The role of robotic-assisted surgery in the market is expected to intensify, propelled by advancements in robotic systems and an uptick in research and development efforts.
By End-user
- Hospitals, known for their comprehensive inpatient facilities, held the largest market share in 2023.
- Ambulatory Surgical Centers (ASCs) are forecast to witness the fastest growth, influenced by patients' increasing preference for cost-effective surgical settings.
Regional Analysis
- North America leads in revenue share, supported by significant numbers of approvals and a robust presence of steerable needle-producing firms.
- Europe is anticipated to grow at an impressive pace, bolstered by heavy investments in healthcare and a surge in the introduction of new products.
The report also illuminates various factors enhancing market growth, such as technological advancements, rising awareness of minimally invasive surgical procedures, and key regulatory approvals for new products.
Integration of steerable needles in various medical applications, notably in tumor ablation and pain management, reflects a trend of growing preference for targeted treatments delivering positive patient outcomes. The study provides a deep dive into the competitive landscape, recognizing significant mergers and acquisitions as strategic moves shaping the market dynamics.
The analysis underscores the growing influence of regulatory approvals, citing recent achievements like the FDA 510(k) clearance of advanced steerable devices for lung nodule access, which demonstrates the market's commitment to innovation and patient care. This burgeoning market is poised to transform the needle-based procedures landscape, presenting vast opportunities for stakeholders within the industry.
Companies Mentioned
- Olympus Corporation
- AprioMed Inc.
- Boston Scientific Corporation
- Serpex Medical
- Body Vision Medical
- Merit Medical Systems
- APT Medical Inc.
- Johnson & Johnson Services Inc.
- DEAM
- Medtronic
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $1.28 Billion |
| Forecasted Market Value (USD) by 2034 | $2.56 Billion |
| Compound Annual Growth Rate | 6.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/i1w4xc
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
