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Steerable Needles Market - By Type (Bevel-tip Flexible Needles, Symmetric-tip Needles, Tendonactuated Tips), Application (Biopsy, Tumor Ablation, Pain Management, Robotic Assisted Surgery), End-use – Global Forecast, 2023-2032
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Steerable Needles Market
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Premium Report Details
Base Year: 2022
Companies covered: 15
Tables & Figures: 283
Countries covered: 18
Pages: 154
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Steerable Needles Market Size
Steerable Needles Market size was valued at USD 1.3 billion in 2022 and is estimated to account for USD 2.5 billion by 2032. Steerable needles are medical devices designed with a flexible tip that can be guided or steered through tissues and organs to reach specific target locations within the body.
These needles are used in various medical procedures, including biopsies, cancer treatments, and other minimally invasive interventions. Cancer is one of the leading causes of death worldwide. As per statistics, in 2023, 1,958,310 new cancer cases and 609,820 deaths due to cancer are anticipated to occur in the U.S. Therefore, as the burden of cancer continues to rise, the demand for steerable biopsy needles will also increase.
Technological advancements in steerable needles have significantly improved their precision, flexibility, and usability in various medical procedures. Robotic systems can assist surgeons in guiding steerable needles with high precision. For instance, the da Vinci Surgical System by Intuitive Surgical is a robotic surgical platform that includes various specialized instruments, including steerable needles, for minimally invasive surgeries. Therefore, the increasing technological advancements will boost the adoption rate of steerable needles.
COVID-19 Impact
The COVID-19 pandemic had a detrimental impact on the steerable needles market primarily due to disruptions in supply chains, reduced demand for non-urgent medical procedures, resource reallocation, financial strain on healthcare system, and market uncertainty. These factors collectively led to decreased adoption of steerable needles and deferred surgical procedures for treatment of diseases. Therefore, the pandemic significantly hindered the growth and operational dynamics of the market for steerable needles.
Steerable Needles Market Trends
Steerable needles are crucial in minimally invasive surgeries as they allow surgeons to navigate through tissues with precision, making them ideal for procedures in which small incisions are made. For instance, in laparoscopic surgeries, steerable needles can be used for tasks such as tissue biopsies or tumor ablations. Thus, rising use of steerable needles in minimally invasive procedures is said to augment the market progress.
Steerable Needles Market Analysis
The market by type is categorized into bevel-tip flexible needles, symmetric-tip needles, tendonactuated tips. The bevel-tip flexible needles segment garnered USD 741 million revenue size in the year 2022. The dominance of the segment can be attributed to their enhanced visibility, versatility, and established efficacy.
Based on application, the steerable needles market is segmented into biopsy, tumor ablation, pain management, robotic assisted surgery, and other applications. The biopsy segment accounted for over 34% business share in the year 2022. High segment share is attributed to high incidence of cancer, immediate treatment requirements, and accurate diagnostic results.
The steerable needles market by end-use is categorized into hospitals, ambulatory surgical centers, and others. The hospitals segment garnered USD 713 million revenue size in the year 2022.
U.S. steerable needles market accounted for USD 497 million revenue size in 2022 and is predicted to witness substantial market growth over the analysis timeline.
Steerable Needles Market Share
The steerable needles industry is consolidated, with major players such as Boston Scientific Corporation, Olympus Corporation dominating the market. These companies are focused on continuous product innovation to secure a significant market share. For instance, in December 2020, Veran Medical Technologies, Inc. (VMT), a medical device firm focused on creating and marketing novel devices such endobronchial tools, including needles, was acquired by Olympus Corporation. Such strategies help companies to strengthen their expertise, broaden their product offering, and boost their operational capabilities.
Some of the eminent market participants operating in the Steerable needles industry include:
Steerable Needles Industry News:
Steerable needles market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and volume in Units from 2018 to 2032 for the following segments:
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By Type, 2018-2032 (USD Million & Units)
By Application, 2018-2032 (USD Million)
By End-use, 2018-2032 (USD Million)
The above information is provided for the following regions and countries: