Steerable Needle Market - Know the Untapped Revenue Growth Opportunities

Steerable Needle Market worth $1.72 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Steerable Needle Market- (By Product (Bevel-Tip Flexible, Symmetric-Tip, And Tendon-Actuated Needles), By Application, By End-User (Hospitals, Ambulatory Surgery Centers And Speciality Clinics)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Steerable Needle Market is valued at US$ 1.02 Bn in 2022, and it is expected to reach US$ 1.72 Bn by 2031, with a CAGR of 6.1% during a forecast period of 2023-2031.
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A steerable medical gadget can be directed to alter its trajectory or course. This enables the instrument to be pointed toward a target, such as a bodily tumour. Steerable medical devices are crucial because they enable more accurate treatment of cancers and other body targets. The need for minimally invasive surgeries, which are less risky and result in less pain and stress than conventional open surgical techniques, is expected to propel growth in the global market for steerable medical equipment. As steerable needle technology develops, ongoing research and development efforts are being undertaken to enhance manoeuvrability, control, and integration with imaging modalities.

Additionally, innovations like shape memory alloys, robotic control systems, and cutting-edge imaging techniques are increasing the capabilities of steerable needles, attracting the attention of healthcare professionals and driving up market demand. It is anticipated that the number of older adults worldwide will increase during the forecast period, increasing the prevalence of age-related illnesses such as cancer, arthritis, and Alzheimer's disease. Steerable devices that can aid in the early identification and treatment of these diseases will be in great demand as a result. Furthermore, new steerable medical equipment, such as 3D-printed endoscopes, that function better than conventional endoscopes have been made possible by new technologies like 3D printing. During the forecast period, this may improve the growth prospects of the global market for steerable medical devices, etc.

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Recent Developments:

• In Sept 2022, Serpex Medical announced that the Compass Steerable Needle, which is part of its Steerable Endobronchial Instrument Platform, has been given its second FDA 510(k) clearance. The design of the device allowed for a controlled approach to the target sites and the ability to take samples from different parts of the tumour without the tip deflecting in an unintended way. This made it possible to deal with some of the difficult parts of a lung biopsy.

• In Dec. 2020, Olympus Corporation announced the completion of its acquisition of Veran Medical Technologies, Inc. (VMT), following the signing of a definitive agreement between the two entities. Olympus' subsidiary Olympus Corporation of the Americas (OCA), acquired VMT's global sales network, marketing, manufacturing, R&D, and other functions to expand its respiratory product portfolio.

List of Prominent Players in the Steerable Needle Market:
• 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.

Market Dynamics:

Drivers-
The growing preference for less invasive treatments, improvements in imaging and robotics, expanding applications in many different medical disciplines, and the potential to enhance patient outcomes and treatment efficacy are all driving the market for steerable needles. As a result of its potential advantages and several medical procedures, steerable needles are in high demand. Advanced medical tools like steerable needles are made to increase control and precision during minimally invasive treatments. The demand for steerable needles has increased due to robotics and image guidance technology developments. The market is driven by robotic-assisted systems' improved control and agility, which enable precise real-time manipulation of steerable needles.

Challenges:
Robust clinical studies and comparative data showcasing the clinical outcomes and cost-effectiveness of steerable needles in different procedures are important to gain widespread acceptance and reimbursement support. The limited availability of such evidence can hinder market adoption. Particularly in healthcare systems with limited resources, the high cost of developing, producing, and maintaining these specialized devices may limit their use. A lack of supply or distribution options may also hamper access to steerable needle systems. Even though steerable needles have benefits in some procedures, their use may be restricted to certain anatomical regions or medical specialities. Steerable needles are not always advantageous for medical treatments; in some circumstances, other methods or tools may be more suitable.

Regional Trends:
The North America Steerable Needle market is expected to register a major market share. The healthcare system in North America is well-established and consists of hospitals, clinics, and research facilities. The region's sophisticated healthcare infrastructure, technological improvements, and rising popularity of minimally invasive procedures all boost the North American market for steerable needles. The steerable needles market in North America is expanding and developing because of the ongoing emphasis on research and development and the presence of important industry players. Besides, Europe had a substantial share of the market. Medical technology advances are concentrated in Europe. Continuous efforts have been made in the region to enhance the functionality and potential of steerable needle systems. Developments have further improved steerable needle performance and precision in robotics, image-guided, and material sciences, which have increased their adoption.

Segmentation of Steerable Needle Market-
By Product-
• Bevel-Tip flexible Needles
• Symmetric-Tip Needles
• Tendon-actuated Needles
By Application-
• Biopsy
• Tumor Ablation
• Pain Management
• Neurosurgery
• Cardiac Interventions
• Interventional Radiology
• Robotic-Assisted Procedures
By End Users
• Hospitals
• Ambulatory Surgery Centers
• Specialty Clinics
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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