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Steerable Needles Market Size, Business Growth Updates, Trends, Industry Report And Forecast To 2033
Steerable Needles Market Size
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According to The Business Research Company's, The steerable needles market size has grown strongly in recent years. It will grow from $1.47 billion in 2023 to $1.61 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to regulatory approvals and standardization initiatives, increased demand for minimally invasive procedures, increased prevalence of chronic diseases, expanding applications in diagnostic imaging, and a growing geriatric population.
The steerable needles market size is expected to see rapid growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to the adoption of artificial intelligence in medical procedures, expansion of telemedicine and remote surgery, emerging markets and untapped opportunities, integration of steerable needles with imaging technologies, and development of advanced materials for enhanced maneuverability. Major trends in the forecast period include enhanced robotic-assisted navigation systems, miniaturization of components for improved flexibility, incorporation of sensor technology for real-time feedback, integration of machine learning algorithms for trajectory optimization, and development of smart materials for self-steering capabilities.
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Market Drivers and Trends:
The increasing incidence of vision impairment is expected to propel the growth of the prescription lens market going forward. Vision impairment refers to conditions affecting the eyes, ranging from common issues such as partial vision loss and blindness to more serious ailments such as macular degeneration. Vision impairment is on the rise due to increased screen time, digital device usage, and aging populations, contributing to conditions such as digital eye strain, myopia, and age-related macular degeneration. Prescription lenses aid in correcting vision impairments such as myopia, hyperopia, astigmatism, and presbyopia by refracting light to focus properly on the retina, improving vision clarity, and reducing strain. For instance, in May 2023, according to a report published by the National Center for Biotechnology Information, a US-based international resource for scientific research, approximately 200 million individuals worldwide experienced age-related macular degeneration (AMD) in 2020. By 2040, it is projected that the number of people affected by the condition will increase to about 288 million. Therefore, the increasing incidence of vision impairment is driving the growth of the prescription lens market.
Major companies operating on steerable needles are developing innovative products, such as steerable biopsy needles, to enhance precision in tissue sampling, reduce patient discomfort, and improve the accuracy of diagnoses. Steerable biopsy needles are specialized medical needles designed to obtain tissue samples from specific, often difficult-to-reach areas within the body, allowing controlled, directional changes during insertion. For instance, in September 2022, Serpex Medical, a US-based medical device company, received Food and Drug Administration (FDA) 510K clearance for Compass Steerable Needles, a steerable biopsy needles that enable precise access to lung nodules in the intrapulmonary region. It provides precise three-dimensional positioning for enhanced reach to all 18 lung segments and access to small lesions outside the airways. It offers exceptional maneuverability, allowing for more accurate targeting and access to lesions. It allows for a controlled approach to target locations and the ability to sample multiple aspects of the tumor without unwanted tip deflection.
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Major Key Players of the Market:
Johnson & Johnson, Medtronic Plc, Siemens Healthineers AG, Becton Dickinson and Company, Koninklijke Philips, Stryker Corporation, GE HealthCare Technologies, Boston Scientific Corporation, Olympus Corporation, Terumo Corporation, Intuitive Surgical Inc, Smith & Nephew plc, Hologic Inc, Varian Medical Systems Inc, Coloplast A/S, Cook Medical Incorporated, Bio-Rad Laboratories Inc, Teleflex Incorporated, KARL STORZ SE & Co KG, Elekta Instrument AB, Merit Medical Systems Inc, ConMed Corporation, Penumbra Inc, AngioDynamics Inc, AprioMed Inc
Steerable Needles Market 2024 Key Insights:
• The steerable needles market size is expected to see rapid growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Increasing Minimally Invasive Procedures Drive Steerable Needles Market Growth
• Steerable Biopsy Needles Enhancing Precision And Accuracy In Medical Diagnostics
• North America was the largest region in the steerable needles market in 2023
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