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Strong Market Growth in Recent Years

• Market Size in 2023: The steerable needles market has shown impressive growth, reaching $1.47 billion in 2023.
• Growth Rate: It is projected to grow to $1.61 billion in 2024 at a CAGR of 9.7%.
• Historic Growth Factors: Key drivers include regulatory approvals, standardization initiatives, increased demand for minimally invasive procedures, rising prevalence of chronic diseases, expanding applications in diagnostic imaging, and a growing geriatric population.

Rapid Growth Expected in Coming Years

• Future Market Size: The market is expected to surge to $2.35 billion by 2028, with a CAGR of 10.0%.
• Forecast Growth Drivers: Anticipated growth factors include the adoption of artificial intelligence in medical procedures, expansion of telemedicine and remote surgery, emerging markets, integration with imaging technologies, and development of advanced materials for better maneuverability.
• Trends to Watch: Key trends include enhanced robotic-assisted navigation systems, miniaturization of components, incorporation of sensor technology for real-time feedback, machine learning algorithms for trajectory optimization, and smart materials for self-steering capabilities.

Read More On The Steerable Needles Market Report 2024 – https://www.thebusinessresearchcompany.com/report/steerable-needles-global-market-report

Increasing Minimally Invasive Procedures Drive Market Growth

• Minimally Invasive Procedures: These procedures involve small incisions or natural body openings, reducing tissue damage and recovery time.
• Growth Impact: Increased adoption of minimally invasive procedures is driving the market growth due to benefits like reduced recovery times, lower risk of complications, and less postoperative pain.
• Statistical Insight: According to the American Society of Plastic Surgeons, minimally invasive procedures such as HA fillers increased from 28.78 million in 2020 to 48.83 million in 2022, and non-invasive fat reduction procedures rose from 38.65 million in 2020 to 68.29 million in 2022.

Major Players in the Steerable Needles Market

• Key Companies: Prominent players include 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 Biopsy Needles Enhancing Precision

• Innovative Products: Companies are developing steerable biopsy needles to improve precision in tissue sampling and accuracy of diagnoses.
• Example: Serpex Medical’s Compass Steerable Needles received FDA 510K clearance in September 2022. These needles provide precise three-dimensional positioning for better access to lung nodules and small lesions, offering exceptional maneuverability and controlled targeting.

Strategic Acquisitions

• Halma’s Acquisition of IZI Medical Products: In October 2022, Halma plc acquired IZI Medical Products for £138 million ($149.9 million). This acquisition aims to enhance Halma’s healthcare sector, especially in minimally invasive diagnosis and treatment of conditions like cancer.

Market Segmentation

• By Type: Bevel-Tip Flexible Needles, Symmetric-Tip Needles, Tendon Actuated Tip Needles.
• By Application: Biopsy, Tumor Ablation, Pain Management, Robotic Assisted Surgery, Other Applications.
• By End User: Hospitals, Ambulatory Surgical Centers, Other End Users.

Regional Insights

• Largest Region in 2023: North America dominated the steerable needles market.
• Fastest-Growing Region: Asia-Pacific is expected to be the fastest-growing region in the forecast period, driven by advancements in healthcare infrastructure and increasing adoption of innovative medical technologies.

The steerable needles market is set for remarkable growth, driven by technological advancements, increasing demand for minimally invasive procedures, and strategic industry movements. With ongoing innovations and expanding applications, this market promises significant advancements in medical procedures and diagnostics.

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