CHICAGO, Feb. 16, 2023 /PRNewswire/ -- The ultrasound needle guide industry is expected to experience strong growth in the near future. Increasing demand for minimally invasive procedures, rising acceptance of ultrasound-guided needle placement, advancements in ultrasound imaging technology, and increasing demand for Point-of-care (POC) ultrasound systems are some of the factors driving the growth of the ultrasound needle guide industry. Additionally, the increasing prevalence of chronic diseases, such as cancer and diabetes, and the growing number of geriatric patients, who require minimally invasive surgeries, are also expected to drive the demand for ultrasound needle guides. Furthermore, the increased focus on patient safety and comfort associated with the use of ultrasound needle guides is likely to further fuel the growth of the ultrasound needle guide industry.
Ultrasound Needle Guides Market in terms of revenue was estimated to be worth $274 million in 2022 and is poised to reach $369 million by 2027, growing at a CAGR of 6.1% from 2022 to 2027 according to a new report by MarketsandMarkets. The use of needle guides in ultrasound-assisted biopsies has become fairly widespread in recent years. Placing a guide over the ultrasound probe is thought to prevent deviation of the biopsy needle from its predetermined track, which conceptually should lead to fewer complications. Ultrasounds are used to perform multiple types of interventions, such as biopsies and ultrasound-guided aspirations. Ultrasound-guided needles are used to secure needle alignment with the ultrasound transducer. Designed to keep the needle within the sound beam for increased visualization, ultrasound needle guides simplify procedures. The use of a needle guide improves biopsy adequacy and is associated with reduced rates of minor complications in native biopsies.
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Ultrasound Needle Guides Market Scope:
Report Coverage | Details |
Market Revenue in 2022 | $274 million |
Estimated Value by 2027 | $369 million |
Growth Rate | Poised to grow at a CAGR of 6.1% |
Market Size Available for | 2020-2027 |
Forecast Period | 2022-2027 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By type, application, end-user |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growth opportunities in emerging economies |
Key Market Drivers | Increasing prevalence of target diseases |
Based on type, The disposable needle guides segment accounted for the largest share of the global ultrasound needle guides market
Based on type, the ultrasound needle guides market is segmented into reusable needle guides and disposable needle guides. The disposable needle guides segment accounted for the largest share of the global ultrasound needle guides market in 2021 as disposable needle guides are designed to correspond with on-screen system guidelines, directing instruments for accurate placement.
Based on end user, the hospital segment is expected to dominate the ultrasound needle guides market
Based on end user, the ultrasound needle guides market is segmented into hospitals and clinics, ambulatory surgical centers, diagnostic imaging centers, and other end users. The hospital segment is expected to dominate the ultrasound needle guides market during the forecast period. growing healthcare sector in emerging economies, the increasing out-of-pocket healthcare expenditure across the world, and the rising demand for ultrasound procedures further increase the preference for ultrasound needle guides among physicians.
The Asia Pacific market is expected to grow at a higher CAGR during the forecast period
The APAC market is expected to grow at the highest rate during the forecast period. Factors such as the rising prevalence of target diseases, and the ongoing trend of device miniaturization. However, factors such as the stringent government regulations related to the OB/GYN applications of ultrasound, limited availability of medical reimbursements for ultrasound, and the shortage of trained and skilled sonographers are expected to hamper the growth of the Asia Pacific ultrasound needle guides market during the forecast period.
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Ultrasound Needle Guides Market Dynamics:
Drivers:
- Increasing prevalence of target diseases
- Increasing preference for minimally invasive biopsies
- Increasing adoption of ultrasound imaging
- Advantages offered by needle guides
Restraints:
- Risk of infections associated with use of aspiration and biopsy needles
- Limited reimbursement in developing countries
Opportunities:
- Growth opportunities in emerging economies
Challenges:
- Limited number of skilled medical professionals
Key Market Players:
The prominent players in the ultrasound needle guides market are Roper Technologies (CIVCO Medical Solutions) (US), Aspen Surgical (US), FUJIFILM Holdings Corporation (Japan), Siemens Healthineers AG (Germany), Becton, Dickinson and Company (US), Argon Medical Devices (US), Hologic, Inc. (US), Remington Medical Inc. (US), Geotek Medical (Turkey), InnoFine (China), KOELIS (France), Rocket Medical (China), BIRR (Netherlands), IZI Medical (US), Sheathing Technologies, Inc. (US), weLLgo Medical Products GmbH (Germany), and Advance Medical Designs, Inc. (US).
Recent Developments:
- In April 2022, Audax Private Equity has invested in Aspen Surgical. This investment has helped Audax to support Aspen as it pursues imminent organic growth and larger-scale acquisition opportunities to expand globally as a leading provider of single-use surgical products to acute care and surgical settings.
- In March 2021, Aspen Surgical has acquired Bluemed Medical Supplies. The acquisition of BlueMed has strengthened Aspen's broad portfolio of surgical disposables and patient and staff safety products sold in the acute care market.
- In November 2020, Aspen Surgical has acquired Protek Medical Products. The acquisition of Protek has strengthened Aspen's broad portfolio of medical and patient & staff safety products sold in the hospitals and surgery centers markets.
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Objectives of the Ultrasound Needle Guides Study:
- To describe, analyze, and forecast the ultrasound needle guides market by type, application, end user, and region.
- To describe and forecast the ultrasound needle guides market for key regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
- To provide detailed information regarding the drivers, restraints, opportunities, and challenges influencing the growth of the ultrasound needle guides market.
- To strategically analyze the ecosystem, regulations, patenting trend, value chain, supply chain, Porter's five forces, technologies, key stakeholders and buying criteria, and prices pertaining to the market under study.
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market.
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for market players.
- To profile key players and comprehensively analyze their market shares and core competencies in the ultrasound needle guides market.
- To analyze competitive developments such as investments, acquisitions, and R&D activities in the ultrasound needle guides market.
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