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Disposable Needle Guide Market Size, Share Global Analysis Report, 2022 – 2028
Disposable Needle Guide Market Size, Share, Growth Analysis Report By End-Users (Ambulatory Surgical Centers, Hospitals & Clinics, and Diagnostic Centers), By Application (Biopsy, Cardiology, Urology, and Gynecology), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028
Industry Insights
[204+ Pages Report] According to the report published by Facts Factors, the global disposable needle guide market size was worth around USD 3.5 billion in 2021 and is predicted to grow to around USD 6 billion by 2028 with a compound annual growth rate (CAGR) of roughly 3.55% between 2022 and 2028. The report analyzes the global disposable needle guide market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the disposable needle guide market.
Market Overview
Needle guides are important medical tools with assistive benefits during surgical procedures. They are used to provide needles with precision during medical interventions. Needle guides are used to restrict needle movement and keep them assigned to the desired path when conducting surgeries or any other medical intervention requiring the use of needles. Some of the benefits associated with the use of needle guides include patient safety and needle visualization. It allows the medical professional to carry out the treatment task without having to worry about the positioning of the needle during long surgical procedures that can get tiring resulting in chances of human error. With the help of needle guides, doctors have been able to reduce patient discomfort, since these devices help in reducing the number of attempts medical personnel has to make in reaching the target with the aid of on-screen guidelines on the device. For instance, during in-plane ultrasound procedures, the needle is held with the help of the guide in the ultrasound plane to provide effective visualization.
Key Insights
- As per the analysis shared by our research analyst, the global disposable needle guide market is estimated to grow annually at a CAGR of around 3.55% over the forecast period (2022-2028)
- In terms of revenue, the global disposable needle guide market size was valued at around USD 3.5 billion in 2021 and is projected to reach USD 6 billion, by 2028
- Due to a variety of driving factors, the market is predicted to rise at a significant rate
- Based on application segmentation, biopsy was predicted to show maximum market share in the year 2021
- Based on end-users segmentation, hospitals & clinics were the leading end-users in 2021.
- On the basis of region, North America was the leading revenue generator in 2021
Covid-19 Impact:
The global market cap witnessed a rise in demand during the pandemic owing to the sudden surge in demand in the healthcare industry propelling the demand for medical equipment. In 2020 and the first and second quarters of 2021, hospitals and medical centers recorded high patient admission majorly centered on Covid-19 infected patients while also dealing with other medical cases, a major reason for the growth in the global market demand.
Growth Drivers
- Easy installation of disposable guides to propel market demand
The global disposable needle guide market is anticipated to grow driven by the benefits of using disposable devices as compared to reusable needle guides. The former is made of a single piece of medical-grade plastic while reusable guides consist of multiple movable parts making its handling a difficult and time-consuming activity. On the other hand, disposable guides can easily snap into the transducer while reusable guides have to be secured by working on systems including screws and latches. This makes disposable guides easier to install and reduces the time required to get the device functioning. Metal guides have to be stored and sterilized after every use and the failure to do so could have serious implications. This issue does not arise while using disposable needle guides as they automatically become non-usable when used once.
Restraints
- Creation of additional medical waste to restrict the market growth
Disposable needle guides are made of plastic and since they can be used only once post they have to be discarded. This system adds to the already prevalent problem of massive loads of medical waste without proper waste management facilities. As reported by the Times of India, a leading Indian newspaper, the country produces more than 56,000 tonnes of medical waste every year, while the US is known to produce 6 million tonnes of healthcare-related waste annually.
Opportunities
- Emerging economies to pose as excellent growth opportunities
The players in the global disposable needle guide market are expected to gain more revenue driven by the rising healthcare infrastructure in emerging economies that are recently witnessing a growing trend of international and domestic investments to increase the number of medical facilities and devices. For the under-developed countries, the devices are fairly new and are yet to create a strong consumer database that is projected to be achieved in the coming years.
Challenges
- Development of eco-friendly medical-grade plastic is a major challenge in the market
A large number of medical devices are made of plastics deemed safe to be used in the healthcare sector. However, it is a leading cause of environmental pollution and a lot of discussion at national and international forums has caused the healthcare community to find ways of reducing bio-waste. A major challenge the global market players face is the development of effective, efficient, and environmental-friendly medical-grade plastics.
Segmentation Analysis
The global disposable needle guide market is segmented based on end-user, application, and region.
Based on end-users, the global market segments are ambulatory surgical centers, hospitals & clinics, and diagnostic centers. Although needle guides are used in hospitals, clinics, and diagnostics centers, the global market is led by the hospitals & clinics segment owing to the preference of patients to visit large medical facilities for operational procedures. For instance, needle guides have large applications in radiology operational procedures for the thyroid, liver, and breast, along with drainage-related medical processes for the lungs and abdomen. In the US, more than 1 million to 2 million women are known to have undergone breast augmentation as of 2022.
Based on application, the global market is divided into biopsy, cardiology, urology, and gynecology. The demand for disposable needle guides is the highest for the biopsy segment which is the process of removing a cell sample or a part of body tissue for further examination. As per a 2010 report published by the National Library of Medicine, more than 700,000 breast-related biopsies were conducted in the US every year.
Recent Developments:
- In March 2021, Leapmed, a global supplier of needle guides, announced the launch of a new disposable needle guide called V3.0. The newly launched product is the latest version of the old Ultrasound guided disposable guide, called the X-Needle guide. V3.0 has high demand in the market since not only do these guides provide excellent precision, but they are also radiation-free making them safe for use
- In May 2021, Rocket Medical Group, a producer of single-use medical devices, was acquired by Röko, a Sweden-based investment firm. The acquiring company made the move in partnership with Bernberg family members that are the owners of the Rocket Medical Group for more than 5 decades.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 3.5 Billion |
Projected Market Size in 2028 |
USD 6 Billion |
CAGR Growth Rate |
3.55% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Rocket Medical, GE Healthcare, Argon Medical Devices, PHILIPS, BK Medical Holding Company Inc., CIVCO Medical Solutions, and others. |
Key Segment |
By End-Users, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Regional Analysis
- North America to generate the highest revenue during the forecast period
The global disposable needle guide market is projected to be dominated by North America in the coming years owing to the presence of key players in the US, further propelled by the excellent medical infrastructure of Canada along with its neighboring countries. The market leaders in the US are responsible for some of the most profitable collaborations, acquisitions, mergers, and other activities that can help them attain a stronger global market hold. The regional market may also be driven by the increasing number of patients and a geriatric population that need medical attention regularly overwhelming the healthcare industry. Product innovations and investment toward the development of medical devices that are beneficial for the patients as well as medical personnel may help generate more revenues during the forecast period.
Competitive Analysis
- Rocket Medical
- GE Healthcare
- Argon Medical Devices
- PHILIPS
- BK Medical Holding Company Inc.
- CIVCO Medical Solutions.
The global disposable needle guide market is segmented as follows:
By End-Users
- Ambulatory Surgical Centers
- Hospitals & Clinics
- Diagnostic Centers
By Application
- Biopsy
- Cardiology
- Urology
- Gynecology
By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Content
Industry Major Market Players
- Rocket Medical
- GE Healthcare
- Argon Medical Devices
- PHILIPS
- BK Medical Holding Company Inc.
- CIVCO Medical Solutions.
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