Ultrasound needle guides are an integral part of the modern medical industry, providing surgeons with an accurate, precise way to guide needles for any medical procedure. The global ultrasound needle guides market is estimated to expand at a lucrative CAGR of 6.1% during the forecast period from 2020 to 2027.
The growing demand for minimally invasive procedures is the major factor driving the growth of the global ultrasound needle guides market. Minimally invasive procedures are being increasingly adopted due to the low risk of infection, faster recovery times, and less scarring as compared to conventional surgical procedures. These advantages of minimally invasive procedures have led to a growing demand for ultrasound needle guides that can accurately guide needles during such procedures.
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Moreover, the growing prevalence of chronic diseases and the increasing number of geriatric population are the major factors driving the growth of the global ultrasound needle guides market. As the number of elderly people increases, the need for medical care increases, which is subsequently driving the demand for ultrasound needle guides. The growing demand for diagnostic procedures such as biopsies and aspirations is also contributing to the growth of the global ultrasound needle guides market.
The increasing focus on the development of innovative ultrasound needle guides is also boosting the growth of the global ultrasound needle guides market. For instance, in 2019, Boston Scientific Corporation developed a new ultrasound needle guide- the EchoTip ProCore Ultrasound Needle Guide. This device provides surgeons with greater accuracy and control during biopsy procedures, thereby improving the patient experience.
The high cost of ultrasound needle guides is the major factor restraining the growth of the global ultrasound needle guides market. Additionally, the lack of trained professionals to operate such devices and the lack of awareness about the benefits of ultrasound needle guides in the developing countries are also hindering the growth of the global ultrasound needle guides market.
The global ultrasound needle guides market is segmented on the basis of product type, end user, and region. Based on product type, the market is segmented into manual and automated. The manual segment is expected to dominate the market during the forecast period due to the low cost of manual ultrasound needle guides. Based on end user, the market is segmented into hospitals, clinics, and others. Hospitals are expected to be the major end user of ultrasound needle guides during the forecast period.
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Geographically, the global ultrasound needle guides market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global ultrasound needle guides market during the forecast period due to the presence of a large number of healthcare facilities and the increasing demand for minimally invasive procedures.
Key Market Players:
The major players in the global ultrasound needle guides market are Boston Scientific Corporation, Stryker Corporation, Smith & Nephew, Olympus Corporation, Cook Medical, Inc., Medtronic, B. Braun Melsungen AG, Merit Medical Systems, Inc., and Teleflex Incorporated.
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.
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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