The Global Needle Tracking System Market Size is predicted to witness at a 9.90% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
A needle tracking system is a medical technology that allows healthcare providers to track the movement of a needle or other medical instruments within a patient's body during medical procedures. The system typically consists of a tracking device attached to the medical instrument, such as a needle and a monitor displaying the instrument's real-time location.
Furthermore, the device can use various tracking technologies, such as ultrasound, electromagnetic fields, or optical sensors, to locate and track the instrument's movement. The expanding healthcare expenditures and improved healthcare infrastructure in these economies are expected to create growth prospects for market participants. One of the elements behind the growing adoption of ultrasound technology in needle tracking systems is its ability to accurately and non-invasively locate medical instruments within the body. This is particularly important in minimally invasive procedures, where precise placement of instruments is critical to ensuring successful outcomes.
Ultrasound also provides real-time imaging, allowing physicians to monitor the procedure's progress and adjust their techniques as necessary. Additionally, needle tracking systems offer numerous benefits, but the need for more understanding among healthcare professionals and patients can hinder their adoption. Moreover, the cost of needle monitoring systems can be substantial, making it challenging for healthcare facilities with budgetary constraints to invest in them. These factors may limit the widespread implementation of needle-tracking systems.
The Needle Tracking System market is segmented based on product, application, and end-users. The product segment includes electromagnet and optical. The market is segmented by application into ultrasound, biopsy, drug delivery, fluid aspiration and nerve block. By end users, the Needle Tracking System market is segmented into hospitals, ambulatory surgical centers and clinics.
The optical category will hold a major share of the global Needle Tracking System market in 2024. Several factors are driving the rising adoption of optical-based needle tracking systems. One of the key drivers is the high level of accuracy and precision offered by these systems. Optical systems use high-resolution cameras to track the position of medical instruments, allowing for real-time visualization of the instrument's location within the body. The cost-effectiveness of optical systems is also a factor contributing to their adoption. Optical-based systems can be more cost-effective than other tracking technologies, such as MRI or ultrasound, making them an attractive option for healthcare providers with limited budgets.
The ultrasound segment is projected to grow rapidly in the global Needle Tracking System market. Additionally, ultrasound is a safe and cost-effective option for patients and healthcare providers, making it an attractive alternative to other imaging modalities. These elements have contributed to the increasing popularity of ultrasound-based needle-tracking systems in healthcare settings.
The North America Needle Tracking System market is expected to register the highest market share in revenue soon. The increasing demand for improved healthcare outcomes and rising investments in healthcare infrastructure are projected to drive the growth of the needle-tracking system market in this region. In addition, Asia Pacific is projected to grow rapidly in the global Needle Tracking System market. The region has witnessed a rise in the prevalence of chronic diseases, leading to an increase in the number of medical procedures requiring needle-tracking systems. Additionally, there is a growing awareness among healthcare providers and patients about the benefits of these systems, leading to increased demand for their use.
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Report Attribute |
Specifications |
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Growth rate CAGR |
CAGR of 9.90% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Product, Application, End-users |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
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Competitive Landscape |
BD, CIVCO, Radiotherapy, Medtronic, C-RAD, Philips Healthcare, Boston Scientific Corporation, and BK Medical Holding Company. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Needle Tracking System Market Snapshot
Chapter 4. Global Needle Tracking System Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Product Type Estimates & Trend Analysis
5.1. by Product Type & Market Share, 2023 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Product Type:
5.2.1. Electromagnetic
5.2.2. Optical
Chapter 6. Market Segmentation 2: by End-use Estimates & Trend Analysis
6.1. by End-use & Market Share, 2023 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-use:
6.2.1. Hospitals
6.2.2. Ambulatory Surgical Centers (ASCs)
6.2.3. Clinics
Chapter 7. Market Segmentation 3: by Application Estimates & Trend Analysis
7.1. by Application & Market Share, 2023 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:
7.2.1. Ultrasound
7.2.2. Biopsy
7.2.3. Drug Delivery
7.2.4. Fluid Aspiration
7.2.5. Nerve Block
Chapter 8. Needle Tracking System Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2023-2031
8.1.2. North America Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2023-2031
8.1.3. North America Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.1.4. North America Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
8.2. Europe
8.2.1. Europe Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2023-2031
8.2.2. Europe Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2023-2031
8.2.3. Europe Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.2.4. Europe Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2023-2031
8.3.2. Asia Pacific Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2023-2031
8.3.3. Asia-Pacific Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.3.4. Asia Pacific Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
8.4. Latin America
8.4.1. Latin America Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2023-2031
8.4.2. Latin America Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2023-2031
8.4.3. Latin America Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.4.4. Latin America Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
8.5. Middle East & Africa
8.5.1. Middle East & Africa Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Product Type, 2023-2031
8.5.2. Middle East & Africa Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2023-2031
8.5.3. Middle East & Africa Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.5.4. Middle East & Africa Needle Tracking System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. BD
9.2.2. CIVCO Medical Solutions
9.2.3. Medtronic
9.2.4. Philips
9.2.5. GE HealthCare
9.2.6. Zimmer Biomet
9.2.7. BK Medical Holding Company, Inc.
9.2.8. Brainlab AG
9.2.9. Stryker
9.2.10. Cook Medical
9.2.11. Other Prominent Players
Needle Tracking System Market By Type-
Needle Tracking System Market By Application-
Needle Tracking System Market By End Users
Needle Tracking System Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
