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Needle Tracking System Market

Needle Tracking System Market Size, Share & Trends Analysis Report By Product (Electromagnet And Optical), Application (Ultrasound, Biopsy, Drug Delivery, Fluid Aspiration And Nerve Block), End-Users (Hospitals, Ambulatory Surgical Centers And Clinics), Region And Segment Forecasts, 2024-2031

Report ID : 1822 | Published : 2024-08-06 | Pages: 180 | Format: PDF/EXCEL

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:

  • The rising incidence of cancer increases the demand for biopsy procedures and localized treatments such as ablation, driving the need for precise needle tracking.
  • Regulatory approvals for new needle tracking technologies can accelerate market growth by assuring safety and efficacy.
  • Advances in imaging modalities like ultrasound, MRI, and CT have enhanced the accuracy and reliability of needle tracking systems.
  • North America dominated the market and accounted for a global revenue share in 2023. 

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. 

Competitive Landscape:

Some of the Needle Tracking System market players are:

  • BD
  • CIVCO Medical Solutions
  • Medtronic
  • Philips
  • GE HealthCare
  • Zimmer Biomet
  • BK Medical Holding Company, Inc.
  • Brainlab AG
  • Stryker
  • Cook Medical 

Market Segmentation:

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.

Based On Type, The Optical Segment Is A Major Contributor To The Needle Tracking System Market

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 Witnessed Growth At A Rapid Rate

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 Holds A Significant Revenue Share

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.

Recent Developments:

  • In November 2023, BD (Becton, Dickinson and Company) introduced a state-of-the-art ultrasound system that aims to enhance the effectiveness of clinicians in inserting peripherally inserted central catheters (PICCs), central venous catheters, IV lines, and other vascular access devices. The system incorporates integrated visualization capabilities, such as the Cue™ Needle Tracking System, which enables nurses to have uninterrupted and instantaneous tracking of needles in real time.

Needle Tracking System Market Report Scope:

Report Attribute

Specifications

Growth rate CAGR

CAGR of 9.90% from 2024 to 2031

Quantitative units

Representation of revenue in US$ Million and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Product, Application, End-users

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

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

Competitive Landscape

BD, CIVCO, Radiotherapy, Medtronic, C-RAD, Philips Healthcare, Boston Scientific Corporation, and BK Medical Holding Company.

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

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

Segmentation of Needle Tracking System Market-

Needle Tracking System Market By Type-

  • Electromagnet
  • Optical 

Needle Tracking System Market By Application-

  • Ultrasound
  • Biopsy
  • Drug Delivery
  • Fluid Aspiration
  • Nerve Block

Needle Tracking System Market By End Users

  • Hospitals
  • Ambulatory Surgical Centers
  • Clinics

Needle Tracking System Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and 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:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

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: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

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.

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Frequently Asked Questions

How big is the Needle Tracking System Market?

Needle Tracking System Market expected to grow at a 9.90% CAGR during the forecast period for 2024-2031

BD, CIVCO, Radiotherapy, Medtronic, C-RAD, Philips Healthcare, Boston Scientific Corporation, and BK Medical Holding Company.

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