SPECIAL PURPOSE NEEDLES MARKET ANALYSIS

Global Special Purpose Needles market is estimated to be valued at US$ 1,864.7 million in 2023 and is expected to exhibit a CAGR of 7.8% during the forecast period (2023-2030). Increase in the prevalence of gynecologic cancer is expected to drive the market growth over the forecast period. Moreover,  increasing number of biopsy procedures is also expected to drive the market growth.

Analysts’ Views on Global Special Purpose Needles Market:

The global special purpose needles market growth can be driven by an increase in technologically advanced products offered by key market players. For instance, in June 2022, West Pharmaceutical Services, Inc. a global leader in innovative solutions for injectable drug administration, announced that it will unveil its new Daikyo Crystal Zenith 2.25mL Insert Needle Syringe System at BIO International Convention, taking place in San Diego, CA from June 13-16, 2022.

Figure 1. Global Special Purpose Needles Market Share (%), by Product Type, 2023

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Global Special Purpose Needles Market- Driver

Increase in the prevalence of gynecologic cancer

In July 2022, according to research by Springer in South Korea, cancers of the vagina, vulva, placenta, and other undefined sites combined for 74,900 cases. Cervical cancer accounted for 487,300 new cases and 269,500 fatalities. Uterine corpus cancer accounted for 233,300 new cases and 61,400 fatalities. More than 80% of cervical cancer cases occurred in developing nations like South African countries, but over 60% of uterine corpus cases occurred in developed nations such as North America. This rising prevalence of gynecologic cancer demands cost-effective and quality healthcare service. Special purpose needles are being used in large numbers for these procedures, as a result, the market is growing.

Growing awareness among healthcare professionals and easy to use mechanisms is also driving the market

Increasing awareness about risk factors associated with the diseases among the general population as well as healthcare professionals is resulting in widespread prevention of these cancer diseases. However, despite the high level of awareness about gynecologic cancer among the population, the lack of proper knowledge and preventive measures was high. Due to easy to implement procedures and handling of these needles, there is a surge in the demand for the special purpose needles market.

Figure 2. Global Special Purpose Needles Market Share (%), by Region, 2023

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Global Special Purpose Needles Market- Regional Analysis

North America has a large and well-developed healthcare industry that creates a high demand for medical devices, including special purpose needles. The rise in aging population in the region also requires a range of medical procedures as a result of chronic diseases that require specialized needles.

North America is home to some of the world's leading medical device manufacturers, which have developed cutting-edge technologies and products, including specialized needles. In addition, modern medical facilities and issues with facility hygiene are anticipated to support market expansion in Europe. In the Asia Pacific region, the special purpose needles market is anticipated to develop at the fast rate.

Global Special Purpose Needles Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency on January 30, 2020. As of 3 May 2023, there have been 766,895,075 confirmed cases of COVID-19, including 6,935,889 deaths, reported to WHO.

COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems with regard to the transportation of drugs and vaccines from one place to another.

However, the pandemic also led to an increased demand for medical devices, including specialized needles, due to the need for testing, treatment, and vaccination. This has created opportunities for manufacturers of these devices to increase production and sales.

The pandemic has led to changes in healthcare practices, such as an increase in telemedicine and a decrease in elective procedures. This has impacted the demand for specialized needles used in certain procedures.

Global Special Purpose Needles Market Segmentation:

The global special purpose needles market report is segmented into product, light source, modality, and end user

Based on Product type, the market is segmented into fine aspirating needles, biopsy needles, hypodermic needles, pen needles, suture needles, iv catheter needle, implantation needles, dental needles, ophthalmic needles, blood collection needle, spinal anesthesia needle, epidural needle, A.V. fistula needle, cannula needles. Hypodermic needles held a dominant position in te market. These are commonly used for administering medications and fluids, while fine aspirating needles are used for fine-needle aspiration (FNA) biopsies. Biopsy needles, on the other hand, are used to obtain tissue samples for diagnosis, while suture needles are used to close wounds.

Based on Application, the market is segmented into sample collection & drug delivery. sample collection needles are used to collect various types of biological specimens, such as blood, urine, and tissue samples, for diagnostic purposes. These needles are designed to minimize patient discomfort, while also ensuring that the collected sample is of sufficient quality for analysis. Examples of sample collection needles include blood collection needles and fine-needle aspiration (FNA) biopsy needles. Drug delivery needles, on the other hand, are used to administer medications directly into the body. These needles come in various sizes and designs, depending on the medication being administered and the intended route of administration.

Based on Distribution Channel, the market is segmented into Hospital Pharmacies, Private Clinics, Retail Pharmacies, and Drug Stores & e-Commerce. Among these, the Hospital Pharmacies segment held a dominant position in the global special purpose needles market.

Global Special Purpose Needles Market Cross Sectional Analysis:

North America market for special purpose needles is anticipated to expand at the highest pace. Increase in demand for hypodermic needles due to high awareness of pre-filled syringes in the area and growing liabilities in the healthcare sectors are the factors likey drive the growth of market

Global Special Purpose Needles Market: Key Developments

In January 2020: Janney Montgomery Scott LLC announced that the company acquired additional 662 shares of Becton Dickinson and Co.

In 2020: Intalere announced a new agreement with Sharp Fluidics, LLC for its proprietary Operative Armour suture needle management system.

Global Special Purpose Needles Market: Restraint

The high costs of pre-filled syringes remain barrier to market growth in the near future

Pre-filled syringes offer several advantages, such as convenience, accuracy in dosage, and reduced risk of contamination. However, the production and manufacturing processes for pre-filled syringes can be costly. These costs are primarily driven by factors such as material expenses, manufacturing technologies, sterilization requirements, quality control measures, and regulatory compliance.

Global Special Purpose Needles Market: Key Players

Major players operating in the global special purpose needles market include Boston Scientific Corporation, Argon Medical Devices, Inc., Becton, Dickinson and Company, Cook Medical, B. Braun Melsungen AG, Medtronic Plc., Novo Nordisk A/S, SERAG-WIESSNER GmbH & Co., Smith’s Medical, Terumo Corporation, Stryker Corporation, and NIPRO Medical Corporation.

Definition: Special purpose needles are made to deliver medications and remove bodily fluids. Fine aspirating needles, biopsy needles, hypodermic needles, pen needles, suture needles, IV catheter needles, implantation needles, dental needles, ophthalmic needles, blood collection needles, spinal anesthesia needles, epidural needles, A.V. fistula needles, and cannula needles are just a few examples of the various types of special purpose needles available.