Needles Market to Reach US$ 8.3 Billion by 2025

Published On : Feb 22, 2018

The Global Needles Market, By Needle Type (Conventional Needles and Safety Needles), By Delivery Site (Intradermal, Subcutaneous, Intravenous, Intramuscular, and Intraperitoneal), By Application (Surgical Suture Needles, Pen Needles in Diabetes, Blood Collection Needles, Ophthalmic Procedure Needles, Dentistry Needles, Insufflation Needles, and Other Needles), By Material (Stainless Steel Needles, Plastic Needles, Glass Needles, and PEEK Needles) and By End User (Hospitals, Clinics, Diagnostic Centers, Research Institutions, Home-based care, and Others) was valued at US$ 5.75 billion in 2017 and is expected to witness a CAGR of 7.6% over the forecast period (2017–2025) as highlighted in new report published by Coherent Market Insights. The needles market is expected to witness significant growth, owing to high prevalence of chronic diseases and high unmet need for palliative care, unmet surgical needs, and increasing vaccination drives. Companies are focusing on product diversification based on the needs of the patients and healthcare providers thereby, fuelling growth of the needles market.

Growing demand for palliative care and surgeries to propel growth for the needles market

Increasing demand for palliative care and unmet surgical needs are major factors expected to aid in growth of the market. For instance, according to World Health Organization (WHO), 2017, around 40 million people are in need of palliative care worldwide, 78% of these live in low- and middle-income countries. Patients suffering from cardiovascular diseases (38.5%), cancer (34%), chronic respiratory diseases (10.3%), AIDS (5.7%) and diabetes (4.6%), kidney failure, and chronic liver diseases require palliative care. Only around 14% of people actually receive palliative care among the above mentioned population. Cardiovascular diseases, cancer, diabetes, and respiratory disease are responsible for over 28 million deaths annually. Needle is a significant component in most of surgeries. Therefore, increasing number of surgeries and unmet surgical needs is expected to positively aid in growth of the market. For instance, according to World Bank statistics, in 2012, there were 4,511 surgeries performed per 100,000 people, globally. As per Lancet Commission for Global Surgery report, in 2015, 28-32% of the global burden of disease can be treated successfully through surgical intervention. This needs are mostly unmet in Asia Pacific and African regions

Browse 40 Market Data Tables and 38 Figures spread through 180 Pages and in-depth TOC on “Needles Market”- Global Forecast to 2025, by Needle Type (Conventional Needles and Safety Needles), by Delivery Site (Intradermal, Subcutaneous, Intravenous, Intramuscular, and Intraperitoneal), by Application (Surgical Suture Needles, Pen Needles in Diabetes, Blood Collection Needles, Ophthalmic Procedure Needles, Dentistry Needles, Insufflation Needles, and Other Needles), by Material (Stainless Steel Needles, Plastic Needles, Glass Needles, and PEEK Needles) and by End User (Hospitals, Clinics, Diagnostic Centers, Research Institutions, Home-based care, and Others) and by Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa)

To know the latest trends and insights prevalent in the global needles market, click the link below:

https://www.coherentmarketinsights.com/market-insight/needles-market-1331

Key players are focusing on introducing new and innovative products to fulfill the needs of various end users. For instance Becton, Dickinson and Company introduced the BD Ultra-Fine micro pen needle in 2017, for use with different pen injection devices. People with diabetes are less likely to accidentally inject their insulin dose into a muscle with this product, and it provides one of shortest length pen needle, therefore, patients experience minimum pain. In 2016, Nipro Medical Corporation launched safetouch safety needle, which is known to protect the patients from needle stick injuries.

Key Takeaways of the Needles Market:

  • The global needles market is expected to increase at a CAGR of 6 % over the forecast period, owing to high prevalence and incidence of chronic diseases, increasing demand for palliative care.
  • Among end users, hospitals segment is expected to account for the largest share over the forecast period. This is owing to frequent use of needles for different applications such as drug administration and nutrition therapy conducted at hospitals.
  • Among applications, pen needle in diabetes segment is expected to account for significant share over the forecast period, owing to increasing prevalence of diabetes worldwide. Also, insulin is required to be administered subcutaneously, daily on the basis of severity of the disease.
  • Some of the major players operating in the needles market are Medtronic plc, Becton, Dickinson and Company, Hamilton Company, Stryker Corporation, Terumo Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, Nipro Medical Corporation, Novo Nordisk A/s, Thermo Fisher Scientific, and Smiths Medical.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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