Special purpose needles are used for different drug deliveries and sample collection. A hypodermic needle a hollow needle commonly used with a syringe to inject substances into the body or extract fluids from it. It is used for rapid delivery of liquids.
The global special purpose needles market is estimated to account for US$ 18,545.3 Mn in terms of value by the end of 2027.
Global Special Purpose Needles Market: Drivers
Increasing adoption of needle biopsy is expected to propel growth of the global special purpose needles market over the forecast period. The preference for core needle biopsy and fine-needle aspiration biopsy is high for accessing cells from tumors and other lesions for diagnostic assessment. Moreover, needle biopsy involves less time, trauma, and cost, which increases its adoption, thereby driving growth of the market.
Global Special Purpose Needles Market: Opportunities
Optimizing needle localization technology is expected to offer lucrative growth opportunities for players in the global special purpose needles market. Integration of algorithm in needle localization technology can reduce operator dependence in ultrasound-guided breast biopsy.
Global Special Purpose Needles Market: Restraints
Increasing drug needle pollution is expected to hinder growth of the market. Hypodermic needles are often left by drug users in parks, playgrounds, and other public places. Needle pollution can increase the risk of HIV and AIDS. Such scenario is expected to shift public preference to needle-free options.
The Biopsy Needles segment in the global special purpose needles market was valued at US$ 1,184.3 Mn in 2019 and is expected to reach US$ 2,200.1 Mn by 2027 at a CAGR of 8.0% during the forecast period. The growth of the segment is attributed to increasing number of cancer biopsies during the forecasted period.
The Blood Collection Needle segment held dominant position in the global special purpose needles market in 2019, accounting for 14.2% share in terms of value, followed by Fine Aspirating Needles and Hypodermic needles, respectively. Increasing product launches is anticipated to assist the growth of the market during the forecasted period
The Hospital Pharmacies segment held dominant position in the global special purpose needles market in 2019, accounting for 51.0% share in terms of value followed by Retail Pharmacies and Drug stores, respectively. Increasing patient population suffering from acute and chronic diseases is expected to propel the growth of the market during the forecast period.
Increasing incidence of cancer, spine-related disorders, and diabetes is leading to high demand for special purpose needles in Asia Pacific. For instance, according to the study, ‘Trends in and Predictions of Colorectal Cancer Incidence and Mortality in China From 1990 to 2025’, published in the journal Frontiers in Oncology in February 2019, in China, the age-standardized incidence rate among males for colorectal cancer increased by 2.76% per year from 1990 to 2016, and the cancer cases increased more than three times compared to 1990. However, low reimbursement rates in the region prevents uptake of advanced products.
In Middle East and Africa, lack of regulatory harmonization and standard reporting practices are expected to contribute to sub-optimal reporting of adverse incidents due to special purpose needles, thus deterring future product uptake.
Global Special Purpose Needles Market: Competitive Landscape
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.
Global Special Purpose Needles Market: Key Developments
January 2020: Janney Montgomery Scott LLC announced that the company acquired additional 662 shares of Becton Dickinson and Co.
August 2019: Intalere announced a new agreement with Sharp Fluidics, LLC for its proprietary Operative Armour suture needle management system
“*” marked represents similar segmentation in other categories in the respective section.