Special Purpose Needle Market By Product Type(Fine Aspirating Needles, Biopsy Needles, Hypodermic Needles, Pen Needles, Suture Needles, IV Catheter Needles, Implantation Needles, Blood Collection Needles, Pneumoperitoneum Needles) By Application (Sample Collection, Drug Delivery) By Distributed Channels (Hospital Pharmacies, Private Clinics, Retail Pharmacies, Drug Stores, E-Commerce) and Region – Global Forecast to 2024
Needles and syringes are the world’s widely used medical disposables. Needle is a tool used to inject or suck fluids from the body in order to take blood samples or injection of drugs in to the body. Depending upon the type of medical practice, a wide variety of needles is designed for different medical practices. Syringe and needles are among the segment that has maintained their market position from a long period of time despite of various up and downs in the healthcare industry. Government of developing countries are collaborating with private medical companies in order to raise awareness about the unsafe use of needles and together they are taking initiatives for the production of user-friendly safety needles so as to prevent needle infections thus preventing HIV and blood borne diseases.
Expanding with a compound annual growth rate of 7.5%, the global special purpose needle market is anticipated to reach USD 15 billion by the end of 2023.
North-America is expected to dominate the special purpose needle market in terms of revenue and is anticipated to reach USD 5.5 billion by the end of 2023 witnessing a CAGR of 8.5% over the forecast period owing to the advance medical facilities of the nations such as U.S and Canada.
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U.S is anticipated to remain the largest market; however Latin-America and Asia-Pacific market is expected to project a strong growth due to development in healthcare industry in order to provide better medical facilities in developing nations such as India and China. The market is anticipated to witness a CAGR of 7.8% between 2016 and 2023.
The market is anticipated to show a strong growth owing to increasing geriatric populations, increasing aging population and increasing awareness of diseases spread through the needle infections.
Global Special Purpose Needle Market is further classified on the basis of region as follows: North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis, Latin America (Brazil, Mexico, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis, Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe) Market size, Y-O-Y growth & Opportunity Analysis, Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia) Market size, Y-O-Y growth & Opportunity Analysis, Middle East and Africa.
Growth Drivers and Challenges
Special purpose needle market is mainly driven by the growing hygiene consciousness among patients by providing advanced user safety and cost-effective solutions. Growing healthcare focus and increasing expenditure by the government of developing countries in order to provide better medical facilities are some of factors that will propel the demand for special purpose needle and will further boost the special purpose needle market across the globe.
Increase in the use of self-injection devices among the patients suffering from allergic asthma, rhinitis, and migraine will boost the growth of special purpose needle market in upcoming 5-6 years.
Increasing awareness of diseases such as HIV/AIDS, HCV, HBV, simplex virus, malaria, syphilis, typhus, and tuberculosis will further spur the demand for special purpose needles across the globe.
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High cost associated with the product; rising awareness of needle free technology in medical practices are some of the factors that can restrain the growth of special purpose needle market over the forecast period.
Medtronic,B. Braun Melsungen AG, Becton, Dickinson Company, Terumo Corporation, Smiths Medical, Boston Scientific Corporation, Novo Nordisk A/S, Argon Medical Devices Inc., Stryker Corporation, NIPRO Medical Corporation, Cook Medical, SERAG-WIESSNER GmbH & Co.
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