Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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 evaluated at US$ 5.75 billion in 2017 and is foreseen to witness a CAGR of 7.6% over the projected period (2017-2025).
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According to the latest report, the global needles market would witness rampant growth over the course of the next few years. High prevalence of chronic diseases, increasing vaccination procedures, and an unmet need for palliative care are majorly responsible for the potential growth of the global needles market. Keeping in mind the different needs of patients, various companies are focusing on product diversification, which is again fuelling the global market expansion.
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Escalating demand for palliative care and surgeries is projected to propel the growth for the global needles market over the estimated period. According to the World Health Organization (WHO), approximately 40 million people worldwide, especially those in low- and middle-income countries, were found to be in need of palliative care in 2017. It was reported by the same source that patients suffering from cardiovascular diseases (38.5%), cancer (34%), chronic respiratory diseases (10.3%), AIDS (5.7%), diabetes (4.6%), kidney failure, and chronic liver diseases are most in need of palliative care.
Moreover, increasing number of surgeries, coupled with unmet surgical needs, positively aids in the growth of the global market. Based on the World Bank statistics, in 2012, there were 4,511 surgeries performed per 100,000 people worldwide. In addition, the Lancet Commission for Global Surgery reported that around 28% to 32% of the global burden of this disease can be treated successfully through surgical intervention.
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Key Market Takeaways:
- Among end-users, the hospitals segment is expected to acquire the largest share over the forecast timeline, owing to the frequent use of needles for different purposes, such as drug administration and nutrition therapies conducted at hospitals.
- In terms of application, the pen needles in diabetes segment is expected to grow substantially in the foreseeable future, with the burgeoning prevalence of diabetes worldwide. In addition, insulin is required to be administered subcutaneously on a daily basis in a severe condition of the disease.
- The leading players operating in the global 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.
- These companies have introduced innovative products in the recent past in order to cater to the growing requirements of end-users. For instance, in 2017, Becton, Dickinson and Company introduced the BD Ultra-Fine micro pen needle for use in different pen injection devices. Using this device, patients are said to experience minimal pain.
- In 2016, Nipro Medical Corporation launched the Safetouch safety needle, which is said to protect the patients from needle stick injuries.
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