Global Needles Market Size & CAGR (2021 to 2026)
As per our report, the global needles market size was valued at USD 6.72 billion for 2021 and is poised to reach USD 9.74 billion by the end of 2026, growing at 7.7% CAGR during the forecast period.
Impact of COVID-19 on the global needles market:
The current new coronavirus pandemic raises a slew of issues that have impacts in healthcare and other sectors, many of which are felt more acutely by vulnerable and marginalized populations. Maintaining safe injection practices by providing enough sterile needles and syringes to those who inject drugs is one of these issues. The supply of needles has been severely hampered as a result of the nationwide lockdown disruption. The pandemic has spread across much of Europe and North America, with over a million new cases and over 10,000 deaths every day. COVID-19 safety protocols have increased waste, ranging from face masks to gloves to, most recently, discarded syringes and needles from COVID-19 vaccines. Another issue is that the COVID-19 vaccine must be administered in two doses, which may raise a person’s dread and contribute to the growing needle market. However, if billions of people require a new coronavirus vaccine while companies continue to produce the standard array of vaccines for influenza, MMR, and other diseases, there could be a supply shortage. The race to identify and produce a vaccine is on as the globe looks for a means to end the coronavirus pandemic and rising needle market in the future.
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KEY DRIVING FACTORS:
The rising geriatric population and rising prevalence of numerous chronic diseases globally are expected to boost the needles market.
According to the NIH, 8.5 percent of the world’s population (617 million) is 65 or older today. Geriatric populations are increasing in developing countries such as India, China, and Japan. According to the WHO, chronic diseases kill 41 million people each year, accounting for 71% of all deaths worldwide. The leading cause of NCD mortality (17.9 million) is CVD, followed by diabetes (1.5 million), cancer (9.3 million), and respiratory illnesses (4.1 million). The growing number of diabetic patients, rising prevalence of chronic diseases, and an aging global population are expected to propel the needle market forward.
Growing vaccine demand, as well as increasing the number of hospitals and clinics in emerging countries are two important growth drivers for the needles market.
As the global incidence of covid-19 rises, vaccine sales are likely to expand as a result of spreading vaccination around the world to prevent infections. According to the CDC, using safe needles can prevent between 62% and 88% of accidental needlestick infections.
In many regions of the world, external pressures, health system flaws, and hospital sector limitations are driving a new vision for hospitals. According to a report, on April 2020, by an independent authority, CDDEP India has roughly 70,000 hospitals. The healthcare industry and several players are already investing heavily in R&D for newer types of needles or special purpose needles. Rising expenditure and the development of the healthcare sector are two other factors driving global needles market growth around the world.
However, rising needlestick injuries and infections, the use of needle-free technology, and a growing focus on developing alternative medication delivery techniques are restraining the growth of the needles market. Over the years, hypodermic needles have been manufactured and used in a specific standard format. A massive amount of waste is produced by the use of disposable needles. Many developed regions have strict regulations.
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KEY MARKET INSIGHTS:
- Based on type, During the projected period, the fastest-growing type segment is expected to be the safety needle.
- Based on delivery mode, in 2020, the hypodermic segment dominated the worldwide needles market. Due to rising Chronic disorders such as Diabetes, etc.
- Based on region, due to rising population and chronic disorders, expanding Asian countries offer high-growth possibilities for market players.
- The major market players are BD, Medtronic plc, Novo Nordisk A/s, Stryker Corporation, Boston Scientific Corporation, B. Braun, Terumo Corporation, Thermo Fisher Scientific, Smiths Medical. In the near future, the growing emphasis on using safe and unused needles to avoid infections is expected to accelerate the overall market’s growth. Through the use of various analytical tools, the research study provides a thorough understanding of the global special purpose needle market’s product segmentation, applications, current trends, key regional segments, and competitive landscape. Furthermore, several initiatives taken by governments and medical facilities to raise awareness about the use of safe needles are expected to boost the market growth.
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Recent Market Developments:
- In March 2021, Terumo has begun to manufacture a seven-shot syringe for the COVID-19 vaccine, which was developed by Pfizer Inc.
- In December 2020, The Portex® EchoGlo® needle peripheral nerve block portfolio has been launched by Smiths Medical.
- In April 2019, In the United States, B. Braun launched the first FDA-approved heparin sodium prefilled syringe with an attached safety needle.
SEGMENTS COVERED IN THE REPORT:
- Conventional Needles
- Bevel Needles
- Blunt Fill Needles
- Filter Needles
- Vented Needles
- Safety Needles
- Active Needles
- Passive Needles
- Suture Needles
- Blood Collection Needles
- Ophthalmic Needles
- Dental Needles
- Insufflation Needles
- Pen Needles
- Other Needles
By Delivery Mode:
- Hypodermic Needles
- Intravenous Needles
- Intramuscular Needles
- Intraperitoneal Needles
- Stainless Steel Needles
- Plastic Needles
- Glass Needles
- PEEK Needles
By End User:
- Hospitals & Clinics
- Diagnostic Centers
- Home Healthcare
- North America
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Becton, Dickinson and Company
- Braun Melsungen AG
- Terumo Corporation
- Smiths Medical
- Thermo Fisher Scientific.
BROWSE REGIONAL REPORTS:
- North America Needles Market
- Europe Needles Market
- APAC Needles Market
- Latin America Needles Market
- MEA Needles Market
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