Global Needles Market (by type (conventional needles, bevel needles, blunt fill needles, filter needles, vented needles, safety needles, active needles, and passive needles.), by product type (suture needles, blood collection needles, ophthalmic needles, dental needles, insufflation needles, pen needles, and other needles.), delivery mode (hypodermic needles, intravenous needles, intramuscular needles, and intraperitoneal needles.), material (stainless steel needles, plastic needles, glass needles, and peek needles.), end-user (hospitals & clinics, diagnostic centres, home healthcare, and other end users.), by region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America)) is expected to reach US$ 10.56 Bn by 2026, at a CAGR of 7.73% during a forecast period.
The major driving factors of the global needles market are increasing adoption of injectable drugs, rising demand for injection, increasing medical costs, and growing demand for hormone supplements. Moreover, the growing demand for point-of-care diagnostic products also propel the demand for needles across the globe.
Furthermore, owing to the benefits of injectable drugs over tablet formulations, companies are focusing on the development of injectable drug delivery systems, including syringes and needles. Various pharmaceutical and biotechnology companies are continuously involved in the development of effective and novel injectable drugs for the treatment of chronic diseases, which is boosting the growth of global needles market.
However, high risks of infections associated with administration of drug delivery by needles obstruct the growth of the global needles market. In addition, increased risk of needle stick injuries and availability of alternatives also hampers the growth of global needles market.
Rising demand for self-injectable and use of safety needles is created opportunities for the players in the needles industry. Self-injectable are highly useful in the emergency conditions, such as allergies; and chronic diseases, like diabetes and rheumatoid arthritis.
High prevalence of chronic diseases worldwide is projected to fuel growth of the needles market.
One of the major factor of the global needles market is high prevalence of chronic disease across the world, which is propelling demand for needles. According to the world health organization in 2017, non-communicable diseases such as cancer, diabetes, cardiovascular diseases, and lung diseases accounted for around 70% death worldwide is boosting the market growth.
Growing aged population worldwide to drive growth of the global needles market.
Rising geriatric population is expected to drive growth of the needles market. As per world population prospect there were 962 million people, under the geriatric category such people aged 60 years and above. Geriatric people require frequent hospitalizations due to aging-associated diseases such as heart disease, stroke, diabetes and falling injuries. In certain cases, surgery is required which leads to hospitalization. This is expected to aid in growth of the market.
North America dominated the market.
North America held the largest share of the global needles market, followed by Europe due to to the rising incidence of chronic diseases, initiatives by different organizations for the reduction in blood borne infections, and increasing prevalence of cardiovascular diseases.
Some of the key players operating in the global needles market are Becton, Dickinson & Company, Medtronic plc, 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.
Maximize market research, a global market research firm with dedicated team of specialists and data has carried out extensive research about the global needles market. Report encompasses the market by different segments and region, providing the in-depth analysis of overall industry ecosystem, useful for taking informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global needles market. The driving forces as well as considerable restraints have been explained in depth. In addition to this, competitive landscape describing about the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global needles market positioning of competitors.
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