Newark, NJ, Feb. 15, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global needles market is expected to grow from USD 6.3 billion in 2020 and to reach USD 11.74 billion by 2028, growing at a CAGR of 8.1% during the forecast period 2021-2028.
The global needles market has witnessed significant growth in recent years. This growth is attributed to the increasing demand for vaccines, increasing geriatric population, rising number of hospitals in developing economies, and rising prevalence of chronic diseases. Various biotechnology and pharmaceutical companies are engaged in developing new injectable drugs that are useful in the treatment of chronic diseases which has increased the production of needles.
A sterile device that is used to inject medication or extract fluid under the body is known as needle. It is a hollow metal tube with a pointed tip and is used to separate various kinds of body fluids such as blood from veins and tissues from swollen parts. They are classified as regular needles and safety needles. The needle comes with a syringe that is made of either glass or plastic and is shaped in the form of a cylinder with a piston at one end and an opening that holds the needle.
The global needles market is expected to witness significant growth, owing to the rise in awareness among people about blood donations, extensive R & D that introduced new needle technology with high safety and precision, and growing demand for point-of-care diagnostic products. The factors restraining the market growth are a lack of skilled physicians and increasing incidences of needle stick infections and injuries. The rise in self-administration of drugs and increasing use of safety needles will provide market growth opportunities. However, a rising focus on the invention of alternative drug delivery methods and increasing use of needle-free injection technology will challenge the market growth.
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The key players operating in the global needles market are Stryker Corp., Dickinson and Company, Becton, Thermo Fisher Scientific, Inc., Novo Nordisk A/S, Boston Scientific Corporation, Hilgenberg GmbH, Medtronic PLC, Ethicon, Inc., and Smiths Medical, Inc. To gain a significant market share in the global needles market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For instance, in August 2017, PROXISURE, an advanced laparoscopy suturing device, was launched by Ethicon US, LLC, to increase minimally invasive surgery accuracy. It will also enable surgeons to perform the surgery effectively by reaching the desired angles and secure knots.
Safety Needle segment dominated the market and held the largest share of 57.28% in the year 2020
On the basis of type, the global needles market is segmented into safety and conventional. Safety Needle segment dominated the market and held the largest share of 57.28% in the year 2020. This growth was attributed to the increasing awareness regarding the use of safety needles and reduction in needlestick injuries. The conventional needle segment is anticipated to witness significant growth due to the increasing number of people suffering from severe health issues and the growing production rate of needles to meet the hospitals’ requirements.
Suture segment dominated the market and held the largest share of 27.73% in the year 2020
On the basis of product, the global needles market is segmented into suture, dental, pen, blood collection, ophthalmic, and others. Suture segment dominated the market and held the largest share of 27.73% in the year 2020. This growth is attributed to the increasing support from the public and private organizations. Pen needles segment is projected to witness significant growth due to the increase in the prevalence of diabetes.
Hypodermic segment dominated the market and held the largest share of 37.2% in the year 2020
On the basis of delivery mode, the global needles market is segmented into intravenous, hypodermic, intramuscular, and others. Hypodermic segment dominated the market and held the largest share of 37.2% in the year 2020. This growth is attributed to the quick absorption of active compounds into the bloodstream and increasing chronic diseases. The intravenous segment is expected to witness significant growth, owing to the increasing per capita healthcare expenditure.
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Stainless Steel segment dominated the market and held the largest share of 47.85% in the year 2020
On the basis of raw material, the global needles market is segmented into glass, stainless steel, and others. Stainless Steel segment dominated the market and held the largest share of 47.85% in the year 2020. This growth is attributed to the rising focus on improving treatment procedures and rising awareness over maintaining sterilization while performing surgeries.
Regional Segment of Needles Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global needles market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Europe region held a major share of 27.11% in the year 2020. This growth is attributed to the growing population, healthcare expenditure, and rising awareness about blood donations. The Asia-Pacific region is expected to witness significant growth, owing to the rapid growth in the geriatric population and favorable regulatory policies to approve new injectable.
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About the report:
The global needles market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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