Rockville, Feb. 17, 2023 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global hypodermic needles market is valued at US$ 5.74 billion in 2023 and is predicted to expand at a CAGR of 4% from 2023 to 2033.
The hand-operated instrument known as a hypodermic needle is essentially a thin, hollow tube with a single sharp tip coupled to a syringe. It has a tiny aperture at one end that is used to extract or deposit bodily fluids in the context of vaccinations, drug delivery, and blood specimen collection. By being inserted into the skin, these needles immediately reach the bloodstream.
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The need for vaccines and injectable medications is increasing due to the widespread occurrence of infectious diseases and chronic illnesses such as diabetes, cancer, and cardiovascular ailments. Furthermore, coronavirus disease (COVID-19) vaccination campaigns that are still in place are also spurring the demand for hypodermic needles.
Key Takeaways from Market Study
- The global market for hypodermic needles is projected to reach US$ 8.50 billion by 2033.
- The United States is a key market for hypodermic needle manufacturers due to the presence of leading market players.
- Germany is considered to be a leading market in the European region due to the availability of advanced healthcare systems.
- Global demand for safety hypodermic needles is expected to increase at a rapid pace during the forecast period.
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Key Companies Profiled
- Terumo Corporation
- BD
- Cardinal Health
- Medline Industries, Inc
- Hindustan Syringes & Medical Devices Ltd
- B. Braun Melsungen AG
- Hitech Syringes
- NIPRO Medical Corporation
- Vita Needle Company
- Vygon SA
- NeedleTech Products, Inc
- ISCON SURGICALS LTD.
- McKesson Corporation
- Connecticut Hypodermics Inc
- EXELINT International, Co
- Retractable Technologies, Inc
- Smiths Medical
Recent Market Developments
- To improve patient monitoring access in India, Medtronic and Stasis established cooperation in September 2021.
- HTL-STREFA released a press release about Droplet MicronTM in September 2020. It is a brand-new pen needle with a cutting-edge design to enhance the injection process.
- To manufacture disposable syringes and needles that meet national and international requirements, Albert David Ltd. has opened up additional sections in their manufacturing facility.
Key Segments of Hypodermic Needles Industry Research
- By Product :
- Safety
- Non-safety
- By Material :
- Stainless Steel
- Plastic
- By Application :
- Drug Delivery
- Vaccination
- Blood Specimen Collection
- By End User :
- Hospitals
- Diagnostic Centers
- Home Healthcare
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global hypodermic needles market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of product (safety hypodermic needles, non-safety hypodermic needles), material (stainless steel, plastic), application (drug delivery, vaccination, blood specimen collection), and end user (hospitals, diagnostic centers, home healthcare), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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