New York, Jan. 17, 2024 (GLOBE NEWSWIRE) -- According to Market.us, the Needle Market size is projected to exceed USD 15.5 Billion by 2033, and it is poised to reach a registered CAGR of 7.3% from 2024 to 2033.
Needles are the injectable devices used to inject medications into the body. These needles are also adjusted into syringes for the sake of blood collection and injection of pharmaceutical drugs into the body. The rising number of geriatric population and demand for vaccine is the major factor driving the needle market. Another factor driving the market growth is the rise in public awareness related to blood donations.
Discover some insights on market size before buying the full report - Request a sample report @ https://market.us/report/needles-market/request-sample/
Key Takeaway
- Injection related anxiety and pain reduction is the major focus of the needle technology development.
- Rising demand of chronic disease, aging population and healthcare facilities expansion are the major drivers, driving the needles market.
- Pen needles dominates the product type segment in 2023.
- Owing to the reduction of needle stick injuries and blood born pathogen transmission, safety needles dominate the market during the foreseen period.
- Hospitals make maximum use of needles, dominating the needles market significantly.
Factors affecting the growth of the Needle Market
Several factors influence the growth of the Needles Market. The most prominent of which are listed below.
- Rise of Chronic disease: The rise in number of chronic diseases such as arthritis, asthma, cancer, Alzheimer’s diseases, etc, impacts the growth of needles market prominently.
- Improvement in healthcare infrastructure: Many developing countries are focusing on the improvement of healthcare infrastructure leading a strong base for the growth of needles market.
- Emergence of surgical centers: The increase in number of surgeries demands more improved and advanced surgical centers, leading to the market expansion.
Top Trends in the Needles Market
The emerging advancement in medical field is leading a major path for the needles market to make a way. There is a huge demand in blood equipment products in the developed countries like Europe. To illustrate, in Europe, the blood donors has to first undergo blood testing to detect HIV and HBV infections. By virtue of this regulation the number of people using needles for blood testing and donation has significantly increased. Furthermore, many global corporations are involved in R&D efforts for the introduction of more precise and safe needle technology, expanding the needle market exponentially.
Regional Analysis
In 2023, North America accounted to hold the largest market share of 41%, dominating the global needle market There are several reasons for the dominance of North America. In the North American region there is a strong focus on investments by key players for improving healthcare infrastructure, increasing research activities and establishment of distribution channel for needle product manufacturer in the region. Asia-Pacific region is anticipated to have the fastest growth in the global needles market owing to the rising demand for high-quality healthcare and expanding research activities.
To explore the transformative potential of our report for your business strategy, request a brochure by https://market.us/report/needles-market/#inquiry
Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 8.3 Billion |
| Forecast Revenue 2033 | USD 15.5 Billion |
| CAGR (2023 to 2032) | 7.3% |
| North America Revenue Share | 41% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Market Drivers
The upsurge of the global needle market is associated with the rise in cancer incidence rates as well as the increase in number of chronic diseases. In addition to this, hospitals are incorporated with technologically driven products for advanced treatments, providing a wealthy hand for the growth of the market. In recent years, the rise in number of pharmacies and the investments for the development of advanced medical products and devices is further driving the needle market in 2023.
Market Restraints
Needle stick injuries and infections are among the major restraining factors, restraining the needle market expansion. Also there is lack of skilled professionals for the conduction of diagnostic tests in low and middle income countries, leading to the increased chances of needle stick injuries and infections. In addition to this, pharmacies have strict regulations related to the sale of needles to the consumers, which can also impede the market during the forecast period.
Market Opportunities
The global needles market has abundant opportunities to generate sky rocketing revenue during the forecast period. These opportunities are associated by increase in strategic collaborations by key players, increase in self penetration of medications, increase in use of safety needles and increase in the number of hospitals and laboratories. Moreover, self-administration of medications in an emergency adds an advantage for the needles market growth. Many patients prefer self-administration in case of emergencies such as allergies or chronic disease like diabetes, in order to make quick treatment of the disease.
Get Immediate Delivery | Secure Your Copy of This High-Quality Research Report Now https://market.us/purchase-report/?report_id=96056
Report Segmentation of the Needles Market
Product Type Analysis
As far as product type is considered, the needles market is bifurcated into pen, blood collection, suture needle, ophthalmic and dental needle segments. The pen needle segment dominates the market owing to the rising incidence of diabetes. The pen needles are available in wide range of lengths and widths, depending upon the administration. The rise in number of diabetic patients in the future will continue the spread of pen needle segment in the market.
Delivery Mode Analysis
Based on delivery mode, the market is segmented into hypodermic, intravenous and intramuscular needles. Owing to the development of needles compatible with high power injectable technology withstanding high pressure and the rising incidence of chronic diseases, the hypodermic needles dominates the needles market in 2023.
Material Analysis
Glass, plastic, stainless steel and polyether ether ketone are the various materials used for manufacturing the needles. Amongst this, stainless steel needle segment dominates the needle market in 2023, as the needles manufactured from stainless steel are more durable and reusable.
End User Analysis
Based on end user analysis, the market is segmented into hospitals and diagnostic centers. The hospital segment dominates the needle market in 2023 due to more usage of needles for the purpose of drug delivery facilities, vaccinations and collection of blood specimens. Hospitals have switched to safer needles to avoid the spread of blood-borne illnesses as said by The World Health Organization(WHO).
Get a Sample Copy with Graphs & List of Figures @ https://market.us/report/needles-market/request-sample/
Recent Developments of the Disposable Articulators Market
- In June 2022: The CRDMO Wuxi Biologics, located in Wuxi, China launched the good manufacturing practice operation for DP5, which is a new drug product. Various volume delivery options will be available through the facility for PFS (Pre-filled Syringes).
- In February 2022: Owen Mumford Pharmaceutical Services, launched Unisafe, a 1 ml safety device for pre-filled syringes.
Market Segmentation
By Product type
- Pen needle
- Blood collection needle
- Suture needle
- Ophthalmic needle
- Dental needle
By Delivery mode
- Hypodermic
- Intravenous
- Intramuscular
By Material
- Glass
- Plastic
- Stainless steel
- Polyether ether ketone
By End User
- Hospitals
- Diagnostic Centers
By Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive Landscape
Key players in this market utilize numerous strategies to attain a higher market share. The factors strengthening the position of the key players in the market climate are the various growth strategies and a strong product portfolio. In order to meet the demand of the patient populations, various key players are focused on enhanced research and development activities.
A few major companies that held the dominant position in the needles market in healthcare sector are as follows:
- Dickinson and Company
- Johnson & Johnson
- Stryker Corp.
- Medtronic PLC
- Ethicon, Inc.
- Novo Nordisk A/S
- Boston Scientific Corporation
- Smith’s Medical, Inc.
- Hilgenberg GmbH
- Other Key Players.
Browse More Related Reports
- Pen Needles Market size is expected to be worth around USD 10 Bn by 2033 from USD 3.5 Bn in 2023, at a CAGR of 10.9% from 2024 to 2033
- Hypodermic Needles Market size is expected to be worth around USD 4.8 Billion by 2033 from USD 2.7 Billion in 2023, growing at a CAGR of 6.0%
- Acupuncture needles market was valued at USD 118.81 mn in 2021. They are expected to increase at a CAGR of 7.9% between 2023 and 2032
- Medical Injection Needle Market is projected to be US$ 6,655.9 Mn in 2020 to reach US$ 14,961.7 Mn by 2030 at a CAGR of 8.6%
- Aesthetic Needles & Cannulas Market was valued at UЅD $312.2 Мn in 2020, and is projected to register а САGR of 7.5% over the next 10 years
- Phoropters Market size is expected to be worth around USD 160.5 Mn by 2033 from USD 117.1 Mn in 2023, at a CAGR of 3.2% from 2024 to 2033
- Clinical Mass Spectrometry Market size is expected to be worth around USD 1907.3 Mn by 2033 from USD 987.9 Mn in 2023, at a CAGR of 6.8%
- Aminoglycosides Market size is expected to be worth around USD 2.9 Bn by 2033 from USD 1.8 Bn in 2023, at a CAGR of 4.8% from 2024 to 2033
- Microcatheter market was worth USD 2,018.7 million in 2021. It is projected to grow at a compound annual rate (CAGR of 3.9%) between 2023 and 2032
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn
Our Blog:
