Dublin, June 24, 2024 (GLOBE NEWSWIRE) -- The "Special Purpose Needles Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The special-purpose needles market was evaluated at US$11.949 billion in 2022and is projected to grow at a CAGR of 7.67% to reach a market size of US$20.030 billion by 2029.
The widespread usage of special-purpose needles in infertility treatment is also pushing the global special-purpose needles market growth. The investment of major market players in the research and development of needles and target-oriented treatment techniques is resulting in rapid development and growth in the global special-purpose needle market.
The rising rates of fertility treatment and gynecologic cancer bolster the market growth.
The increasing rate of fertility treatments is one of the primary factors promoting the special-purpose needles market growth globally. Fertility treatment procedures or techniques widely employ special-purpose needles for the collection of samples and other specimens for fertility treatment procedures.
The target-oriented treatment nature of fertility treatment is increasing the demand and need for special-purpose needles in the health sector. The widespread application of special-purpose needles for biopsy procedures is also fuelling the global special-purpose needles market growth. The demand for utilization of special-purpose needles will see a rise in the years ahead due to increasing global biopsy procedures.
The increasing number of cases of gynecologic cancer is another factor driving the global special-purpose needles market growth. As per the Centers for Disease Control and Prevention, U.S. Department of Health & Human Services, In the US alone, 4,500 women lose their lives to cervical cancer each year, and 11,500 new cases are diagnosed with the disease every year. This is predicted to be favorable for the special-purpose needles industry globally in the coming years
Prevailing chronic diseases is anticipated to drive the special-purpose needles market.
The propelling cases of chronic diseases are an important driving factor in the global special-purpose needles market expansion. Specialty needles are often utilized for many chronic illnesses treatment as their aid and assist. According to WHO estimates from September 2024, non-communicable diseases (NCDs) cause almost 17 million deaths each yearbefore people reach age 70. NCD majorly includes cancers, diabetes, high blood pressure, cardiovascular diseases (like stroke and heart attacks), and chronic respiratory diseases (like asthma and chronic obstructive pulmonary disease).
Special-purpose needles are widely employed to treat severe chronic diseases. Special-purpose needles are helpful in carrying out several implantation operations and sample collection. Rapid expansion in the worldwide special-purpose needles market is also being attributed to new breakthroughs and upgrades in the needles, such as pain-free needles.
A rising focus on developing substitute drug delivery methods is expected to surge market growth.
To increase patient adherence to recommended treatments, the pharmaceutical industry is embracing a shift towards specialized drug delivery techniques as subcutaneous, intramuscular, and intradermal routes. By concentrating on particular tissues or organs, special-purpose needles are intended to make the administration process more accurate and patient-friendly. More effective and patient-friendly medication delivery methods are required as biologics and personalized medicine develop.
When administering medicine for long-term illnesses, special-purpose needles can significantly improve treatment results and patient satisfaction. The creation of these needles is facilitated by technological developments in medical devices and drug delivery systems. Improvements in materials, design, and manufacturing methods have improved the needles' performance and safety.
The development of innovative drug delivery techniques is frequently encouraged by regulatory bodies, and its acceptance in the healthcare sector is accelerated by approval and standardization. The global market for special-purpose needles is expected to grow as healthcare industries worldwide adopt and integrate these innovative solutions.
The North American region dominates the market substantially.
North America has the largest market share. Geographically, North America is the region that holds a major share of the global special-purpose needle market. Technological advancement in the medical and healthcare sector with development in healthcare facilities will tend to boost the North American special purpose needles market share in the years ahead. According to the U.S. Centers for Medicare & Medicaid Services, U.S. healthcare spending per person reached $13,493 while the total spend was $4.5 trillion in the year 2022 which showed a growth of 4.1%. North America is considered a medical innovation hub globally with noteworthy spending in healthcare and a strong economy.
Additionally, major countries of the region have advanced research institutes, healthcare startups, and medical device businesses that will contribute to the advancement of medical equipment including special-purpose needles for different requirements. The increasing prevalence of chronic illnesses in the area will also function as a catalyst for the market.
The FDA and other strict regulatory bodies in North America guarantee the effectiveness and safety of medical devices. Major healthcare companies also dominate the global special-purpose needles market. The major players in the healthcare and medical equipment fields are also contributing to the rise of the special-purpose needles market growth in this NA region.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 124 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $11.95 Billion |
| Forecasted Market Value (USD) by 2029 | $20.03 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
Companies Featured
- Becton, Dickinson Company
- B. Braun Medical
- Dentsply Sirona
- Medtronic
- ETHICON
- INRAD
- Medline Industries
- MIFAM
- Smith's Medical International
- Surgical specialties
- TERUMO
- Argon Medical Devices
Market Segmentation:
By Product Type
- Aspiration Needle
- Blood Collection Needle
- Biopsy Needle
- Epidural Needle
- Others
By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies and Drug Stores
- E-Commerce
- Private Clinics
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/4iosv4
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