Special purpose needles market | Coherent Market Insights

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2. SPECIAL PURPOSE NEEDLES MARKET ANALYSIS Special Purpose Needles Market, By Product Type (Fine Aspirating Needles, Biopsy Needles, Hypodermic needles, Pen Needles, Suture Needles, IV catheter Needle, Implantation Needles, Dental Needles, Ophthalmic Needles, Blood Collection Needle, Spinal Anesthesia Needle, Epidural Needle, A.V. Fistula Needle, Cannula Needles), By Application (Sample Collection, Drug Delivery), By Distribution Channel (Hospital Pharmacies, Private Clinics, Retail Pharmacies and Drug Stores, e-Commerce), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

3. Special purpose needles are designed for delivering drugs and collecting fluids from the body. There are different types of special purpose needles such as fine aspirating needles, biopsy needles, hypodermic needles, pen needles, suture needles, IV catheter needle, implantation needles, dental needles, ophthalmic needles, blood collection needles, spinal anesthesia needles, epidural needles, A.V. fistula needles and cannula needles. Special purpose needles are used for different drug deliveries and sample collection. The global special purpose needles market is estimated to account for US$ 18,545.3 Mn in terms of value by the end of 2027.

4. Global Special Purpose Needles Market: Drivers Increasing in prevalence of gynecologic cancer is expected to boost growth of the global special purpose needles market over the forecast period. For instance, according to the American Cancer Society, 110,070 new cases of gynecologic cancer were diagnosed in the U.S. in 2018 and the disease resulted in around 32,120 deaths in the same year. Moreover, increasing number of biopsy procedures is also expected to boost growth of the market. For instance, according to a study by Truven Health Analytics, an IBM Company, in March 2018, a total of 18,903,337 breast imaging and biopsy procedures were received by the nationally projected population during a 13-month follow-up period in the U.S. North America region held dominant position in the global special purpose needles market in 2019, accounting for 34.6% share in terms of value, followed by Europe

5. Figure 1. Global Special Purpose Needles Market Value (US$ Mn), by Region, 2019

6. Global Special Purpose Needles Market: Restraints Increasing developments in needle-free injection technology is expected to hinder growth of the global special purpose needles market. For instance, in December 2019, Nephron Pharmaceuticals Corporation partnered with National Medical Products Inc., a developer of J-Tip Needle Free Injector, to provide patients quality care through virtually pain-free anesthetic. Moreover, injections procedures may lead to multiple temporary or permanent side effects such as itchy skin, backache, nausea, loss of bladder control, abscess formation, and nerve damage. This in turn has led to increasing preference for alternative procedures such as oral drug administration and other traditional treatments including Ayurveda, Chinese medicine, and acupuncture.

7. Global Special Purpose Needles Market: Opportunities Increasing preference for pain-free needles is expected to offer lucrative growth opportunities for players in the market. Diabetes patients require a regular dose of insulin, which increases demand for needles that offer less or no discomfort. Moreover, increasing concerns regarding disposal of contaminated needles and other medical waste has led to stringent regulations on disposal of medical waste. Therefore, markets may focus on developing biodegradable needles. Fine Aspirating Needles segment in the global special purpose needles market was valued at US$ 1,380.8 Mn in 2019 and is expected to reach US$ 2,526.1 Mn by 2027 at a CAGR of 7.8% during the forecast period.

8. Value Chain Analysis -

9. Global Special Purpose Needles Market: Competitive Landscape Major players operating in the global special purpose needles market include, Boston Scientific Corporation, Argon Medical Devices, Inc., Becton, Dickinson and Company, Cook Medical, B. Braun Melsungen AG, Medtronic Plc., Novo Nordisk A/S, SERAG-WIESSNER GmbH & Co., Smith’s Medical, Terumo Corporation, Stryker Corporation, and NIPRO Medical Corporation. Global Special Purpose Needles Market: Key DevelopmentsMajor players in the market are focused on development and launch of new products to expand their product portfolio. For instance, in January 2020, Montmed, Inc. announced that the U.S. Patent and Trademark Office issued US Patent for the company's SiteSmart, a novel pen needle system designed to favor adherence to a healthy injection site rotation regimen.Major players in the market are also focused on adopting M&A strategies to expand their product portfolio. For instance, in January 2019, IZI Medical Products acquired a set of biopsy and breast localization needles from Cook Medical for an undisclosed amount.

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