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Needles Market – Advancing Technology for Painless Future

Read here the latest Market Insights on u201cNeedles Market u2013 Advancing Technology for Painless Futureu201d published by CMI research team.

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Needles Market – Advancing Technology for Painless Future

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  1. Coherent market insightsMarket Research and Business Consulting Services Needles Market – Advancing Technology for Painless Future • https://www.coherentmarketinsights.com/market-insight/needles-market-1331

  2. Needles Market – Advancing Technology for Painless Future • Needles Market, by Needle Type (Conventional Needles and Safety Needles), by Delivery Site (Intradermal, Subcutaneous, Intravenous, Intramuscular, and Intraperitoneal), by Application (Surgical Suture Needles, Pen Needles in Diabetes, Blood Collection Needles, Ophthalmic Procedure Needles, Dentistry Needles, Insufflation Needles, and Other Needles), by Material (Stainless Steel Needles, Plastic Needles, Glass Needles, and PEEK Needles) and by End User (Hospitals, Clinics, Diagnostic Centers, Research Institutions, Home-based care, and Others) and by Region - Global Trends, and Forecast till 2025

  3. Needles are used for injecting medications or for drawing blood from the body. It has three parts, which includes a long shaft, slanted tip called bevel, and hub which fits in the tip of the syringe. Different types of needles are routinely used in clinical practice for variety of applications such as administering medicine within various layers of skin, anesthetic procedure, and different surgical procedures. Needles are available in different types and different materials depending upon the need of the clinician. Conventional needles are used for general purpose medicine administration, fill and filter needles are used for vaccination and other sterile products, safety needles are used for blood collection and medicine administration in cases in which chances of contamination from infectious disease high.

  4. It also depends on its application area, for instance pen needles are used by diabetes patients for injecting daily dose of insulin, blood collection needle are used for diagnostic purposes, and suture needles are used for surgical purposes.  • The needles market was valued at US$ 5.75 billion in 2017 and is expected to witness a robust CAGR of 7.6% over the forecast period (2017–2025).

  5. Figure 1. Global Needles Market Value (US$ Bn), by Region, 2016

  6. High prevalence of chronic diseases worldwide is projected to fuel growth of the needles market • Several factors are associated with increasing adoption of needles worldwide. One of the major factors is high prevalence of chronic disease across the world, which is propelling demand for needles. According to the World Health Organization (WHO), in 2017, non-communicable diseases such as cancer, diabetes, cardiovascular diseases, and lung diseases accounted for around 70% death worldwide, which was majorly from middle and low income economies. Furthermore, chronic diseases are expected to account for around 75% of all deaths worldwide by 2020. 

  7. Therefore, this is expected to aid in market growth, as needle is an integral part of chronic disease treatment. For instance, according to Diabetic Atlas by International Diabetes Federation (IDF), 2017, diabetes affected around 425 million people worldwide. Patients suffering from diabetes require daily administration of insulin with continuous glucose monitoring, which in turn is propelling demand for pen needles. Furthermore, the U.S. majorly invest in treatment of diabetes and cancer, annually. For instance, around US$ 377 Billion are invested, which account for 52% of the total diabetes expenditure worldwide, according to the IDF report 2017. Also, according to World Cancer Research Organization, 2014 report, cancer incidence in the U.S. is one of highest at 328 per 100,000, which is expected to propel growth of the needles market in this region.

  8. Growing geriatric population worldwide to drive growth of the global needles market • Rising geriatric population is expected to drive growth of the needles market. As per World Population Prospect, 2017 Revision report by United Nations in 2017, there were 962 million people, under the geriatric category (people aged 60 years and above). By 2030, this is projected to be 1.4 billion increasing at an annual rate of 3%. Geriatric people require frequent hospitalizations due to aging-associated diseases such as heart disease, stroke, diabetes and falling injuries. In certain cases, surgery is required which leads to hospitalization. This is expected to aid in growth of the market. Asia Pacific has a geriatric population of 547 million people, which is expected to reach 900 million geriatric population by 2025.

  9. Therefore, manufacturers could focus on expanding in this region. Also, stringent regulations related to safe injection practices by various governments is expected to propel demand for safety needles, in order to reduce chances of contamination from blood borne pathogens, for instance according to report published by WHO in 2014, up to 1.7 million people were infected with hepatitis B virus, up to 315 000 with hepatitis C virus and as many as 33 800 with HIV through an unsafe injection.

  10. Key players are focusing on strategic mergers and acquisitions and development of innovative products, in order to enhance their market share. For instance, in September 2017, Becton, Dickinson and Company introduced BD Ultra-Fine micro pen needle for use with different pen injection devices, for people with diabetes, in order to reduce accidentally injection of insulin dose into a muscle and it provides one of shortest length pen needle. Nipro Medical Corporation launched ‘SafeTouch’ safety needle in 2016, which is known to protect the patients from needle stick injuries. Terumo Medical Corporation innovative product K-Pack Surshield launched in 2012 claims to be 20% sharper than its competitor and fits in all types’ syringes.

  11. Some of the key players operating in the global needles market are Becton, Dickinson and Company, Medtronic plc, Hamilton Company, Stryker Corporation, Terumo Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, Nipro Medical Corporation, Novo Nordisk A/s, Thermo Fisher Scientific, and Smiths Medical.

  12. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • https://www.coherentmarketinsights.com/market-insight/needles-market-1331

  13. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: Customized Market Research Services Industry Analysis Services Business Consulting Services Market Intelligence Services Long term Engagement Model Country Specific Analysis

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