Needles Market

SKU: DMMDP1105 | Last Updated On: Sep 20 2022 | Available Formats

>Needles Market Expected to reach a high CAGR 12% By 2029:

Needles Market is segmented By Product (Conventional needles, Bevel needles, Safety needles, Suture needles and Others), By End-User (Hospitals, Diagnostic Centers, Clinics and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029.

Needles Market is expected to grow at a high CAGR 12% during the forecasting period (2022-2029). A needle is a small, very thin piece of polished metal which is used for injecting medicine or for drawing blood, etc. The needle has a long shaft, a tip called bevel, and a hub that fits in a syringe. Different types of needles are used in medical practices depending on the applications and a wide range of surgeries depending on the requirement of a clinician. 

Needles Market Dynamics 

Increase in adoption of intravenous fluids over oral drug administration, rising demand for injectable drugs, increasing blood donations, and high prevalence of chronic diseases are expected to drive the market growth of global needles market. 

To promote the IV type, administration reimbursement policies are being supported. For instance, the U.S. Medicare covers up to 80% of the expenses of parenteral and enteral nutrition, including physician services, medical equipment, and other related medical services.

Many countries came up with regulations related to safe injection practices to decrease the chances of contamination that could lead to blood-borne diseases.

According to WHO, in 2018, out of 36.7 million people with HIV on a global scale, about 2.3 million people are estimated to have serological evidence of HCV Infection in the past or present. Conversely, among all HIV-infected persons, the prevalence of anti-HCV was 6.2%.

However, the rising injection-related injuries, demand for the use of needle-free technology are expected to restrain the market growth of needles. The growing demand for self-injectables and the use of safety needles can provide more opportunities for the market growth of the needles industry.

Needles Market Segmentation Analysis

The pen needles are expected to have the highest market share in the needles market owing to the rising number of diabetic patients on a global scale. 

For instance, according to the International Diabetes Federation (IDF), in 2017, there are around 425 million people worldwide who are affected by diabetes. Diabetic patients are administered with insulin thereby increasing demand for pen needles. According to the IDF report 2017, the U.S. invested 377 USD billion in treatment of diabetes which is 52% of global diabetes expenditure. 

Safety needle is estimated to have the fastest growth during the forecast period owing to the reduced risk of needle stick injuries which can result in the transmission of blood-borne diseases, such as HIV and hepatitis. The safety of needle technology is more favorable compared to conventional needles in terms of design, operation time, and accuracy. 

For instance, NMT safety syringe has an automatic retraction that directly injects medicine when the user presses the plunger. After the automatic retraction, a barrel is used to store the needle which greatly reduces needle stick injuries.

Hospitals and diagnostic centers are the major end users in the needles industry than others such as clinics, ambulatory surgery centers, nursing homes, etc. Hospital segment is expected to account for the largest share in the market based on End-users primarily owing to the higher number of patients undergoing treatments in hospitals compared to other places and increasing health care institutions. 

According to the Centers for Disease Control and Prevention (CDC), in 2017, the number of visits to physician offices is 1120.6 million, to hospital outpatient departments is 142.7 million and hospital emergency departments are 154.8 million.

Needles Market

Metrics

Details

Market CAGR

12%

Segments Covered

By Product, By End-User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Needles Market Geographical Share

Europe holds the largest share in needles markets globally owing to the expanding patient size in hospitals.

For instance, According to the European Commission, related to the population size, discharge number in 2015 for patients were in the range 10,200 to 20,7ooo per 100,000 inhabitants in most of the EU member states, indicating high patient base, which would lead to the increased requirement of needles in the region, over the forecast period

The Asia Pacific is expected to show the highest growth in the coming years owing to the increasing awareness of blood donation. Japan, China, and India are the major contributors to the growth of the Asia Pacific regional market.

According to WHO, in 2017 the total number of blood donations was 162.4 million, out of which 74.6 million of blood donations are noted in Asia Pacific region that accounts for almost 45.9 % of the global blood donations, where in the need to needles are pretty evident, thus boosting the Asia Pacific Needles market.

Needles Market Competitive Trends 

Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with an increased focus on R&D are other ways the leading players improve their market presence. The major key players are Becton, Dickson and company (BD), Ethicon, Medtronic Plc, B.Braun, Stryker Corporation, Novo Nordisk A/s, Boston Scientific, Smith Medical, and Nipro Medical Corporation.

On 24th January 2019, Becton, Dickinson and Company (BD) received FDA approval for its second generation BD Nano pen needle, designed for more reliable subcutaneous injection depth.

On 21st February 2018, Medtronic Plc., a global leader in medical technology, services and solutions introduced the MiniMed Mio Advance infusion set into the market. The MiniMed Mio Advance infusion set is the newest addition to the MiniMed portfolio of infusion sets giving patients a simpler, faster, and convenient set change with fewer steps and it reduces the hassle of dealing with needles.

On 18th April 2017, Cardinal Health entered an agreement to acquire Medtronic's medical supplies business for 6.1 USD billion. These supplies portfolio includes prefilled syringes, needles, bandages, and catheters, featuring brands such as Curity, Kendall, Dover, Argyle, and Kangaroo.

Frequently Asked Questions

What is the Projected CAGR value of the Needles Market?

Needles Market is expected to grow at a CAGR of 12% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Needles Market during 2022-2029

Which is the fastest growing region in the Needles Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period 

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