“Global needles market is anticipated to reach USD 12.82 Bn by 2030”, says Visiongain

29 November 2019
Pharma

Visiongain has launched a new pharma report ‘’Needles Market Report 2020-2030’’ by Type (Conventional Needles, Safety Needles), Product (Blood Collection Needles, Dental Needles, Ophthalmic Needles, Pen Needles, Suture Needles, Other Needles), Delivery Mode (Hypodermic, Intramuscular, Intravenous, Others), Raw Materials (Glass, Stainless Steel, Other raw materials), and Geography.

The global needles market is anticipated to grow at a lucrative CAGR of 6.8% and anticipated to reach USD 12.82 Billion by 2030.

The global Needles market is anticipated to grow on account of the growing aging population, rising prevalence of chronic diseases, growing healthcare facilities across developed economies.

However, comprehensive R&D by major companies around the globe is anticipated to contribute to the growth of the industry by incorporating needle technology with maximum safety and precision. For instance, in the year 2017, the University of Adelaide developed a biopsy needle with a tiny imaging probe that enables surgeons to evaluate specific blood vessels at risk as they insert the needle to prevent fatal bleeding. Furthermore, needle engineering development focuses on reducing pain and anxiety felt during injecting needles.

Many treatment regimens are correlated with pain & anxiety where various psychological & physical stimuli activate the brain's pain receptors. For instance, during dental procedures, there is a close association of anxiety & pain with dental injection. Also, an increased understanding of blood donation is anticipated shortly to raise the fuel indicator. Through voluntary blood donations, the deficit in blood supply can be filled, resulting in increased demand for needles and syringes.

Strict regulations have led to compulsory blood screening tests for HIV and HBV in many developed regions, such as Europe. Consequently, in recent years, the use of needles for blood donation and screening has increased dramatically. According to the Red Cross, there is a high demand for blood and blood products due to a growing number of surgeries, such as heart surgery, organ transplant, and chemotherapy to name a few which requires a large amount of these products.

During the forecast period, the safety needle is anticipated to grow with the highest CAGR. This increase is attributed to the reduced risk of needle stick injuries provided by these products as such injuries can lead to transmission of pathogens for example HIV, hepatitis B & hepatitis C. Healthcare providers and stakeholders need to focus on specific factors that lead to the continuing risk of injury and better understand product vulnerabilities and hospital environment problems.

Security needles minimize disease incidence as well as offer better usability and comfort. The safety syringe style NMT triggers an automatic retraction mechanism when the plunger is squeezed to administer the drug. Factors such as reliability, running time and prompt nature of use are beneficial with most health care workers preferring safety needle technology compared to conventional needles.

Research institutes and manufacturers of medical devices are focusing on introducing needles with the increased supply of drugs. A team of researchers in Singapore designed an eye patch with dissolvable needles to treat eye diseases. The 2-layered system was successfully tested on mice in which the first layer delivers the first dose within 30 seconds, while the second layer provides a continuous release over several days.

In the year 2018, Europe dominated the global needles market. The market growth is attributed to the growing improvement of healthcare services across the region. However, the Asia Pacific region is anticipated to grow with the highest CAGR over the forecast period. Growing target population, rising health care expenditure, and awareness of blood donation are some of the key drivers of the Asia Pacific market. Additionally, unmet needs of patients and untapped nations in this region have been attracting investments by global players and this is expected to boost needles market growth over the forecast period.

Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the global needles market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the needles market.

The comprehensive market report features companies such as Boston Scientific Corporation, Becton Dickinson and Company, Ethicon, Hilgenberg, Medtronic, Novo Nordisk, Smiths Medical, Stryker, Thermo Fischer Scientific, YPSOMED, HTL-STREFA S.A., Terumo Corporation, Allison Medical Inc., Artsana S.p.A., Retractable Technologies, Inc., Olympus Corporation, Owen Mumford, Ulti med Products (Deutschland) GmbH among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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