The Global Market for Special Purpose Needles is Projected to Exceed US$12.5 Billion by 2024
Rise in Surgical
Procedures & Growing Focus on Safety Drive Growth in the Special Purpose
Needles Market, According to a New Report by Global
Industry Analysts, Inc.
GIA launches comprehensive analysis of industry
segments, trends, growth drivers, market share, size, and demand forecasts on
the global Special Purpose Needles market. The
global market for Special Purpose Needles is projected to exceed US$12.5
billion by 2024, driven by increasing number of surgical
procedures, strong emphasis on user safety, and growing demand for cost
effective solutions.
Needles are widely used in percutaneous procedures
such as injection, regional anesthesia, blood collection and sampling, biopsy
and brachytherapy. Injections through syringes are one of the most common
administration routes for a number of vaccines and drugs that cannot be
delivered through other methods, or where accurate dosing is needed or quick
release of the drug is essential. The global market for safety needles is
influenced by the strong emphasis on user safety and growing demand for cost
effective solutions driven by snowballing healthcare industry concerns over
needle stick injuries and worker safety. Focus on infection control as a means
to cut healthcare costs implies that hospitals and other healthcare facilities
are increasingly looking at disposable needles as a necessity rather than
luxury. Market growth is also attributed to the rise in surgical procedures
(inpatient and outpatients) and the trend towards home healthcare.
Future growth in the market will be driven by rise
in incidence of infectious diseases, an aging population and rise in prevalence
of chronic diseases such as cancer and diabetes, and increasing prevalence of
spine-related disorders. Other important growth drivers include advancements in
product designs, favorable demographic trends, increased emphasis on preventing
hospital acquired infections (HAIs), and improving healthcare infrastructure
and services across developing countries. Growing awareness of diseases such as
HIV/AIDS, HCV, HBV, gonorrhea, herpes simplex virus, malaria, syphilis, typhus,
and tuberculosis, besides new legislations dealing with worker safety are expected
to benefit demand for safety needles. Further, emergence of new applications in
the medical sectors is also expected to aid market growth. Advancements in
needle technology from the hitherto large syringe needles that had to be
sterilized and sharpened by hand to the new age pen needles and other smaller
needles that are thin, small and engineered to offer improved penetration with
less friction and more glide, enable light insertion force, improved control,
superior accuracy, and smoother penetration with less tissue displacement are
also poised to benefit market expansion in the coming years.
As
stated by the new market research report on Special
Purpose Needles, the United States represents the largest market worldwide,
closely followed by Europe. Asia-Pacific ranks as the fastest growing market with
a CAGR of 8.5% over the analysis period. Growth in the region is driven by
large groups of patients in need of medical procedures and tests,
implementation of stringent infection control standards, increasing investment
in R&D and healthcare infrastructure, unpenetrated and underpenetrated sub-urban
and rural areas where disposable needle usage has until now has been infrequent;
surge in medical tourism; and growing population of surgeons.
Key players in the market include Argon Medical
Devices, Inc.; Becton, Dickinson and Company; B. Braun Medical, Inc.; Dentsply
Sirona; Medtronic, Inc.; ETHICON, Inc.; INRAD, Inc.; Medline Industries, Inc.;
MIFAM SA; Smiths Medical International Limited; Surgical Specialties
Corporation, and TERUMO Corporation, among others.
The research report titled "Special
Purpose Needles: A Global Strategic Business Report" announced by
Global Industry Analysts, Inc., provides a comprehensive review of market
trends, drivers, mergers, acquisitions and other strategic industry activities
of major companies worldwide. The report provides market estimates and
projections for geographic markets such as the United States, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe),
Asia-Pacific (China, and Rest of Asia-Pacific), Latin America and Rest of
World. Product segments analyzed include Aspirating Needles, Biopsy Needles,
Blood Collection Needles, IV/Catheter Needles, Dental Needles,
Endoscopy/Laparoscopy Needles, Epidural Needles, Fistula Needles, Hypodermic
Needles, Ophthalmic Needles, Pen Needles, Spinal Needles, Suture Needles, and
Other Needles.
Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138,
USA, All Rights Reserved.
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