LOS ANGELES, Jan. 31, 2019 (GLOBE NEWSWIRE) -- The global needles market size is anticipated to around USD 10.2 billion by 2026, this market is anticipated to grow with 7.5% CAGR during the forecast time period. Supportive government initiatives along with increasing need for painless injection with better drug deliver are expected to work in support of the needles market. Also, the need for painless diabetic test also drive the need for needles market.
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Increasing consciousness about blood donation along with extensive research and development to produce advance needle technology with extreme safety and accuracy is anticipated to support the market growth in the years to come. The conventional needles sub-segment captures the global needle market in 2018, in terms of revenue share.
The safety needles segment is anticipated to observer the fastest CAGR during the forthcoming year sowing to decreased risk of needle stick injuries. Also, blood collection needles segment captures a substantial share of the global market in 2018 owing to growing consciousness about blood donation and stringent protocols on blood screening. Such as, tests, Nucleic Acid Amplification Test (NAT) and ELISA, are compulsory in European nations including Germany, France, Italy, Spain, Switzerland, and U.K.Hypodermic segment captures the largest global needles market in 2018. This development is credited to increasing cases of chronic illnesses, for instance, diabetes, and arrival of needles that are friendly with high-power inject able technology and can withstand high pressure.
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Based on product, the market is segmented into pen, suture, blood collection, dental, and ophthalmic needles. Pen needles led the market in 2017 due to factors, such as growing prevalence of diabetes. The segment is also expected to witness the fastest growth over the forecast period. Insulin pen needles are available in a variety of lengths and widths. Conventional pen needles were long and sharp; however, due to advanced technology, small, thin, and pain-free needles are commonly available worldwide.
Changing ways of life are bringing about ascent commonness of perpetual cancers, for example, heart sicknesses, diabetes, and disease, which turn are boosting the human services cost, which is driving the need for needles medical equipment.
The global needles market is segmented into type, product, delivery, raw material, and region.On the basis of type, the global needles market is segmented into underpaid and full paid. On the basis of player, the global needles market is segmented into conventional and safety. On the basis of product, the global needles market is segmented into pen, suture, blood collection, dental, ophthalmic, and others. On the basis of delivery, the global needles market is segmented into hypodermic, intravenous, intramuscular, and others. On the basis of raw material, the global needles market is segmented into stainless steel, glass, and others. On the basis of region the global needles market is segmented into Latin America, Europe, Asia Pacific, North America, and Middle East & Africa.
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Europe drove the general market as far as revenue share in 2018. Continually enhancing social insurance foundation in the area is in charge of the market development. In addition, developing populace is adding to the market extension. The Asia Pacific district, then again, is probably going to witness the quickest CAGR over the forthcoming years.
Developing target populace, medicinal services use, and mindfulness about blood donation are some of the key points driving the Asia Pacific market. Nearness of conspicuous organizations, for example, Garter Mechanical Engineering Co., Ltd.(Taiwan), Meditech Devices Pvt. Ltd (India), Nanjing Joyful Industrial Co., Ltd (China) and Neotec Medical Industries Pte. Ltd. (Singapore), in the locale is likewise liable to help market growth.
The key players catering to the global needles market are Stryker Corp.; Dickinson and Company; Hilgenberg GmbH; Medtronic PLC; Smiths Medical, Inc.; Becton, Ethicon, Inc.; Thermo Fisher Scientific, Inc.; Novo Nordisk A/S; and Boston Scientific Corporation are a few of the main players in the worldwide market. The players are continuously developing and innovating new products to meet the competitive environment. Partnerships with other industry members, need in R&D, and item separation are among the key techniques received by market players for increasing focused edge. Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, acquisitions.
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