New York, United States, Nov. 15, 2023 (GLOBE NEWSWIRE) -- The Global Needles Market Size is expected to reach USD 13.39 Billion By 2032, at a CAGR of 6.4% during the forecast period 2022 to 2032.
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Needle is an innovative medical technology that utilizes nanobots injected into the bloodstream for non-invasive and precise medical procedures. These remote-controlled nanobots can target specific cells and tissues with advanced sensors and actuators, making them ideal for detecting early-stage diseases, delivering targeted therapies, and clearing arterial blockages. By eliminating the need for conventional surgical interventions, Needle reduces patient discomfort, accelerates recovery, and lowers healthcare costs. Its potential to revolutionize modern healthcare by offering personalized and efficient treatments makes Needle a promising advancement in the medical field.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the “Global Needles Market Size, Share, and COVID-19 Impact Analysis, By Type (Conventional and Safety), By Product (Pen, Suture, Blood Collection, Dental, Ophthalmic, and Others), By Delivery Mode (Hypodermic, Intravenous, Intramuscular, and Others), By Raw Material (Stainless Steel, Glass, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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Safety needles segment is expected to grow at the fastest CAGR of around 6.5% during the forecast period
On the basis of the type, the global needles market is segmented into conventional and safety. The safety needles segment is projected to experience the fastest growth during the forecast period due to increasing awareness about needlestick injuries and the transmission of infections among healthcare workers has led to a greater emphasis on needle safety. As a result, healthcare facilities are adopting safety-engineered devices, including safety needles, to protect their staff and reduce workplace injuries. The regulatory initiatives promoting the use of safety devices in medical settings have driven the adoption of safety needles.
The pen needle segment held the largest market over the forecast period
Based on the product, the global needles market is segmented into pen, suture, blood collection, dental, ophthalmic, and others. The pen needle segment dominated the market over the forecast period due to the increasing prevalence of diabetes globally has led to a rising demand for insulin delivery devices, with pen needles being a crucial component of insulin pens. The convenience and ease of use offered by pen needles have made them popular among diabetic patients, enabling self-administration of insulin at home. Additionally, advancements in pen needle technology, such as ultra-fine and painless needles, have further boosted their adoption.
The hypodermic segment held the largest market revenue share of around 35.7% in 2022.
Based on the delivery mode, the global needles market is segmented into hypodermic, intravenous, intramuscular, and others. The hypodermic segment commanded the largest market due to hypodermic needles being widely used in various medical settings for a range of applications, including vaccinations, blood sampling, and medication administration. Their versatility and broad applicability across different medical procedures have led to a consistently high demand. The prevalence of infectious diseases and the need for vaccinations, especially during outbreaks and immunization campaigns, have driven the use of hypodermic needles.
The stainless steel segment held the largest market over the forecast period
Based on the raw material, the global needles market is segmented into stainless steel, glass, and others. The stainless steel segment emerged as the largest market in the needle industry for various reasons, stainless steel needles offer exceptional strength, durability, and resistance to corrosion, making them suitable for a wide range of medical applications and ensuring longer product lifespans. Their widespread use in various medical procedures, including injections, blood sampling, and surgical interventions, has driven the demand for stainless steel needles.
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Asia-Pacific is predicted to grow at a higher CAGR of around 6.7% over the projected period.
Based on region, Asia-Pacific projected higher growth during the forecast period in the needle market, such as a rapidly growing population presenting a substantial patient pool, driving the demand for medical procedures that necessitate needle usage. The increasing prevalence of chronic diseases in Asia-Pacific, coupled with improving healthcare infrastructure, is expected to fuel the demand for diagnostic and therapeutic procedures, further boosting the need for needles.
North America's dominance in the needle market can be attributed to several key factors, because of the advanced healthcare infrastructure, with a high demand for medical devices, including needles. The increasing prevalence of chronic diseases and the aging population in North America drive the need for various medical procedures and therapeutic interventions that heavily rely on needle usage.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major players in the global needles market include Medtronic PLC, Thermo Fischer Scientific Inc., Boston Scientific Corporation, Cook Medical LLC, Johnson & Johnson, B. Braun Melsungen AG, The Hamilton Company, Smiths Medical, Terumo Corporation, Vita Needle Company, NIPRO Medical Corporation, Integra Life Sciences Corporation And Other Key Vendors.
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Recent Developments
- In May 2021, Olympus Corporation (US) introduced the FDA-approved BF-UC190F endobronchial ultrasound (EBUS) bronchoscope for minimally invasive lung cancer detection and staging by needle biopsy.
- In June 2022, Wuxi Biologics, a worldwide contract research, development, and manufacturing organization (CRDMO), has begun GMP operations at its new drug product facility DP5 in Wuxi, China. For pre-filled syringes (PFS), the facility provides many volume delivery choices.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global needles market based on the below-mentioned segments:
Needles Market, By Type
- Conventional
- Safety
Needles Market, By Product
- Pen
- Suture
- Blood Collection
- Dental
- Ophthalmic
- Others
Needles Market, By Delivery Mode
- Hypodermic
- Intravenous
- Intramuscular
- Others
Needles Market, By Raw Material
- Stainless Steel
- Glass
- Others
Needles Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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