The Needles Market is expected to grow at a compound annual growth rate of 6.7% to reach USD 10.6 billion by 2027. In-depth analysis of market purchasing dynamics, careful pricing analysis, patent inspection, insights from conferences and webinars, identification of important stakeholders, and a thorough evaluation of industry trends are all included in the thorough research. The increasing prevalence of chronic illnesses including cancer and HIV, as well as the aging population, are the main factors driving this market’s rise. The increasing emphasis on the development of alternative medication delivery techniques is a challenge that could impede the growth of this market.

Market is driven by factors such as Increasing preference for minimally invasive biopsies, and the rising vaccine demand globally. On the other hand, growing focus on the development of alternative drug delivery methods is expected to limit market growth to a certain extent in the coming years. Upsurge in the cases of chronic diseases such as HIV amongst global population is anticipated to drive the Needles Market growth. Expanding injectables market and Rise in self-administration of drugs is anticipated to propel market growth opportunities. However, growing needlestick injuries and associated infections is anticipated to hinder market development.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=223979930

Browse in-depth TOC on “Needles Market”

207– Tables

42 – Figures

220 – Pages

Key Market Players

The key players operating in this market are Becton, Dickinson, and Company (US), Medtronic (Ireland), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), and Stryker Corporation (US).

Drivers: Increasing number of hospitals in emerging markets

The number of hospitals and surgical centers is increasing in both developed and emerging countries. The demand for medical or surgical devices is high in these newly established surgical centers and hospitals, owing to the increasing patient population base. For instance, in October 2020, the Prime Minister of the UK announced plans of investing USD 4.3 billion for 40 hospitals and certain schemes for future funding for 48 hospitals by 2030. In addition, in March 2021, Steward Health Care announced plans to construct a new hospital in Washington County.

Over the last decade, developing countries, such as India and China, have witnessed significant improvements in their respective healthcare infrastructure. According to an article published in January 2020, China announced to invest USD 4.6 billion for the construction of hospitals in Wuhan. According to the Commonwealth Fund in 2018, China has approximately 12,000 public hospitals and 21,000 private hospitals. Similarly, in June 2019, the Indian Ministry of Health and Family Welfare announced the opening of 22 new AIIMS across the country. The significant growth in the number of hospitals and surgical centers is expected to support the growth of the needles market.

Opportunities: Rise in self-administration of drugs

The adoption of self-administration of drugs by patients has led to the rise in demand for self-administered injectables, which are easy to use. These self-injecting devices are most used for the treatment of emergency conditions such as allergies or chronic diseases such as diabetes. The use of self-administering injectables helps in reducing the anxiety caused by needles among users.

Self-administration of injectable contraceptives is widely adopted among females to avoid the expense and inconvenience of visits to the clinic. Injectable contraceptives are safer than other contraceptives. They prevent pregnancy 99% of the time when administered correctly. These injections also provide protection against cancer of the womb and pelvic inflammatory diseases, and it can be administered during the menstrual cycle as well.

These self-administered injections are a preferred option for patients suffering from diabetes, breast cancer, liver tumours, or osteoporosis. In line with this, companies are focusing on developing novel self-administration devices.

With the growing adoption of self-administering injectables, the demand for needles will increase, which would contribute to the growth of this market across the globe.

Request Free Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=223979930

Challenges: Growing focus on the development of alternative drug delivery methods

Traditionally, injectables were invasive and painful, which was the major reason for patients to prefer alternate routes of drug delivery, such as oral, topical, and nasal. Among the various routes of drug delivery, the oral route is the most preferred as it is easy to use, convenient, cost-effective, safe, and acceptable. Owing to the abovementioned factors, the adoption of alternative drug delivery technologies is increasing across the globe. For instance, the development of alternate delivery methods for insulin, such as Pfizer’s Exubera (inhaled insulin) and Veo insulin pump (Medtronic;s inhalable insulin), is limiting the use of injectable insulin. Currently, insulin injections form a significant market for injectable drug delivery technologies. However, the advent of inhalable insulin will negatively impact this market as nasal drug delivery is pain-free and highly patient compliant. The development of alternate delivery techniques such as oral anemia treatment (by GlaxoSmithKline and Bayer) is also hampering the need for needles.

Due to their large molecular size and stability issues, proteins and peptides have been traditionally administered by the injectable route of drug delivery. However, smaller molecules of peptides have been developed recently through complex methods such as nanotechnology, allowing for oral administration of therapeutic proteins and peptides.

Pen Needles in product segment to witness the highest growth rate during the forecast period.”

Based on the Product, the Needle Market is classified into Suture Needles, Blood Collection Needles, Ophthalmic Needles, Dental Needles, Insufflation Needles., By Pen Needles – Standard Needles, Safety Needles., By Biopsy and Aspiration Needles – Biopsy Needles, Core Biopsy Needles, Vaccum Assisted Needles Aspiration Needles, and Other Needles. The pen needles,segment is expected to dominate because of growing prevalence of diabetes as well as its wide range of availability in a of lengths and diameters moreover its used by doctors as well as patients to deliver injectable medications.

US dominates the North American Needles Market.

Based on the North America region, the Needles Market is divided into US and Canada. US is expected to dominate the Needles Market. Growing initiatives by different organizations for the reduction of blood-borne infections, and increasing prevalence of cardiovascular diseases., are the key factor driving market growth in the US.

Request 10% Customization: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=223979930

Recent Developments:

• In 2020, The company Becton, Dickinson and Company (US), entered into strategic partnership agreement with Babson Diagnostics (US) to bring laboratory-quality, small-volume blood collection to retail pharmacies.
• In 2021, The company Olympus Corporation (US), launched the FDA 510(k)-cleared BF-UC190F endobronchial ultrasound (EBUS) bronchoscope for minimally invasive lung cancer diagnosis and staging via needle biopsy.

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.

630 Dundee Road

Suite 430

Northbrook, IL 60062

USA: +1-888-600-6441

Email: sales@marketsandmarkets.com