The Global Needles Market is expected to reach USD 10.6 billion by 2027 from USD 7.7 billion in 2022, at a CAGR of 6.7% during the forecast period. The growth of this market is majorly driven by High prevalence of chronic diseases and Increasing demand for vaccines. However, Use of needle-free injection technology is one of the challenges for which may hinder the growth of this market
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207– Tables
42 – Figures
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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.
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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.
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.
Report Link: Needles Market
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.
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