The global needles market size is anticipated to around USD 10.2 billion by 2026, with registered CAGR of around 7.5% during the forecast period 2019 to 2026.
The industry is primarily driven by supportive government initiatives along with increasing better healthcare equipment, device, medicines and needles.
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.
Growing geriatric population and need for vaccines are among the main growth-driving factors. Increasing occurrence of numerous chronic diseases and growing numeral of hospitals and clinics in developing nations are also expected to expand the development of this market during the coming years.
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.
The safety needles segment is anticipated to observer the fastest CAGR during the forthcoming years owing 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 injectable technology and can withstand high pressure.
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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.
Market companies are concentrating on implementing new strategies for instance regional expansion, partnerships, mergers and acquisitions, new product launches, and distribution agreements to surge their revenue share. The major players associated with the 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.
Growing geriatric population and need for vaccines are among the main growth-driving factors.
Research study by Acumen Research and Consulting, the global needles market size is anticipated to be worth around USD 10.2 billion by 2026.
The global needles market is expected to registered a strong growth at a CAGR of around 7.5% during the forecast period 2019 to 2026.
Europe drove the general market as far as revenue share in 2018.
Asia-Pacific region is projected to grow at a highest CAGR.
The products of needles market are pen, suture, blood collection, dental, ophthalmic and others
The major players associated with the 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.