USD 6.89 billion
Report ID: SQSG35A2036 | Region: Global | Published Date: November, 2022 | Pages: 225 | Tables: 94 | Figures: 73
Global Needles market was valued at USD 6.89 billion in 2021, and it is expected to reach a value of USD 11.65 billion by 2028, at a CAGR of more than 7.8% over the forecast period (2022-2028).
A needle is a tiny, thin, typically steel sewing tool with an eye for a thread or surgical sutures on one end. Needles are used for numerous things, including processing blood, performing dental and surgical operations, and delivering medications to the body through infusions. It has three sections: a long shaft, an incline, and a central piece, and it fits into the syringe's component. In clinical practice, numerous needle types are often used for a variety of treatments, including the delivery of medications via different skin layers, cosmetic procedures, and various surgical procedures. As a result, there are many different kinds of needles available.
Certain treatment plans are linked to pain and anxiety because they cause the brain's pain receptors to be activated by a variety of psychological and physiological variables. For instance, during dental operations, dental injection is closely related to both pain and anxiety. Additionally, it is anticipated that increased awareness of the benefits of blood donation will spur market expansion in the near future. Voluntary blood donations can reduce the blood supply shortfall; however, this will increase the need for needles and syringes.
The market has been considerably and favorably affected by COVID-19. Worldwide medication discovery and research and development efforts increased as a result of this epidemic. The expansion in demand for needles was directly affected by increased funding for projects related to the development of a COVID vaccination. Additionally, a higher hospitalization rate fueled the market expansion. In addition, the growing number of hospitals and other healthcare institutions throughout the world bodes well for the future of needles.
Increased prevalence of chronic and lifestyle illnesses, particularly diabetes, technical developments in the worldwide needles market, and rising consumer demand for high-tech hypodermic needle solutions are predicted to propel market expansion. However, the availability of substitute drug administration methods, a lack of understanding about safety syringes, and the expensive price of hypodermic needles restrain market expansion. The projection for the worldwide needles market is predicted to have a wide range of possibilities due to the spike in demand for hypodermic needles, increase in disposable income, and development potential in rising economies in Asia-Pacific and LAMEA.
Global Market Size
USD 6.89 billion
more than 7.8% CAGR
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Global needles market is segmented based on the type, product, delivery mode, and region. Based on type, the global needles market is segmented into conventional needles and safety needles. Based on product, the global needles market is segmented into suture needles, blood collection needles, ophthalmic needles, dental needles, insufflation needles, pen needles, and other needles. Based on delivery mode, global needles market is segmented into hypodermic needles, intravenous needles, intramuscular needles, and intraperitoneal needles. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
Throughout the projection period, the safety needle category is anticipated to increase at the quickest rate. This development can be ascribed to these products' lower risk of needle stick injuries, which can spread bloodborne viruses including the hepatitis B and C virus, HIV, and other diseases. To better understand concerns relating to product restrictions and the hospital environment, healthcare organizations and stakeholders must concentrate on particular factors that contribute to the continued risk of damage. For example, in addition to overdosing, those who inject drugs are more likely to get HIV, TB, viral hepatitis B and C (HBV and HCV), and tuberculosis. 11 million individuals inject narcotics worldwide. According to the UNODC World Drug Report, 2020, 1.4 million of these individuals (or 1 in 8) have HIV, and 39.4% have viremic HCV infection. Around 10% of new HIV infections worldwide are caused by injecting drugs (UNAIDS, 2020). Additionally, injecting drug users are thought to account for between 23 and 39 percent of new HCV infections. One in three HCV fatalities worldwide can be attributed to medication injection. Both HIV and HCV prevalence rates are notably high in some areas, such as Eastern Europe and Central Asia. Additionally, more than half of the 2.3 million HIV-HCV co-infections (1.3 million) in the globe are found in drug injectors (WHO, 2016).
Safety needles improve user ease and practicability while lowering the risk of infection and expense. When using a safety syringe of the NMT type, squeezing the plunger to inject the drug triggers an automatic retraction feature. In all designs of syringes with safety needles, the safety mechanism may be easily activated in a single step. The majority of healthcare professionals preferred safety needle technology over conventional devices due to beneficial factors including accuracy, operation time, and fast usage design.
Analysis by Product
Suture needles are predicted to outperform the other product-based categories in the global needles market during the forecast period. This is due to the fact that the prevalence of chronic illnesses is rising globally, which is driving up market share for this industry. Additionally, the market's growth pace is being supported by an increase in support from both public and private entities in healthcare facilities. For example, according to WHO estimates, 295.8 million individuals worldwide had chronic hepatitis B infection in 2019. Of these, 30.4 million people with hepatitis B were aware of their status, and 6.6 million people with hepatitis B diagnoses got treatment. An estimated 820 000 people died from hepatitis B in 2019, primarily from cirrhosis and hepatocellular carcinoma (i.e. primary liver cancer). According to estimates, in 2019 there were 1.5 million new cases of chronic hepatitis B infection.
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The needles market is dominated by North America due to the region's strong base of healthcare facilities, growing investment from major players in the development of cutting-edge devices, well-established distribution networks for needle product manufacturers, and an increase in research activities. For example, in 2021, investors closed 96 Medtech investments, a substantial increase from 55 in 2020 and a record-breaking 60 in 2018. Deal value increased to $40.8 billion from $3 billion in 2020, mostly because of the $34 billion Medline deal. Such fluctuations are typical in the industry, where substantial assets are not as common. Supply chain resilience and cost control, technology for alternative treatment, specialist contract manufacturing, and regulatory assistance are important issues for investors in North America and Europe.
Due to an increase in government programs to raise awareness, a rise in medical tourism, expanding research activities in the region, and a rising demand for high-quality healthcare in the region, Asia-Pacific is predicted to see considerable growth between 2022 and 2029. The percentage of hospitals expected to raise spending decreased from 30% to 40% to 15% to 25% as a result of continuous uncertainty. Australia and China revealed a planned spending attitude that was similar to last year's, despite the fact that most hospitals in the area are displaying more cautious planned expenditure compared to last year. In both nations, hospitals plan to raise spending in all categories by roughly 40% on average. Governments in the area have been working to control healthcare costs despite the pandemic response.
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The global needles market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D to supply industries with the most efficient and cost-effective solutions.
Top Players in the Global Needles Market
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According to our global needles market analysis, in terms of type, the safety needles segment held the largest share in the global needles market. This development can be ascribed to these products' lower risk of needle stick injuries, which can spread bloodborne viruses including the hepatitis B and C virus, HIV, and other diseases. In terms of product, the suture needles segment held the largest share in the global needles market. This is due to the fact that the prevalence of chronic illnesses is rising globally, which is driving up market share for this industry. And in terms of region, the North American region held the largest share in the global needles market due to the region's strong base of healthcare facilities, growing investment from major players in the development of cutting-edge devices, well-established distribution networks for needle product manufacturers, and an increase in research activities.
|Market size value in 2021||USD 6.89 billion|
|Market size value in 2028||USD 11.65 billion|
|Growth Rate||more than 7.8%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Needles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Needles Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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