Needles Market is estimated to be US$ 14.64 billion by 2030 with a CAGR of 7.50% during the forecast period – By PMI
Prophecy Market Insights latest research report on the Needles Market provides a comprehensive analysis of the current market scenario, growth opportunities, challenges, and emerging trends. The report offers insights into the market’s size and share, key market players, distribution channels, and consumer preferences. It also examines the impact of the COVID-19 pandemic on the market and provides a detailed analysis of the competitive landscape, including strategic alliances, mergers, and acquisitions.
Covina, Sept. 26, 2023 (GLOBE NEWSWIRE) — According to prophecy market insights Needles are small slender steel instrument with an eye for thread and has three parts, which comprises a hub, long shaft, and the slanted tip known bevel that fits in the tip of the syringe. They are used for injecting fluid medications and for drawing blood from the body.
Growing geriatric population coupled with prevalence of chronic diseases across globe has become major contribution in target market growth. Rising prevalence of diseases coupled with demand for laboratory testing and surgical procedures where, needles are used widely has provided lucrative opportunities in Needles market growth.
- In September 2023, Bronchus Medical launched new ‘BioStar Transbrochial Aspiration Needle’. The new launched needles are used for minimally invasive diagnostic applications to obtain accurate tissue samples with quality specimen for diagnosing lung cancer in healthcare sector.
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Use of needles in surgical procedures, in drawing blood and for drug delivery has given rise in demand for Needles market growth. Growing target population, healthcare expenditure, constantly improving healthcare infrastructure and awareness about blood donation are a number of the main factors which drives the Needles market growth.
Scope of the Report:
|Base year for estimation||2020|
|Forecast period||2020 – 2030|
|Market representation||Revenue in USD Million & CAGR from 2020 – 2030|
|Market Segmentation|| By Needle Type- Safety Needles And Conventional Needles
By Delivery Site- Intradermal, Intravenous, Intramuscular, Subcutaneous, And Intraperitoneal
By Application- Surgical Suture Needles, Blood Collection Needles, Pen Needles In Diabetes, Dentistry Needles, Insufflation Needles, Ophthalmic Procedure Needles, And Other Needles
By Material- Glass Needles, Plastic Needles, Stainless Steel Needles, And PEEK Needles
By End-User- Clinics, Diagnostic Centers, Hospitals, Home-Based Care, Research Institutions, And Others
|Regional scope|| North America – U.S., Canada
Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America – Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
|Report coverage||Revenue forecast, company share, competitive landscape, growth factors, and trends|
- Medtronic plc
- Dickinson and Company
- Thermo Fisher Scientific
- Hamilton Company
- Terumo Corporation
- Stryker Corporation
- B. Braun Melsungen AG
- Nipro Medical Corporation
- Boston Scientific Corporation
- Novo Nordisk A/s
- Smiths Medical
Browse in-depth TOC on “Needles Market”
- 60 – Tables
- 35 – Figures
- 140 – Slides
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- Technological Advancements: Advances in needle design and manufacturing are likely to continue. This may include the development of needles with improved precision, safety features, and materials. Smart needles equipped with sensors for real-time monitoring and data collection may also become more prevalent.
- Growing Healthcare Industry: The healthcare industry is expected to continue growing, driven by factors such as an aging population, increasing prevalence of chronic diseases, and expanding access to healthcare services in emerging markets. This growth will likely drive the demand for a wide range of medical needles.
- Safety and Infection Control: Safety remains a paramount concern in healthcare. Therefore, the demand for safety needles that reduce the risk of needlestick injuries and bloodborne infections is likely to increase. Regulatory bodies may enforce stricter safety standards.
- Biopsy and Diagnostic Needles: As the importance of early disease detection and personalized medicine grows, the demand for biopsy and diagnostic needles for procedures such as fine-needle aspiration and core needle biopsies may rise.
- Vaccination and Immunization: Mass vaccination campaigns, like those seen during the COVID-19 pandemic, have highlighted the importance of reliable and efficient vaccination needles. The vaccination market may continue to drive demand for specialized needles.
- Safety Needles: The demand for safety needles is on the rise due to concerns about needlestick injuries and bloodborne infections. Manufacturers can explore opportunities to develop and market advanced safety needle technologies.
- Smart Needles: Smart needles equipped with sensors for real-time monitoring and data collection offer opportunities in areas such as patient monitoring, drug delivery, and diagnostic procedures. These needles can provide valuable data for healthcare professionals.
- Biodegradable Materials: With increasing environmental consciousness, there is an opportunity to develop needles made from biodegradable materials. These needles could reduce the environmental impact of medical waste disposal.
- Specialized Needles for Biopsy and Diagnostics: As the importance of early disease detection and personalized medicine grows, there is a demand for specialized biopsy and diagnostic needles. Manufacturers can focus on developing needles optimized for these procedures.
- Innovative Needle Designs: Innovative needle designs that improve patient comfort and reduce pain during procedures can find a niche market. For example, ultra-thin needles for insulin delivery may be in demand among diabetes patients.
What factors are driving the growth of the needles market?
- Increasing Healthcare Expenditure: As healthcare spending continues to rise globally, there is a parallel increase in demand for medical devices, including needles. Expanding healthcare infrastructure and services contribute to market growth.
- Rising Chronic Diseases: The prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases is increasing worldwide. Many of these conditions require regular injections or diagnostic procedures, driving the demand for needles.
- Aging Population: An aging population typically requires more medical attention and treatments. Elderly individuals often need medications and healthcare procedures that involve the use of needles.
- Advancements in Medical Procedures: Advances in medical procedures and techniques often require specialized needles. For example, minimally invasive surgeries and diagnostic biopsies drive the demand for precise and specialized needles.
- Safety Concerns: Concerns about healthcare worker safety and patient infections have led to a growing demand for safety needles. These needles are designed to reduce the risk of needlestick injuries and transmission of bloodborne diseases.
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