Global Needles Market Size Insights Forecasts to 2032.

• The Needles Market Size was valued at USD 7.20 Billion in 2022.
• The Market is Growing at a CAGR of 6.4% from 2022 to 2032.
• The Worldwide Needles Market Size is expected to reach USD 13.39 Billion By 2032.
• Asia-Pacific is expected to Grow higher during the forecast period.

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The Global Needles Market Size is expected to reach USD 13.39 Billion By 2032, at a CAGR of 6.4% during the forecast period 2022 to 2032.

 

Market Overview

The needle is a cutting-edge medical technology that revolutionizes the way we diagnose and treat various diseases. Developed as a non-invasive and precise tool, Needle employs nanobots injected into the bloodstream to navigate and target specific cells or tissues. These miniature robots are remotely controlled and equipped with advanced sensors and actuators, enabling them to perform intricate medical tasks, such as detecting early-stage cancers, delivering targeted therapies, and clearing arterial blockages. By avoiding the need for traditional surgical procedures, Needle reduces patient discomfort, minimizes recovery times, and lowers medical costs. With its potential to significantly improve medical outcomes, Needle holds promise as a ground breaking solution in modern healthcare, fostering a new era of personalized and efficient treatments.

 

Report Coverage

This research report categorizes the market for needles market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the needles market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the needles market.

 

Driving Factors

The needle market is influenced by several key drivers that shape its dynamics and growth, such as the rising prevalence of chronic diseases, such as diabetes, cancer, and cardiovascular disorders, is a significant driver. The increasing global burden of these conditions drives the demand for diagnostic and therapeutic procedures, which, in turn, boosts the need for needles in various medical settings. The advancements in medical technology play a crucial role in propelling the needle market. Innovations in needle design, such as the development of safety needles to reduce needlestick injuries, and the integration of smart technologies for improved accuracy and precision during medical procedures, drive the adoption of newer and more efficient needle products. A growing geriatric population contributes to the expansion of the needle market. As the elderly are more susceptible to age-related health issues and require regular medical interventions, there is a steady demand for needles in healthcare facilities and home care settings. The increasing number of vaccination programs and initiatives by governments and organizations worldwide drive the demand for needles used in immunization procedures. The ongoing efforts to curb infectious diseases, including the COVID-19 pandemic, underscore the importance of vaccination, leading to a surge in needle usage. Moreover, the rising demand for minimally invasive procedures across various medical specialties, such as interventional radiology and cosmetic surgery, significantly impacts the needle market. Minimally invasive techniques offer shorter recovery times, reduced complications, and improved patient outcomes, bolstering the need for specialized needles tailored to these procedures.

 

Restraining Factors

The needle market faces several significant restraints that hinder its growth and development because safety concerns associated with needle usage, particularly needlestick injuries and the risk of transmitting infections, have prompted a demand for alternative drug delivery methods like oral and transdermal routes. The increasing adoption of needle-free technologies in various medical applications poses a challenge to traditional needle-based approaches. Additionally, stringent regulatory requirements and compliance standards for needle manufacturers can impede market entry and product development. Furthermore, the high cost of needle production and concerns over environmental sustainability, particularly regarding the disposal of used needles, present obstacles for market expansion.

 

Market Segmentation

• Safety needles segment is expected to grow at the fastest CAGR of around 6.5% during the forecast period

On the basis of the type, the global needles market is segmented into conventional and safety. The safety needles segment is projected to experience the fastest growth during the forecast period due to increasing awareness about needlestick injuries and the transmission of infections among healthcare workers has led to a greater emphasis on needle safety. As a result, healthcare facilities are adopting safety-engineered devices, including safety needles, to protect their staff and reduce workplace injuries. The regulatory initiatives promoting the use of safety devices in medical settings have driven the adoption of safety needles. Additionally, advancements in safety needle technology, such as retractable and passive safety features, have further contributed to the segment's accelerated growth as healthcare providers prioritize patient and staff safety.

 

• The pen needle segment held the largest market over the forecast period

Based on the product, the global needles market is segmented into pen, suture, blood collection, dental, ophthalmic, and others. The pen needle segment dominated the market over the forecast period due to the increasing prevalence of diabetes globally has led to a rising demand for insulin delivery devices, with pen needles being a crucial component of insulin pens. The convenience and ease of use offered by pen needles have made them popular among diabetic patients, enabling self-administration of insulin at home. Additionally, advancements in pen needle technology, such as ultra-fine and painless needles, have further boosted their adoption.

 

• The hypodermic segment held the largest market revenue share of around 35.7% in 2022.

Based on the delivery mode, the global needles market is segmented into hypodermic, intravenous, intramuscular, and others. The hypodermic segment commanded the largest market due to hypodermic needles being widely used in various medical settings for a range of applications, including vaccinations, blood sampling, and medication administration. Their versatility and broad applicability across different medical procedures have led to a consistently high demand. The prevalence of infectious diseases and the need for vaccinations, especially during outbreaks and immunization campaigns, have driven the use of hypodermic needles. Additionally, the expansion of healthcare facilities and the increasing number of medical procedures globally have further propelled the demand for hypodermic needles, contributing to their dominant position in the market.

 

• The stainless steel segment held the largest market over the forecast period

Based on the raw material, the global needles market is segmented into stainless steel, glass, and others. The stainless steel segment emerged as the largest market in the needle industry for various reasons, stainless steel needles offer exceptional strength, durability, and resistance to corrosion, making them suitable for a wide range of medical applications and ensuring longer product lifespans. Their widespread use in various medical procedures, including injections, blood sampling, and surgical interventions, has driven the demand for stainless steel needles.

 

Regional Segment Analysis of the Needles Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America dominated the market with more than 40.3% revenue share in 2022.

 

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Based on region, North America's dominance in the needle market can be attributed to several key factors, because of the advanced healthcare infrastructure, with a high demand for medical devices, including needles. The increasing prevalence of chronic diseases and the aging population in North America drive the need for various medical procedures and therapeutic interventions that heavily rely on needle usage. Moreover, the presence of major pharmaceutical companies and medical device manufacturers in the region fosters innovation and drives the development of cutting-edge needle technologies. Additionally, stringent regulatory standards ensure the safety and quality of medical devices, further boosting consumer confidence in using needles for healthcare purposes.

 

Asia-Pacific projected higher growth during the forecast period in the needle market is influenced by several key factors, such as a rapidly growing population presenting a substantial patient pool, driving the demand for medical procedures that necessitate needle usage. The increasing prevalence of chronic diseases in Asia-Pacific, coupled with improving healthcare infrastructure, is expected to fuel the demand for diagnostic and therapeutic procedures, further boosting the need for needles.

 

Recent Developments

• In May 2021, Olympus Corporation (US) introduced the FDA-approved BF-UC190F endobronchial ultrasound (EBUS) bronchoscope for minimally invasive lung cancer detection and staging by needle biopsy.

 

• In June 2022, Wuxi Biologics, a worldwide contract research, development, and manufacturing organization (CRDMO), has begun GMP operations at its new drug product facility DP5 in Wuxi, China. For pre-filled syringes (PFS), the facility provides many volume delivery choices.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global needles market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Companies:

• Medtronic PLC
• Thermo Fischer Scientific Inc.
• Boston Scientific Corporation
• Cook Medical LLC
• Johnson & Johnson
• B. Braun Melsungen AG
• The Hamilton Company
• Smiths Medical
• Terumo Corporation
• Vita Needle Company
• NIPRO Medical Corporation
• Integra LifeSciences Corporation

Key Target Audience

• Market Players
• Investors
• End-Users
• Government Authorities 
• Consulting and Research Firm
• Venture Capitalists
• Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global needles market based on the below-mentioned segments:

 

Needles Market, By Type

• Conventional
• Safety

 

Needles Market, By Product

• Pen
• Suture
• Blood Collection
• Dental
• Ophthalmic
• Others

 

Needles Market, By Delivery Mode

• Hypodermic
• Intravenous
• Intramuscular
• Others

 

Needles Market, By Raw Material

• Stainless Steel
• Glass
• Others

 

Needles Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa