Needles Market Growth

Rising Incidence of Chronic Disease to Drive Needles Market Growth; Revenue to cross USD 14.7 billion by 2035 | Roots Analysis

According to a recently published report by Roots Analysis, the rising prevalence of chronic diseases and the advancements in medical device technology is driving the growth of needles market

Global Needles Industry Overview

The global needles market size is estimated to reach over USD 14.7 billion by 2035, growing at a CAGR of 6.1% during the forecast period, till 2035.

In the realm of modern healthcare, needles have served as a fundamental tool, enabling precise drug delivery, blood sampling and vaccinations. Despite its indispensable role, conventional needles pose several challenges, such as discomfort, pain and risk of cross-contamination.  Moreover, the psychological barrier related to the fear of needles has further increased the difficulties, especially for vulnerable and pediatric patient populations. This has led to several innovations in this domain aimed at improving patient outcomes while reducing healthcare costs and operational risks.

Breakthroughs such as microneedles, which penetrate the skin without causing significant pain and safety-engineered retractable needles to prevent injuries, are paving the way for safer and more effective healthcare practices. In addition to this, the growing incidence of chronic illnesses like diabetes and cancer, which require frequent medical interventions, is expected to significantly increase the global needles market value during the forecast period.

Browse 120+ figures and 145+ market data tables spread across 250+ pages and detailed Table of Content on “Global Needles Market, till 2035 by Type of Needle based on Design, Type of Needle based on Purpose, Mode of Delivery, Type of Material, End Users, Geographical Regions and Leading Players” here: https://www.rootsanalysis.com/reports/needles-market.html

Market Drivers

Several factors are propelling the global needles market growth. One of the key factors driving the future of needles market is the growing prevalence of chronic diseases. According to the World Health Organization, around 41 million mortalities are reported each year, globally. This has led to extensive use of needles to deliver precise drug doses and effectively manage these conditions. Owing to such escalated levels of chronic diseases, the needles market is anticipated to witness substantial growth in the foreseen future.

Market Restraints

While the global needles market is experiencing substantial growth, there are certain restraints that can hinder the growth of the industry. One of the primary restraints is the stringent regulatory guidelines mandated by regulatory bodies, ultimately leading to hinderance in the industry's growth trajectory and investor uncertainty. Additionally, needle phobia among patients and increasing preference for non-invasive routes of administration in some of the developing regions has been a major obstacle for the adoption of needles. Moreover, the high rate of product recalls due to safety concerns, such as malfunctioned devices or contamination risks, limits market growth and leads to financial losses for companies engaged in this domain.

Growth Factors

Despite the aforementioned restraints, several factors continue to drive global needles market growth. One notable factor is the increased funding initiatives for research and development (R&D) activities in healthcare domain, creating substantial opportunities for various segments, including the needles market. Further, the governments are implementing policies that encourage R&D in medical devices. For instance, initiatives like the Promotion of Research and Innovation in Pharma-MedTech (PRIP) scheme in India aims to boost domestic manufacturing and innovation in the medical device sector, directly impacting needle production and development. Additionally, a shift towards self-injectable medications creates opportunities for innovation in needle design and enables companies to expand their product lines to meet the growing demand for convenience and self-management among consumers. Owing to the aforementioned factors, it can be anticipated that the global needles market will flourish remarkably in the foreseen future.

Global Needles Market Segments

By type of needle based on design, the market is segmented into Conventional Needles and Safety Needles

• Conventional needles led the global needles market, capturing the largest revenue share of close to 70% in the current year.
• Safety needles are anticipated to show a higher growth rate of 8.2%, during the forecast period.

By type of needle based on purpose, the market is segmented into Syringe Needles, Suture Needles, Pen Needles, Blood Collection Needles, Autoinjector Needles and Others

• Syringe needles led the global needles market, capturing the largest revenue share of around 65% in the current year.
• Autoinjector needles are anticipated to show the highest growth rate of 8.6%, during the forecast period.

Based on the mode of delivery, the market is segmented into subcutaneous, Intramuscular, Intravenous, Intradermal and Others

• The subcutaneous mode of delivery segment led the global needles market, capturing the largest revenue share of over 35% in the current year.
• The needles used for subcutaneous modes of delivery are anticipated to show the highest growth rate of 6.4% during the forecast period.

Based on the type of material, the market is segmented into Stainless Steel, Plastic and Others

• The stainless steel segment led the global needles market, capturing the largest revenue share of approximately 85% in the current year.
• The plastic needles is anticipated to be the fastest growing segment in this industry, with an annualized rate of 7.4% during the forecast period.

Based on the end user, the market is segmented into Hospitals and Clinics, Diagnostic Centers, Home Healthcare and Others

• The hospitals and clinics led the global needles market, capturing the largest revenue share of more than 55% in the current year.
• The home healthcare segment is anticipated to be the fastest growing segment in this industry, with an annualized rate of 9.0% during the forecast period.

Based on the Regional Insights, the market is segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, and Latin America

• Asia- Pacific dominated the global needles market and accounted for the largest revenue share of around 40% in the current year.
• In Latin America, the global needles market is anticipated to be the fastest growing segment in this industry, with an annualized rate of 7.6%, during the forecast period.

Key Companies Profiled

The global needles market report also includes detailed profiles of key providers (listed below) that are engaged in offering needles:

• Aleda Makina
• B. Braun
• BD
• Biotronik
• DALI Medical Devices
• GEOTEK
• Gerresheimer
• Lars Medicare
• MEDEREN Neotech
• Medtronic
• Novo Nordisk
• Olympus America
• Roche
• SB-KAWASUMI LABORATORIES
• Thermo Fisher Scientific
• Wuzhou Medical

You Can Download Free Sample PDF Copy Of This Report At: https://www.rootsanalysis.com/reports/needles-market/request-sample.html

About Roots Analysis

Roots Analysis is a global leader in market research, competitive intelligence and consulting services. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serve our clients in the best possible way.

Contact Details

Gaurav Chaudhary
Email: Gaurav.chaudhary@rootsanalysis.com or sales@rootsanalysis.com