(PharmaNewsWire.Com, June 26, 2020 ) The report "Needles Market by Type (Conventional (Bevel, Vented) & Safety), Product (Suture, Blood Collection, Insufflation), Material (Stainless Steel, Plastic), Delivery Mode (IV, IM, Hypodermic), End-User (Hospitals, Diagnostic Centers) - Global Forecast to 2022", This report studies the global needles market over the forecast period of 2017 to 2022. The market is expected to reach USD 8.47 Billion by 2022, at CAGR of 7.8% during the forecast period. Key factors such growing geriatric population, increasing number of hospitals in emerging markets, and high prevalence of chronic diseases are the major factors driving the growth of the needles market across the globe.
By type, the conventional needles segment is expected to hold the largest market share in 2017
On the basis of type, the global needles market is segmented into two broad categories, namely, conventional needles and safety needles. The conventional needles market is estimated to command the larger share of the global needles market in 2017. The growing demand for biosimilar products, the increasing incidence of chronic disease, and the expanding injectables market are the key factors contributing to the growth of this market segment.
By product, the blood collection needles segment is expected to grow at a significant CAGR during the forecast period
Based on product, the market is segmented into suture needles, blood collection needles, ophthalmic needles, dental needles, insufflation needles, pen needles, and other needles. While the pen needles segment is expected to hold the largest share of the in 2017, it is the blood collection needles segment that is expected to grow at a significant CAGR from 2017 to 2022. Factors like the increasing number of blood donations and technological advancements in blood collection sets are driving the growth of the blood collection needles market.
By delivery mode, the hypodermic segment is expected to hold the largest market share in 2017
The needles market is segmented into hypodermic, intravenous, intramuscular, and intraperitoneal needles on the basis of delivery mode. The hypodermic needles segment is expected to account for the largest share of the needles market in 2017. These needles are used for injecting the drug into the subcutaneous layer; this enables the quick absorption of active compounds into the bloodstream, which is a key factor contributing to the market growth of this segment.
North America dominated the market in 2016
As of 2016, North America held the largest share of the global needles market, followed by Europe. Its dominant share is attributed to the rising incidence of chronic diseases, initiatives by different organizations for the reduction in blood borne infections, and increasing prevalence of cardiovascular diseases.
The key players in the global needles market are Hamilton Company (U.S.), Medtronic plc (Ireland), Becton, Dickinson and Company (U.S.), Stryker Corporation (U.S.), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (U.S.), Terumo Corporation (Japan), Novo Nordisk A/s (Denmark), Smiths Medical (U.K.), and Thermo Fisher Scientific (U.S.).
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