What is the global market size of Needles Market?

Needles Market size was valued at USD 6.51 billion in 2021 and is poised to grow from USD 7.06 billion in 2022 to USD 12.6 billion by 2030, growing at a CAGR of 8.6% in the forecast period (2023-2030).

Global Needles Market Size, Share, Growth Analysis, By Type(Conventional Needles, Safety Needles), By Product(Suture Needles, Blood Collection Needles), By Delivery Mode(Hypodermic Needles, Intravenous Needles) - Industry Forecast 2024-2031

Report ID: SQSG35A2036 | Region: Global | Published Date: February, 2024
Pages: 225 | Tables: 94 | Figures: 76

Global Needles Market Dynamics

Needles Market Driver

During the projected period, the market for needles is anticipated to rise more quickly due to the rising incidence of different chronic diseases and the rising number of hospitals and clinics in developing nations. It is anticipated that major businesses will continue to invest heavily in research and development to bring the most safe and precise needle technology to market. In order to allow surgeons to examine specific blood arteries at danger when placing the needle and prevent deadly bleeding, a research team from the University of Adelaide created a biopsy needle coupled to a tiny imaging probe in January 2018.
The development of needle technology also lessens the discomfort and anxiety associated with injections. Pain and anxiety have specific treatment plans because different psychological and physiological conditions cause the brain's pain receptors to become active. For instance, there is a significant correlation between dental injection during dental treatments and both pain and anxiety. Additionally, it's anticipated that rising awareness of blood donation will shortly fuel industry expansion. The demand for needles and syringes will rise as more people donate blood to make up for the low blood supply.

Needles Market Restraint

A solid growth rate is anticipated for the worldwide needles market throughout the projected period, notwithstanding the COVID-19 problem and looming economic slump. All industries have been impacted by an unparalleled chain of events brought on by the coronavirus epidemic. In the future post-COVID-19 period, the needles market will return to a new normal that will be constantly redefined and rethought. In order to manage uncertainty, change, and continually adapt to new and changing market situations, being current on trends and doing correct analysis is more important than ever. The United States is anticipated to change at a compound annual rate of 6.1 percent under the new developing geographic situation.
The pandemic has been most severely felt in the Europe area. China, the pandemic's source, is currently facing enormous political and economic difficulties. The shifting relationships between China and the rest of the globe will impact competitiveness and market prospects amid increased calls for economic decoupling and distance. In light of these circumstances and shifting geopolitical, economic, and consumer sentiments, the second-largest economy in the world will expand by 11.3 percent over the following few years and add over USD 953.7 million in accessible market prospects.

Global Needles Market Report Snapshots

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Needles Market size was valued at USD 6.51 billion in 2019 and is poised to grow from USD 7.06 billion in 2023 to USD 12.6 billion by 2031, growing at a CAGR of 8.6% in the forecast period (2024-2031).

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. 'Becton, Dickinson and Company', 'Terumo Medical Corporation', 'B. Braun Melsungen AG', 'Smiths Medical', 'Nipro Corporation', 'Medtronic ', 'Novo Nordisk A/S', 'Ypsomed Holding AG', 'Owen Mumford Ltd.', 'Gerresheimer AG', 'HTL-STREFA S.A.', 'Retractable Technologies, Inc.', 'Vygon S.A.', 'Codan Medizinische Geräte GmbH & Co. KG', 'Exelint International Co.', 'MHC Medical Products', 'Catalent, Inc.', 'Mylan N.V.', 'Vita Needle Company', 'TSK Laboratory Europe B.V'

During the projected period, the market for needles is anticipated to rise more quickly due to the rising incidence of different chronic diseases and the rising number of hospitals and clinics in developing nations. It is anticipated that major businesses will continue to invest heavily in research and development to bring the most safe and precise needle technology to market. In order to allow surgeons to examine specific blood arteries at danger when placing the needle and prevent deadly bleeding, a research team from the University of Adelaide created a biopsy needle coupled to a tiny imaging probe in January 2018.

In the projection period of 2022 to 2028, an increase in public-private financing for targeted research activities, an increase in the elderly population, and favorable regulatory policies for the approval of novel injectables will expand the market's lucrative potential. In the future, the market's growth rate will be further accelerated by factors such as the rising number of strategic alliances, the internet penetration rate, the expansion of hospitals and laboratories, the rise in drug self-administration, the use of safety needles, and the per capita spending on health care.

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.

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Global Needles Market Size, Share, Growth Analysis, By Type(Conventional Needles, Safety Needles), By Product(Suture Needles, Blood Collection Needles), By Delivery Mode(Hypodermic Needles, Intravenous Needles) - Industry Forecast 2024-2031

Global Needles Market Dynamics

Global Needles Market Report Snapshots

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