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 Insights

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).

A needle is a tiny, thin, typically steel sewing tool with an eye for a thread or surgical sutures on one end. Needles are used for numerous things, including processing blood, performing dental and surgical operations, and delivering medications to the body through infusions. It has three sections: a long shaft, an incline, and a central piece, and it fits into the syringe's component. In clinical practice, numerous needle types are often used for a variety of treatments, including the delivery of medications via different skin layers, cosmetic procedures, and various surgical procedures. As a result, there are many different kinds of needles available.

Certain treatment plans are linked to pain and anxiety because they cause the brain's pain receptors to be activated by a variety of psychological and physiological variables. For instance, during dental operations, dental injection is closely related to both pain and anxiety. Additionally, it is anticipated that increased awareness of the benefits of blood donation will spur market expansion in the near future. Voluntary blood donations can reduce the blood supply shortfall; however, this will increase the need for needles and syringes.

The market has been considerably and favorably affected by COVID-19. Worldwide medication discovery and research and development efforts increased as a result of this epidemic. The expansion in demand for needles was directly affected by increased funding for projects related to the development of a COVID vaccination. Additionally, a higher hospitalization rate fueled the market expansion. In addition, the growing number of hospitals and other healthcare institutions throughout the world bodes well for the future of needles.

Increased prevalence of chronic and lifestyle illnesses, particularly diabetes, technical developments in the worldwide needles market, and rising consumer demand for high-tech hypodermic needle solutions are predicted to propel market expansion. However, the availability of substitute drug administration methods, a lack of understanding about safety syringes, and the expensive price of hypodermic needles restrain market expansion. The projection for the worldwide needles market is predicted to have a wide range of possibilities due to the spike in demand for hypodermic needles, increase in disposable income, and development potential in rising economies in Asia-Pacific and LAMEA.

US Needles Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Needles Market Report Snapshots

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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 Insights

Global Needles Market Report Snapshots

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