SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Special Purpose Needles - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: September 2021
Executive Pool: 6503
Companies: 103 - Players covered include Argon Medical Devices, Inc.; B. Braun Medical, Inc.; Becton, Dickinson and Company; Dentsply Sirona; Injeq Oy; INRAD, Inc.; Johnson & Johnson; Medline Industries, Inc; Medtronic, Inc.; Smiths Medical International Limited; Surgical Specialties Corporation; TERUMO Corporation and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Hypodermic Needles, Pen Needles, Blood Collection Needles, IV/Catheter Needles, Epidural Needles, Suture Needles, Fistula Needles, Spinal Needles, Aspiration & Biopsy Needles, Other Product Segments); End-Use (Hospitals, ASCs, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Special Purpose Needles Market to Reach US$15.9 Billion by the Year 2026
Needles and syringes are sterile medical devices that help inject fluids into or remove secretions from various parts of the body. These sharp instruments are used for puncturing, suturing, or guiding ligatures through or around a vessel. Using advanced production techniques, some of the most sophisticated special purpose needles, which provide enhanced comfort and safety, are being manufactured. Growth in the medical needles market is primarily driven by factors including rise in incidence of infectious diseases, an aging population and rise in prevalence of chronic diseases such as cancer and diabetes, rise in surgery volumes and increasing prevalence of spine-related disorders. Other factors impacting demand include advancements in product designs, favorable demographic trends, increased emphasis on preventing hospital acquired infections (HAIs), and improving healthcare infrastructure and services across developing countries. The market is essentially driven by snowballing healthcare industry concerns over needle stick injuries and worker safety. Needle technology has also advanced over the past decades from large syringe needles which had to be sterilized and sharpened by hand to pen needles and other smaller needles that are thin, small and engineered to offer improved penetration with less friction and more glide. Needles are re-designed to enable light insertion force, improved control, superior accuracy, and smoother penetration with less tissue displacement.
Amid the COVID-19 crisis, the global market for Special Purpose Needles estimated at US$9.5 Billion in the year 2020, is projected to reach a revised size of US$15.9 Billion by 2026, growing at a CAGR of 8.5% over the analysis period. Hypodermic Needles, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$5.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pen Needles segment is readjusted to a revised 7.8% CAGR for the next 7-year period. This segment currently accounts for a 21.1% share of the global Special Purpose Needles market. Hypodermic needles are hollow needles used for subcutaneous injections and for aspiration. The needles are made of stainless steel and have durable and sharper penetration surface for easy hypodermic access. Pen needle systems and pens, already the preferred mode of delivery for insulin in diabetics in developed countries, is gaining traction across the global markets. A pen needle comprises a hollow needle embedded in plastic case. Advanced pen needles come with sophisticated features and offered in different shapes and sizes as per end-use requirements.
The U.S. Market is Estimated at $3.5 Billion in 2021, While China is Forecast to Reach $1.2 Billion by 2026
The Special Purpose Needles market in the U.S. is estimated at US$3.5 Billion in the year 2021. The country currently accounts for a 33.1% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.2 Billion in the year 2026 trailing a CAGR of 9.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 7.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR while Rest of European market (as defined in the study) will reach US$1.3 Billion by the end of the analysis period. While developed regions especially the US and Europe remain the dominant forces in the global special purpose needles market, developing market such as Asia-Pacific emerge as key growth drivers given the rapidly evolving healthcare sector in various countries across the region. Key market drivers in the emerging economies include large groups of patients in need of medical procedures and tests, growing awareness among people, implementation of stringent infection control standards, growing emphasis on offering high quality medical services to patients, increasing investment in R&D and healthcare infrastructure.
Blood Collection Needles Segment to Reach $1.5 Billion by 2026
Blood collection needles are used to perform venipuncture for the purpose of collecting blood samples. They generally include an attached pivoting shield, which the user activates after venipuncture, for preventing accidental needlestick injuries. In the global Blood Collection Needles segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$925.5 Million in the year 2020 will reach a projected size of US$1.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$128.4 Million by the year 2026, while Latin America will expand at a 5.7% CAGR through the analysis period. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.