Special Purpose Needles Market Research, Growth, Share, Industry Trends and Analysis, Forecast to 2026
Patients affected by various infectious diseases are subject to long & umpteen number of medical tests, which are incomplete without the use of multipurpose and special needles such as sharps. Growing prevalence of infectious diseases such as cancer and diabetes are propelling demand for special purpose needles in the healthcare sector such as hospitals, clinics and medical stores. The global special needles market is expected to register a CAGR of 7.5% over the forecast period, 2016-2026.
Among various types of needles, Hypodermic needles are witnessing rapid demand, which in turn will contribute towards growth of the market in terms of revenue in the coming years. Besides various applications, special purpose needles will be mainly used for drug delivery purposes. Whereas, hospital pharmacies will be prominent distribution channel among others.
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Apart from infectious diseases, spinal disorders will further add to the list of factors fuelling demand for special purpose needles in hospitals and clinics over the following decade. Furthermore, imposition of government regulations regarding advanced healthcare systems, safe usage of needles, surge in government support and joint efforts by supply chain executives to increase efficiency will boost demand for special purpose needles. However, growing awareness regarding needle-free injection technology in parallel with high cost of special purpose needles will restrain growth of the market in the coming years. Moreover, instances of product recalls due to low quality are further inhibiting growth of the market.
Collaborations between private medical companies and government, in order to spread awareness among patients regarding unsafe usage of used needles is a prominent trend witnessed in the market over the following decade. Furthermore, companies operating in the market are mainly directing their efforts to offer production of user-friendly safety needles in order to prevent needle injuries that could propagate HIV and other blood borne diseases.
In terms of revenue, the market in North America will grow at a CAGR of 8.2% and will reach a market value of US$ 5,506.7 Mn by the end of 2026. Whereas, the market in APEJ will grow relatively fast at a CAGR of 7.7% in the span of next ten years. Collectively, the markets in North America, APEJ and Western Europe will account for 74.7% market share in 2016.
Some major market players operating in the global special purpose needles market include Medtronic, Becton, B. Braun Melsungen AG, Dicksen and Company, Smiths Medical, Terumo Corporation, Nove Nordisk A/S, Boston Scientific Corporation, NIPRO Medical Corporation, Stryker Corporation, Argon Medical Devices, Inc., SERAG-WEISSNER GmbH & Co. and Cook Medical.
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