The global special purpose needles market is expected to be worth US$ 12.6 billion by the end of 2022, and to grow at a 7.9% CAGR from 2022 to 2032. By the end of 2032, the market is expected to be worth US$ 27.0 billion. North America is the market leader, accounting for approximately 34.5% of the market in 2021.
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The global special purpose needles market can be segmented on the basis of product type (Fine Aspirating Needles, Biopsy Needles, Hypodermic Needles, Pen Needles, Suture Needles, IV Catheter Needles, Implantation Needles, Dental Needles, Ophthalmic Needles, Blood Collection Needles, Spinal Anaesthesia Needles, Epidural Needles, AV Fistula Needles, Cannula Needles); application (Sample Collection, Drug Delivery); and distribution channel (Hospital Pharmacies,Private Clinics, Retail Pharmacies and Drug Stores, E-Commerce). The Hypodermic Needles product type segment and the Drug Delivery application segment are projected to dominate the global special purpose needles market in terms of value. The Hospital Pharmacies distribution channel segment is expected to hold maximum share of the global special purpose needles market.
Key market dynamics
The primary factors driving the growth of the global special purpose needles market are the rising prevalence of diabetes and infectious diseases, as well as the rising incidence of cancer and spine disorders. Growing government regulations on the use of safety needles, a greater emphasis on advanced healthcare systems, collaborative efforts by supply chain executives to increase efficiency, and rising government support in developed economies are all creating high-potential growth opportunities for players in the global special purpose needles market. However, high costs associated with special purpose needles, rising awareness of needle-free injection technology, and product recalls due to poor quality are some of the factors that are likely to stymie growth in the special purpose needles market during the forecast period.
In the next ten years, the global special purpose needles market is likely to witness some key trends. The government and private medical companies are working more closely together to educate patients about the dangers of using reusable needles. Companies are also focusing their efforts on developing user-friendly safety needles to prevent needle injuries, which are the leading cause of an increase in the prevalence of HIV and other blood-borne diseases.
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Regional market projections
The global special purpose needles market is segmented into seven main regions – North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East & Africa (MEA). In terms of value, North America is expected to be the dominant regional market by the end of 2016 and is expected to reach a market valuation of US$ 5,506.7 Mn by the end of 2026, registering a CAGR of 8.2% over the forecast period. APEJ is expected to be the fastest growing market in terms of revenue growth in the global special purpose needles market, registering a CAGR of 7.7% over the forecast period. The Asia-Pacific excluding Japan market is anticipated to reach US$ 2,383.1 Mn by the end of 2026. The markets in North America, Western Europe, and APEJ are estimated to collectively hold 74.7% market share of the global special purpose needles market in 2016.
Leading Market Players
Medtronic, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, Smiths Medical, Boston Scientific Corporation, Novo Nordisk A/S, Argon Medical Devices, Inc., Stryker Corporation, NIPRO Medical Corporation, Cook Medical, and SERAG-WIESSNER GmbH & Co. are some of the major players operating in the global special purpose needles market.
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