Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Global Special Purpose Needle Market Overview
Needles and syringes are the world’s widely used medical disposables. Needle is a tool used to inject or suck fluids from the body in order to take blood samples or injection of drugs in to the body. Depending upon the type of medical practice, a wide variety of needles is designed for different medical practices. Syringe and needles are among the segment that has maintained their market position from a long period of time despite of various up and downs in the healthcare industry. Government of developing countries are collaborating with private medical companies in order to raise awareness about the unsafe use of needles and together they are taking initiatives for the production of user-friendly safety needles so as to prevent needle infections thus preventing HIV and blood borne diseases.
Market Size & Forecast
Expanding with a compound annual growth rate of 7.5%, the global special purpose needle market is anticipated to reach USD 15 billion by the end of 2023.North-America is expected to dominate the special purpose needle market in terms of revenue and is anticipated to reach USD 5.5 billion by the end of 2023 witnessing a CAGR of 8.5% over the forecast period owing to the advance medical facilities of the nations such as U.S and Canada.
U.S is anticipated to remain the largest market; however Latin-America and Asia-Pacific market is expected to project a strong growth due to development in healthcare industry in order to provide better medical facilities in developing nations such as India and China. The market is anticipated to witness a CAGR of 7.8% between 2016 and 2023.CLICK TO DOWNLOAD FREE SAMPLE REPORT
The market is anticipated to show a strong growth owing to increasing geriatric populations, increasing aging population and increasing awareness of diseases spread through the needle infections.
Demand Analysis By Market Segmentation
By Product Type
Depending upon the type of medical practice carried out, the market can be segmented into following product segments:-
By Application
On the basis of application, the market can be segmented into following categories:-
By Distributed Channels:-
By end distribution channel, the global special purpose needle market can be segmented into following categories:-
By Region
Global Special Purpose Needle Market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Special purpose needle market is mainly driven by the growing hygiene consciousness among patients by providing advanced user safety and cost-effective solutions. Growing healthcare focus and increasing expenditure by the government of developing countries in order to provide better medical facilities are some of factors that will propel the demand for special purpose needle and will further boost the special purpose needle market across the globe.
Increase in the use of self-injection devices among the patients suffering from allergic asthma, rhinitis, and migraine will boost the growth of special purpose needle market in upcoming 5-6 years.
Increasing awareness of diseases such as HIV/AIDS, HCV, HBV, simplex virus, malaria, syphilis, typhus, and tuberculosis will further spur the demand for special purpose needles across the globe.
High cost associated with the product; rising awareness of needle free technology in medical practices are some of the factors that can restrain the growth of special purpose needle market over the forecast period.
Key Players
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
By Regions
Global Special Purpose Needle market has been studied on countries and regions like:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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