The global special purpose needles market is estimated to garner a significant revenue by growing at ~8% CAGR over the forecast period, i.e., 2020–2031. The growth of the market can be attributed to rising incidence of diabetes, cancer, spine disorders, hypertension and infectious diseases throughout the world. According in a report by World Health Organization (WHO), 1.13 billion people suffer from hypertension worldwide. Additionally, in 2019, over 1.5 million deaths were caused by diabetes. Moreover, over 10 million deaths were caused by cancer in 2020. Furthermore, advancement in government regulations for safety needles uses, growing focus on progressive healthcare systems across the globe, and increasing focus on efficiency in pharmaceutical industries are generating high potential for growth and opportunities for the global special purpose needles market.
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The market is segmented by product type into biopsy needles, hypodermic needles, and aspirating needles, out of which, the hypodermic needles segment is anticipated to hold the largest share in the global special purpose needles market during the forecast period on account of increased demand for hypodermic needles post Covid 19. Moreover, the COVID-19 pandemic caused 6,270,232 deaths, as of May 2022, as sourced from the World Health Organization.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
The global special purpose needles market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness steadfast growth during the forecast period on the account of increasing demand for passive drugs, and the requirement of special purpose needles especially for the rising geriatric population across the Asia Pacific region. According to the United Nations sexual and reproductive health agency (UNFPA), 60 percent population of the world is in Asia. Further, the population above 65 years of age in India crossed 90,719,952 in 2020, while, it crossed 167,808,567 in China, as per the World Bank. So, the highest growth rate for the market over the forecast period is expected across the Asia Pacific region.
The market in the North America region is projected to hold the leading share in the forecast period on the back of its focus on the development of next-generation microneedle and needle-free injection technology for the growing demand of it, and increasing awareness of special purposed needles such as pre-filled syringes.
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The global special purpose needles market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global special purpose needles market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growth of next-generation microneedle and development of needle-free injection technology, and increasing awareness of special purpose needles.
The market is anticipated to attain a notable CAGR of ~8% over the forecast period, i.e., 2022-2031.
The major players in the market are Terumo Group, Smiths Medical, Boston Scientific Corporation, Stryker Corporation, Nipro Medical Corporation, Cook Group Incorporated, India Medtronic Private Limited, Cardinal Health, Inc., and SERAG-WIESSNER GmbH & Co. KG.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, distribution channel and by region.
Hypodermic needles segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities post Covid 19 pandemic.
Technical and developmental challenges are estimated to hamper the market growth.
Asia-pacific region is expected to provide more business opportunities for growth on the account of increasing demand for passive drug, and the requirement to use special purpose needles in the future.
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