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
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.
Our in-depth analysis of the global special purpose needles market includes the following segments:
By Product Type
By Distribution Channel
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Growth of next-generation microneedle and development of needle-free injection technology, and increasing awareness of special purpose needles.
Ans: The market is anticipated to attain a notable CAGR of ~8% over the forecast period, i.e., 2022-2031.
Ans: 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.
Ans: 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.
Ans: The market is segmented by type, application, distribution channel and by region.
Ans: Hypodermic needles segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities post Covid 19 pandemic.
Ans: Technical and developmental challenges are estimated to hamper the market growth.
Ans: 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.