The global special purpose needles market size is expected to reach a valuation of USD 12.6 Billion by the end of 2022, and further expand at a CAGR of 7.9% from 2022 to 2032. The market is likely to reach a valuation of USD 27.0 Billion by the end of 2032. North America is leading the market and the region accounted for a share of about 34.5% in 2021.
| Attributes | Key Insights |
|---|---|
| Global Special Purpose Needles Market Estimated Size (2022E) | USD 12.6 Billion |
| Projected Market Valuation (2032F) | USD 27.0 Billion |
| Value-based CAGR (2022 to 2032) | 7.9% |
| Collective Value Share: Top 5 Countries | 54.8% |
Special-purpose needles are considered to be a significant part of the most common healthcare procedures. According to the World Health Organization (WHO), a minimum of 16 billion injections are administered worldwide every year. Around 90% of these injections are given in curative care.
Followed by immunization injections that account for around 5% of all injections, apart from intravenous administration of drugs and others. Hence, with the increasing volumes of such devices, demand for special-purpose needles will drive the market in the coming decade.
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The global special purpose needles held approximately 9.3% of the global medical supplies market, which was worth ~USD 120 Billion in 2021. Sales of special purpose needles expanded at a CAGR of 6.6% from 2014 to 2021 owing to the increasing prevalence of obesity, diabetes, and other chronic conditions.
According to the International Diabetes Federation, around 536,600 people worldwide were suffering from diabetes in 2021. Diabetes can sometimes interfere with daily life and further deteriorate the quality of life. Hence, it is very important to take insulin and manage the levels of blood sugar.
Insulin can be given by syringe, as well as pumps, depending on the insulin dose and comfort level owing to their high affordability. Insulin syringes are often for one-time use and are disposable. Use of various sizes in special purpose needles helps to assist in avoiding errors.
It is one of the major reasons as to why the demand for special purpose needles is growing and is anticipated to grow during the forecast period. Thus, owing to the above-mentioned factors, the global market is expected to grow at a CAGR of 7.9% during the forecast period from 2022 to 2032.
Increasing Need to Control Bio-waste Will Foster Sales of Medical Needles
Considering the current scenario, the majority of the population is suffering from either one of the chronic conditions such as dental problems, injuries, influenza, and others. The market is set to present an opportunistic outlook owing to growing concerns about such conditions.
According to the WHO, at the current point in time, it is estimated that around 3.5 billion of the global population are suffering from oral diseases. Moreover, in order to minimize patient discomfort, medical professionals are using anesthetics to block the pain, which is administered by using needles. These factors will drive the market for special purpose needles in the next decade.
In addition, governments of various countries are implementing stringent regulations to control bio-waste across the globe. Medical waste poses a big issue in front of hospitals these days. In case the waste is not properly disposed of, it can prove to be hazardous for both healthcare professionals and patients. The possibility of needle stick injuries and other probable hazards would also increase greatly with improper disposal of bio-waste.
However, manufacturers can look at this as a potential opportunity to develop needles that are single-use and biodegradable. This factor would potentially reduce the chances of possible hazards related to bio-waste. During the upcoming decade, these above-mentioned factors are expected to provide lucrative opportunities for growth in the overall special purpose needles market.
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High costs associated with special purpose needles such as surgeries and special purpose needle procedures are impeding growth in the market, especially in underdeveloped and developing countries. Besides, the increased adoption rate of needleless technology has influenced the market negatively.
Lack of appropriate knowledge among physicians sometimes could also lead to misuse or ineffective use of special purpose needles products, which can result in injuries, legal action against the company, or unsatisfied patients.
These factors are expected to affect the special purpose needles market negatively. Moreover, rising product recalls owing to the practice of low-quality production of special purpose needles is another vital factor that may impede the special purpose needles market over the forecast period.
Demand for Long Syringes in the USA to Grow Rapidly with Innovations by Key Players
The USA dominates the North American region and held a total market share of about 88.7% in 2021. As per FMI, the country is expected to continue to experience the same growth rate throughout the forecast period. Moreover, the presence of various manufacturers such as Boston Scientific Argon Medical Devices Inc. in the USA is anticipated to push growth.
It has further boosted the availability of special purpose needles in the market. As more companies are focusing on researching and developing novel products that can improve the comfort of patients and prove beneficial for the intended purpose of special purpose needles, the market in the USA will grow steadily.
Rising Prevalence of Cancer to Drive Syringe Dispensers Sales in Germany
Germany is set to exhibit a CAGR of nearly 9.3% in the Europe special purpose needles market during the forecast period. With the immense growth in the healthcare sector in Germany, the special purpose needles market is likely to create lucrative opportunities for key companies.
The use of these needles in Germany is likely to increase due to the rising prevalence of cancer, cardiovascular complications, and other chronic diseases. In addition, the increasing geriatric population would raise the prevalence of various non-communicable diseases, which would prove to be beneficial for the special purpose needles market.
Sales of Injection Devices to Spur in China Amid the Ever-increasing Population
China is set to exhibit a CAGR of 8.3% and generate a share of over 50% in the East Asia special purpose needles market during the forecast period. China is one of the most populated countries worldwide, making itself a major driver of the special purpose needles market. This factor would help in increasing the demand for numerous medical equipment such as needles and syringes.
Looking at the rising population, demand for special purpose needles will eventually compel market players to expand their portfolios of special purpose needles within the country. Hence, such factors are driving growth in the China special purpose needles market.
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Blood Collection Injection Supplies to Gain Impetus through 2032
Blood collection needles are expected to showcase a high growth rate at a CAGR of 8.0% and generate a share of about 14.2% in the global special purpose needles market in the forecast period.
Blood collection is one of the basic diagnostic tests conducted during the primary investigation of a patient. It helps in understanding the scope of the ailment contracted by the patient by evaluating the levels of a few basic factors such as white blood cells and hemoglobin, which would facilitate the production of needles for blood collection.
Medical Supplies such as Needles Are to Be Extensively Used for Drug Delivery
By application, the drug delivery segment is anticipated to dominate the special purpose needles market in the next decade. It is projected to hold a share of over 50% and FMI predicts that it would exhibit a gradual growth rate of 7.6% CAGR from 2022 to 2032. Growth is attributed to the increasing application of special purpose needles in delivering drugs to the human body through various routes like the muscle, veins, spinal cord, genitalia, and others.
The wide variety of routes would allow the drugs to reach the target site with ease without wasting much of the drug on the way. Hence, as compared to oral and topical drug delivery, this route of administration has proven to be the most effective.
Availability of Reusable Syringes in Hospital Pharmacies to Push Sales by 2032
Hospital pharmacies held the highest market share of 52.0% in 2021 and exhibited a CAGR of 7.1%. Hospitals are crucial settings for innumerable procedures, wherein a majority of the procedures require the involvement of a needle in at least one form. Therefore, in order to make the necessary needle available at the required time, hospital pharmacies make sure to stock up their inventory as per requirements.
The global special purpose needles market is highly fragmented with the presence of numerous competitors, including local, as well as international players. Companies are increasingly emphasizing various tactics such as partnerships, mergers & acquisitions, and joint ventures in order to expand their product portfolios and customer base, as well as to meet the rising demand from consumers.
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| Attributes | Details |
|---|---|
| Estimated Market Size (2022) | USD 12.6 Billion |
| Projected Market Valuation (2032) | USD 27.0 Billion |
| Value-based CAGR (2022 to 2032) | 7.9% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2014 to 2021 |
| Market Analysis | Value (USD Billion) |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Argentina, UK, Germany, Italy, France, Spain, Russia BENELUX, India, Indonesia, Malaysia, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, Turkey, South Africa, and North Africa |
| Key Market Segments Covered | Product, Application, Distribution Channel, and Region |
| Key Companies Profiled | Boston Scientific Corporation; Argon Medical Devices, Inc.; Becton Dickinson and Company; Cook Medical; B. Braun Melsungen AG; MEDTRONIC; Novo Nordisk A/S; SERAG-WIESSNER GmbH & Co.; Smith’s Medical; Terumo Corporation; Stryker Corporation; NIPRO Medical Corporation |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
The global special purpose needles market was worth USD 11.7 Billion in 2021.
The special purpose needles market is expected to reach USD 27.0 Billion by the end of 2032 and exhibit growth at a CAGR of 7.9% from 2022 to 2032.
Rising incidence of sports-related injuries and increasing number of surgeries worldwide are some of the latest trends that are driving the demand for special purpose needles.
North America dominated the global special purpose needles market accounting for the highest share of 34.5% in 2021.
Germany displayed a special purpose needles market share of around 7.8% in 2021.
India is projected to grow at a CAGR of 8.4% in the special purpose needles market in the forecast period.
The USA, China, Germany, India, and Japan are the top five countries, which are expected to drive demand in the special purpose needles market.
The special purpose needles market in China is expected to grow at 8.3% CAGR during the forecast period.
Japan exhibited a special purpose needles market share of around 6.4% in 2021.
Leading companies in the special purpose needles market are Boston Scientific Corporation, Argon Medical Devices, Inc., Becton, Dickinson and Company, Cook Medical, B. Braun Melsungen AG, MEDTRONIC, Novo Nordisk A/S, SERAG-WIESSNER GmbH & Co., Smith’s Medical, Terumo Corporation, Stryker Corporation, and NIPRO Medical Corporation among others.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Market Background 6. Global Market Volume (in Units) Analysis 2014 to 2021 and Forecast, 2022 to 2032 7. Global Market - Pricing Analysis 8. Global Market Demand (in Value or Size in USD Billion) Analysis 2014 to 2021 and Forecast, 2022 to 2032 9. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2032, By Product 9.1. Fine Aspirating Needles 9.2. Biopsy Needles 9.3. Hypodermic Needles 9.4. Pen Needles 9.5. Suture Needles 9.6. IV Catheter Needle 9.7. Implantation Needles 9.8. Dental Needles 9.9. Ophthalmic Needles 9.10. Blood Collection Needle 9.11. Spinal Anesthesia Needle 9.12. Epidural Needle 9.13. A.V. Fistula Needle 9.14. Cannula Needles 10. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2032, By Application 10.1. Sample Collection 10.2. Drug Delivery 11. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2032, by Distribution Channel 11.1. Hospital Pharmacies 11.2. Private Clinics 11.3. Retail Pharmacies and Drug Stores 11.4. E-commerce 12. Global Market Analysis 2014 to 2021 and Forecast 2022 to 2032, by Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. South Asia 12.5. East Asia 12.6. Oceania 12.7. Middle East and Africa (MEA) 13. North America Market Analysis 2014 to 2021 and Forecast 2022 to 2032 14. Latin America Market Analysis 2014 to 2021 and Forecast 2022 to 2032 15. Europe Market Analysis 2014 to 2021 and Forecast 2022 to 2032 16. East Asia Market Analysis 2014 to 2021 and Forecast 2022 to 2032 17. South Asia Market Analysis 2014 to 2021 and Forecast 2022 to 2032 18. Oceania Market Analysis 2014 to 2021 and Forecast 2022 to 2032 19. Middle East and Africa Market Analysis 2014 to 2021 and Forecast 2022 to 2032 20. Market Structure Analysis 21. Competition Analysis 21.1. Boston Scientific Corporation 21.2. Argon Medical Devices, Inc. 21.3. Becton Dickinson and Company 21.4. Cook Medical 21.5. B. Braun Melsungen AG 21.6. Medtronic 21.7. Novo Nordisk A/S 21.8. SERAG-WIESSNER GmbH & Co. 21.9. Smith’s Medical 21.10. Terumo Corporation 21.11. Stryker Corporation 21.12. NIPRO Medical Corporation 22. Assumptions and Acronyms Used 23. Research Methodology
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Special Purpose Needles Market
