Special Purpose Needles Market To Find Better Growth with US$ 18,545.3 Million By 2027 | CAGR: 8.0%: Coherent Market Insights
Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Special purpose needles have major application in different drug deliveries and sample collection. A hypodermic needle is a hollow needle that is commonly used with a syringe to inoculate substances into the body or extract fluids from it. It is used for rapid delivery of liquids.
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The global special purpose needles market is estimated to be valued at US$ 18,545.3 Mn in terms of value by the end of 2027.
Global Special Purpose Needles Market: Drivers
The increasing adoption of needle biopsy by healthcare providers is expected to fuel growth of the global special purpose needles market over the forecast period. There is increasing preference for core needle biopsy and fine-needle aspiration biopsy for accessing cells from tumors and other lesions for diagnostic assessment. Moreover, needle biopsy involves less time, trauma, and cost, which thereby drives its adoption, and is expected to augment growth of the market over the forecast period.
Global Special Purpose Needles Market: Opportunities
Moreover, optimizing needle localization technology is expected to offer lucrative growth opportunities for players in the global special purpose needles market. Integration of algorithm in needle localization technology can reduce operator dependence in ultrasound-guided breast biopsy.
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Global Special Purpose Needles Market: Restraints
However, rising drug needle pollution is the major factor that is expected to hamper growth of the market over the forecast period. Hypodermic needles are often dumped by drug users in parks, playgrounds, and other public places. Needle pollution can increase the risk of HIV and AIDS. Such scenario is expected to shift preference to needle-free options, among populace.
Among product type, biopsy needles segment is estimated to be valued at US$ 1,184.3 Mn in 2019 and is expected to reach US$ 2,200.1 Mn by 2027 and is expected to exhibit a CAGR of 8.0% over the forecast period. The growth of the segment is attributed to increasing number of cancer biopsies, globally.
Moreover, blood collection needle segment, among product type is expected to account for major market share of 14.2%, in terms of value in 2019, followed by fine aspirating needles and hypodermic needles, respectively. Increasing product launches is estimated to drive growth of the market during the forecasted period
On the basis of distribution channel, hospital pharmacies segment is expected to account for major market share of 51.0%, in terms of value in 2019, followed by retail pharmacies and drug stores, respectively. The segment growth is attributed to increasing patient population suffering from acute and chronic diseases.
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The rising incidence of cancer, spine-related disorders, and diabetes is driving demand for special purpose needles in Asia Pacific. For instance, according to the study, ‘Trends in and Predictions of Colorectal Cancer Incidence and Mortality in China From 1990 to 2025’, published in the journal Frontiers in Oncology in February 2019, in China, the age-standardized incidence rate among males for colorectal cancer increased by 2.76% per year from 1990 to 2016, and the cancer cases increased more than three times compared to 1990. However, low reimbursement rates in the region prevents uptake of advanced products.
Moreover, in Middle East and Africa, lack of regulatory harmonization and standard reporting practices are expected to contribute to sub-optimal reporting of adverse incidents due to special purpose needles, thus expected to hamper demand for special purpose needles.
Global Special Purpose Needles Market: Competitive Landscape
Key players operating in the global special purpose needles market include Boston Scientific Corporation, Argon Medical Devices, Inc., Becton, Dickinson and Company, Cook Medical, B. Braun Melsungen AG, Medtronic Plc., Novo Nordisk A/S, SERAG-WIESSNER GmbH & Co., Smith’s Medical, Terumo Corporation, Stryker Corporation, and NIPRO Medical Corporation.
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Global Special Purpose Needles Market: Key Developments
January 2020: Janney Montgomery Scott LLC acquired additional 662 shares of Becton Dickinson and Co.
August 2019: Intalere signed a new agreement with Sharp Fluidics, LLC for its proprietary Operative Armour suture needle management system
- Special Purpose Needles Market, By Product Type:
- Fine Aspirating Needles
- Biopsy Needles
- Hypodermic needles
- Pen Needles
- Suture Needles
- IV catheter Needle
- Implantation Needles
- Dental Needles
- Ophthalmic Needles
- Blood Collection Needle
- Spinal Anesthesia Needle
- Epidural Needle
- A.V. Fistula Needle
- Cannula Needles
- Special Purpose Needles Market, By Application:
- Sample Collection
- Drug Delivery
- Special Purpose Needles Market, By Distribution Channel:
- Hospital Pharmacies
- Private Clinics
- Retail Pharmacies and Drug Stores
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