Special Purpose Needles Market: Increasing prevalence of diabetes and infectious diseases and increasing incidence of cancer and spine disorders driving market
Special purpose needles are used in target specific drug deliveries or collection of samples such as fluid and cells from organs or lumps and are available in the market with various advanced features, shapes, and sizes. The global market for special purpose needles is showing a steady growth owing to an increasing geriatric population.
The global Special Purpose Needles Market is projected to be valued at US$ 17,261.5 million by the end of 2026, registering a CAGR of 7.4% during the forecast period (2016–2026). In a new report titled “Special Purpose Needles Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”, Future Market Insights delivers key insights on the factors and trends impacting the global special purpose needles market over a 10-year forecast period (2016–2026).
The market for special purpose needles is witnessing steady growth across the globe owing to an increasing geriatric population. According to analysts at Future Market Insights, “Increasing prevalence of diabetes and infectious diseases and increasing incidence of cancer and spine disorders across the globe are the primary factors driving the growth of the global special purpose needles market.” Availability of better reimbursement options for some types of special purpose needles in developed economies is likely to propel demand for special purpose needles over the forecast period. A key trend witnessed in the global special purpose needles market is the development of advanced techniques in the production of special purpose needles to facilitate enhanced patient safety and comfort. However, rise in awareness on needle free injections and risks associated with injections are major factors expected to hamper the overall growth of the special purpose needles market over the forecast period.
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The global special purpose needles market can be segmented on the basis of product type (Fine Aspirating Needles, Biopsy Needles, Hypodermic Needles, Pen Needles, Suture Needles, IV Catheter Needles, Implantation Needles, Dental Needles, Ophthalmic Needles, Blood Collection Needles, Spinal Anaesthesia Needles, Epidural Needles, AV Fistula Needles, Cannula Needles); application (Sample Collection, Drug Delivery); and distribution channel (Hospital Pharmacies, Private Clinics, Retail Pharmacies and Drug Stores, E-Commerce).
The Pen Needles product type segment is expected to gain popularity over the forecast period, driven by increasing global adoption of small sized needles for insulin injections. The Pen Needles product type segment is estimated to reach a valuation of US$ 644.3 Mn by the end of 2016, registering a CAGR of 9.1% over the forecast period.
The Sample Collection application segment is estimated to register a CAGR of 7.7% while the Drug Delivery application segment is expected to register a CAGR of 7.1% during the forecast period.
Demand for special purpose needles over the forecast period is expected to be the highest in the Hospital Pharmacies distribution channel segment, which is expected to register a CAGR of 8.5% in terms of value.
The North America market has been estimated to dominate the special purpose needles market while the market in APEJ is expected to be the fastest growing in terms of revenue growth. The markets in North America, Western Europe, and APEJ are estimated to collectively hold 74.7% market share of the global special purpose needles market in 2016.
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Medtronic, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, Smiths Medical, Boston Scientific Corporation, Novo Nordisk A/S, Argon Medical Devices, Inc., Stryker Corporation, NIPRO Medical Corporation, Cook Medical, and SERAG-WIESSNER GmbH & Co. are some of the major companies operating in the global special purpose needles market. These companies are adopting innovative strategies to bring in improvements to their product design and are initiating advanced R&D activities and market consolidation to strengthen market foothold and expand customer base.
Why Future Market Insights?
- Comprehensive analysis on evolving purchase pattern across different geographies
- Detailed insights of market segments and sub-segments for historical as well as forecast period
- A competitive analysis of prominent players and emerging players in the Special Purpose Needles Market
- Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years
- Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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