Global Needles Market was valued US$5.82 Bn in 2017 and is expected to reach US$10.56 Bn by 2026, at a CAGR of 7.73% during a forecast period.
The global needles market is majorly segmented into type, product type, delivery mode, material, end-user, and region.
Further, global needles market based on type segment includes conventional needles, bevel needles, blunt fill needles, filter needles, vented needles, safety needles, active needles, and passive needles. Product type global needles market segment is classified into suture needles, blood collection needles, ophthalmic needles, dental needles, insufflation needles, pen needles, and other needles. Based on delivery mode segment global needles market is divided into hypodermic needles, intravenous needles, intramuscular needles, and intraperitoneal needles. In terms of material global needles market is classified into stainless steel needles, plastic needles, glass needles, and peek needles. Further, the end-user global needles market includes hospitals & clinics, diagnostic centers, home healthcare, and other end users.
The global needles market has segmented the geographies into five continents are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Global Needles Market
On the basis of type, the conventional needles market is estimated to command the larger share of the global needles market due to growing demand for biosimilar products, the increasing incidence of chronic disease and the expanding injectable market are the key factors contributing to the growth of the conventional needles market segment.
By product, the blood collection needles segment is expected to grow at a significant CAGR during the forecast period due to the increasing number of blood donations and technological advancements in blood collection sets are driving the growth of the blood collection needles market segment.
In terms of delivery mode hypodermic needles segment is expected to account for the largest share of the needles market owing to the needles are used for injecting the drug into the subcutaneous layer, this enables the quick absorption of active compounds into the bloodstream, which is a key factor contributing to the market growth of delivery mode market segment.
Further, end-user hospitals are expected the largest end-user category owing to increasing healthcare institutions and spur in a patient base in hospitals.
The major driving factors of the global needles market are increasing the adoption of injectable drugs, rising demand for injection, increasing medical costs, and growing demand for hormone supplements. Moreover, the growing demand for point-of-care diagnostic products also propels the demand for needles across the globe.
Furthermore, owing to the benefits of injectable drugs over tablet formulations, companies are focusing on the development of injectable drug delivery systems, including syringes and needles. Various pharmaceutical and biotechnology companies are continuously involved in the development of effective and novel injectable drugs for the treatment of chronic diseases, which is boosting the growth of global needles market.
However, high risks of infections associated with the administration of drug delivery by needles obstruct the growth of the global needles market. In addition, increased risk of needlestick injuries and the availability of alternatives also hampers the growth of global needles market.
Rising demand for self-injectable and use of safety needles are created opportunities for the players in the needles industry. Self-injectable are highly us