Needles Market by Type (Conventional (Bevel, Vented) & Safety), Product (Suture, Blood Collection, Insufflation), Material (Stainless Steel, Plastic), Delivery Mode (IV, IM, Hypodermic), End-User (Hospitals, Diagnostic Centers) - Global Forecast to 2022
Growing geriatric population to drive the global needles market
The global needles market is projected to reach USD 8.47 billion by 2022 from USD 5.82 billion in 2017, at a CAGR of 7.8%. Factors such as the growing geriatric population, increasing number of hospitals in emerging markets, high prevalence of chronic diseases, and increasing demand for vaccines are driving the growth of the market. On the other hand growing focus on the development of alternative drug delivery methods and rising needle stick injuries are some of the key factors limiting the growth of the global needles market.
The plastic needles segment is expected to grow at the highest CAGR
By material, the needles market is segmented into stainless steel/metallic, plastic, glass, and PEEK needles. The plastic needles segment is expected to grow at the highest CAGR of the needles market in 2017. Increasing inclination towards self-administration is a major factor driving the growth of the plastic needles market across the globe, as plastic needles are disposable and are more compatible with self-injection devices as compared to glass needles.
The hospitals segment to dominate the global needles market during the forecast period
Based on end-user, the needles market is segmented into hospitals, diagnostic centers, home healthcare, and other end-users. The hospitals segment accounted for the largest share of the global needles market in 2016 due to the increasing economic expansion and government focus on healthcare delivery systems and access to preventive and curative care of the population.
Asia-Pacific to witness the highest growth during the forecast period (2017-2022)
North America held the largest share of the global needles market in 2016, but Asia-Pacific is expected to witness the highest growth during the forecast period. A number of factors such as the conducive regulatory policies for the approval of new injectables and the rapid growth in the geriatric population are contributing to the growth of the needles market in this regional segment.
Breakdown of primary interviews: by company type, designation, and region:
By Company Type - Tier 1 - 45%, Tier 2 - 34% and Tier 3 - 21%
By Designation - C level - 10%, Director level - 14%, Others - 76%
By Region - North America - 40%, Europe - 32%, APAC - 20%, RoW - 8%
Some of the major market players in the needles market are Hamilton Company (U.S.), Medtronic plc (Ireland), Becton, Dickinson and Company (U.S.), Stryker Corporation (U.S.), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (U.S.), and Terumo Corporation (Japan). Product launches, agreements, and partnerships were the major strategies adopted by market players to achieve growth.
This report studies the needles market based on type, products, delivery mode, material, and end user. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
Reasons to Buy the Report:
This research focuses on various levels of analysis—industry trends, competitive mapping of top 25 companies in this market, and company profiles, which together provide the basic view of the competitive landscape, emerging and high-growth segments of the needles market and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on product portfolios offered by major players in the needles market. The report analyzes the needles market based on products, type, delivery mode, material, end user, and region
Product Development/Innovation: Detailed insights on the upcoming products, research and development activities, and product launches in the market
Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various needles products across geographies
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the needles market
Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of leading players in the needles market