Projected to grow at a CAGR of 6.7% during the forecast period, the global Needles Market is poised to reach a value of USD 10.6 billion by 2027, a substantial increase from its 2022 valuation of USD 7.7 billion. The market's expansion can be primarily attributed to the escalating prevalence of chronic diseases and a rising demand for vaccines. Despite these favorable factors, the adoption of needle-free injection technology poses a notable challenge that could potentially impede the market's growth.
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Growth Drivers: Increasing Number of Hospitals in Emerging Markets
The global needles market is being positively influenced by the escalating number of hospitals and surgical centers in both developed and emerging countries. The rise in these healthcare facilities is attributed to the growing patient population base, resulting in higher demand for medical and surgical devices. This trend is particularly evident in newly established surgical centers and hospitals, where the need for medical equipment is significant.
In various regions, governments and private healthcare providers are making substantial investments to expand their healthcare infrastructure. For instance, in October 2020, the UK government announced a remarkable investment of USD 4.3 billion to build 40 new hospitals, with plans for additional funding schemes for 48 hospitals by 2030. This strategic move is expected to bolster the demand for medical devices, including needles, in the UK market.
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Opportunities: Rise in self-administration of drugs
The adoption of self-administration of drugs by patients has led to the rise in demand for self-administered injectables, which are easy to use. These self-injecting devices are most used for the treatment of emergency conditions such as allergies or chronic diseases such as diabetes. The use of self-administering injectables helps in reducing the anxiety caused by needles among users.
Self-administration of injectable contraceptives is widely adopted among females to avoid the expense and inconvenience of visits to the clinic. Injectable contraceptives are safer than other contraceptives. They prevent pregnancy 99% of the time when administered correctly. These injections also provide protection against cancer of the womb and pelvic inflammatory diseases, and it can be administered during the menstrual cycle as well.
These self-administered injections are a preferred option for patients suffering from diabetes, breast cancer, liver tumours, or osteoporosis. In line with this, companies are focusing on developing novel self-administration devices.
With the growing adoption of self-administering injectables, the demand for needles will increase, which would contribute to the growth of this market across the globe.
Challenges: Growing focus on the development of alternative drug delivery methods
Traditionally, injectables were invasive and painful, which was the major reason for patients to prefer alternate routes of drug delivery, such as oral, topical, and nasal. Among the various routes of drug delivery, the oral route is the most preferred as it is easy to use, convenient, cost-effective, safe, and acceptable. Owing to the abovementioned factors, the adoption of alternative drug delivery technologies is increasing across the globe. For instance, the development of alternate delivery methods for insulin, such as Pfizer’s Exubera (inhaled insulin) and Veo insulin pump (Medtronic;s inhalable insulin), is limiting the use of injectable insulin. Currently, insulin injections form a significant market for injectable drug delivery technologies. However, the advent of inhalable insulin will negatively impact this market as nasal drug delivery is pain-free and highly patient compliant. The development of alternate delivery techniques such as oral anemia treatment (by GlaxoSmithKline and Bayer) is also hampering the need for needles.
Due to their large molecular size and stability issues, proteins and peptides have been traditionally administered by the injectable route of drug delivery. However, smaller molecules of peptides have been developed recently through complex methods such as nanotechnology, allowing for oral administration of therapeutic proteins and peptides.
During the forecast period, the pen needles segment is projected to experience the highest growth rate in the Needle Market. This can be attributed to several factors, including the increasing prevalence of diabetes and the wide availability of pen needles in various lengths and diameters. Pen needles are commonly used by both healthcare professionals and patients for delivering injectable medications, making them a widely adopted and preferred option in the market.
In the North American region, the United States is expected to dominate the Needles Market. This leadership position is driven by various factors, such as the implementation of initiatives by different organizations to reduce the incidence of blood-borne infections and the rising prevalence of cardiovascular diseases. These factors contribute to the growth of the needle market in the US.
The market dynamics indicate a positive outlook for pen needles, as their versatility and ease of use appeal to both medical practitioners and patients. Additionally, the US market's leadership can be attributed to the concerted efforts towards improving healthcare safety and addressing the increasing burden of chronic diseases like cardiovascular conditions.
Key Market Players
The key players operating in this market are Becton, Dickinson, and Company (US), Medtronic (Ireland), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), and Stryker Corporation (US).
Report Link: Needles Market
Recent Developments:
- In 2020, The company Becton, Dickinson and Company (US), entered into strategic partnership agreement with Babson Diagnostics (US) to bring laboratory-quality, small-volume blood collection to retail pharmacies.
- In 2021, The company Olympus Corporation (US), launched the FDA 510(k)-cleared BF-UC190F endobronchial ultrasound (EBUS) bronchoscope for minimally invasive lung cancer diagnosis and staging via needle biopsy.
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