Needles Market to Reach USD 11.65 Billion by 2028

WESTFORD, USA, Jan. 30, 2023 (GLOBE NEWSWIRE) — North America maintained its continued dominance over needle market owing to well-established healthcare facilities and wide range of cost-effective product offerings of leading players. Growing use of injectable pharmaceuticals and growing preference for injection due to its advantages over oral drug administration, including maximum bioavailability and rapid onset of action, are key drivers for the global needle market. Moreover, the demand for injectables, hormonal supplements and rising medical expenses are adding to the market expansion. Additionally, several pharmaceutical and biotech companies are continuously focusing on the development of efficient and cutting-edge injectable drugs for the treatment of chronic diseases, driving the progress of the market.

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  • Pages – 225
  • Tables – 94 pcs
  • Figures – 73

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According to the official report of the Center for Disease Control in July 2022, approximately 805,000 cases of heart attack are recorded in the United States annually. Coronary artery disease is the most common type of heart disease in the United States, affecting more than 20.1 million adults over the age of 20. Needles are critical components of CVD therapies and treatments. As a result, high prevalence of the disease is expected to support market growth.

A needle is a small metal tube with a sharp, pointed end used to inject drugs into the body or withdraw body fluids such as blood. Needles are used in a variety of procedures, including dental work, surgery, and blood draws. Safety needles are used to draw blood and administer drugs when there is a high risk of infection from infectious diseases. Conventional needles are applicable to the administration of general-purpose drugs, and filling and filtering needles are used for vaccination and other sterile items.

Prominent Players of Needles Market

  • Medtronic (Ireland)
  • Thermo Fisher Scientific Inc. (USA)
  • Ethicon US, LLC. (US)
  • BD (USA)
  • Novo Nordisk A/S (Denmark)
  • Boston Scientific Corporation (USA)
  • Stryker (USA)
  • Illumina, Inc (USA)
  • Luminex Corporation (USA)
  • QIAGEN (Netherlands)
  • Bio-Rad Laboratories, Inc. (USA)
  • Merck KGaA (Germany)
  • Abcam plc (UK)
  • Siemens (Germany)
  • Promega Corporation (USA)
  • Shimadzu Corporation (Japan)
  • PerkinElmer, Inc. (USA)

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Safety needles emerge as fastest growing product category due to increased use by healthcare professionals

According to SkyQuest’s segment analysis, the safety needles segment shows a positive growth rate to reach a share of 54.6% in 2022 and is expected to capture rapid growth during the forecast period with an impressive CAGR. The growth of the segment can be attributed to the lower risk of products from needle stick, which can spread blood-borne viruses such as hepatitis B and C, HIV and other diseases. In addition, most healthcare professionals prefer safety needle technology over conventional devices due to favorable factors such as uptime, accuracy, and quick-to-use design. However, to better understand product limitations and hospital environment issues, healthcare organizations and stakeholders need to focus on specific issues contributing to the ongoing risk of injury.

North America dominates the needle market owing to the region’s robust healthcare infrastructure, well-established distribution networks for needle product manufacturers, increased investment by key players in developing cutting-edge technologies, and advanced research activities. Furthermore, the segment is expected to expand significantly during the forecast period due to increased prevalence of chronic diseases in the region and product development.

Suture needles to capture a dominant share in the needle market due to their growing application

Based on SkyQuest insights, sewing needles are expected to outperform other product-based segments to capture 23.4% share from 2022 to 2028. Such significant growth is due to the fact, that the prevalence of chronic diseases is increasing worldwide, which increases the demand for products. Moreover, increasing support from both public and private entities in healthcare facilities is contributing to the rapid growth of the segment.

Some of the significant primary companies have a larger market share because they produce most of the needles. However, several new players with greater research resources and better distribution network have found a place in the industry. With expanding healthcare infrastructure in the Asia Pacific region and a growing health conscious population, several small and medium players have emerged as key players in the market.

The report offers key insights into the current profiles of prominent market players in the competitive landscape analysis of this market. Key businesses use strategies such as acquisitions, alliances, mergers and geographic expansions to differentiate themselves as fierce competitors in the market. Other strategies used by leading firms to increase their market presence include new product launches and a stronger emphasis on research and development.

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Key developments in the needle market

  • The University of Guelph, Ontario, has completed its veterinary clinical trials with PKA’s patented SoftTouch microneedle. According to the data, the device significantly outperforms conventional syringe injection by improving drug delivery and shortening the time to peak effect. In addition, compared to traditional deep muscle injection with a syringe, the innovative PKA SoftTouch Micro-Needle demonstrates that the shallow delivery process increases drug absorption, bioavailability and efficacy.
  • At the BIO International Convention, West Pharmaceutical Services, Inc., a leader in cutting-edge approaches to injectable drug delivery, will introduce its new Daikyo Crystal Zenith® 2.25ml Needle Syringe System. A technologically superior cyclic olefin polymer containment and delivery system called Daikyo Crystal Zenith® (CZ®) provides an alternative to glass that reduces the risk of breakage and the likelihood of particles, contamination and leaching.
  • Kurin, Inc., the creator and manufacturer of Kurin® Blood Culture Collection Kits, has announced that a button needle for use with Kurin Blood Culture Kits has begun its commercial launch. After being tested in 2021, the Advance Safety Needle System is now available on the market in accounts using Kurin. The creation of the Advance Needle is a significant turning point for Kurin as it gives us a more consistent product offering, better cost management, a chance to offer improved benefits compared to current needles and new strategic options.
  • Roche Diabetes Care has introduced ACCU-FINE pen needles for painless insulin administration. The product facilitates the delivery of insulin, leading to better diabetes management in diabetics. The nib of this pen has a unique notch at the tip to ensure a comfortable fit. In addition, the needle has a thin wall for rapid delivery of insulin and a special coating for easy injection into the skin.

Key Questions Answered in the Needles Market Report

  • What is the expected market size along with valuation?
  • Who are the key players operating successfully in the global needle market?
  • Which segment of the target market is expected to drive high demand?
  • What are the major factors and major obstacles influencing the growth of the market?
  • Which regional market is expected to emerge as a major source of revenue?

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