The needles market was valued at US$ 5.75 billion in 2017 and is expected to witness a robust CAGR of 7.6% over the forecast period (2017–2025).
Growing geriatric population worldwide to drive growth of the global needles market
Rising geriatric population is expected to drive growth of the needles market. As per World Population Prospect, 2017 Revision report by United Nations in 2017, there were 962 million people, under the geriatric category (people aged 60 years and above). By 2030, this is projected to be 1.4 billion increasing at an annual rate of 3%. Geriatric people require frequent hospitalizations due to aging-associated diseases such as heart disease, stroke, diabetes and falling injuries. In certain cases, surgery is required which leads to hospitalization. This is expected to aid in growth of the market. Asia Pacific has a geriatric population of 547 million people, which is expected to reach 900 million geriatric population by 2025. Therefore, manufacturers could focus on expanding in this region. Also, stringent regulations related to safe injection practices by various governments is expected to propel demand for safety needles, in order to reduce chances of contamination from blood borne pathogens, for instance according to report published by WHO in 2014, up to 1.7 million people were infected with hepatitis B virus, up to 315000 with hepatitis C virus and as many as 33800 with HIV through an unsafe injection.
The needles market was valued at US$ 5.75 billion in 2017 and is expected to witness a robust CAGR of 7.6%over the forecast period (2017–2025).
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Key players are focusing on strategic mergers and acquisitions and development of innovative products, in order to enhance their market share. For instance, in September 2017, Becton, Dickinson and Company introduced BD Ultra-Fine micro pen needle for use with different pen injection devices, for people with diabetes, in order to reduce accidentally injection of insulin dose into a muscle and it provides one of shortest length pen needle. Nipro Medical Corporation launched ‘SafeTouch’ safety needle in 2016, which is known to protect the patients from needle stick injuries. Terumo Medical Corporation innovative product K-Pack Surshield launched in 2012 claims to be 20% sharper than its competitor and fits in all types’ syringes.
Rising prevalence of chronic diseases worldwide is expected to be factor driving growth of the needles market
There are number of factors propelling growth of the global needles market, however, the most significant factor is rising prevalence of chronic disease. According to World Health Organization (WHO), in 2017, non-communicable diseases such as cancer, diabetes, cardiovascular diseases, and lung diseases are collectively responsible for 70% death globally, mostly in middle and low income countries, and by 2020 chronic diseases is expected to account for almost three-quarters(up to 75%) of all deaths worldwide. This is expected to aid in market growth as needle is an integral part of chronic disease treatment, which may require hospitalization. For instance, according to 2017 Diabetic Atlas by International Diabetes Federation (IDF), diabetes affected around 425 million people worldwide. Patients have to administer insulin on the basis of severity of the disease and requires continuous glucose monitoring, thus, leading to increasing demand for pen needles. U.S. spends highest cost for treating diabetes and cancer, annually. For instance, it spends US$ 377 Billion, which accounts for 52% of the total diabetes expenditure worldwide as mentioned in IDF report 2017. Also, according to World Cancer Research Organization, 2014 report, cancer incidence in the U.S. is one of highest at 328 per 100,000. This is expected to propel growth of the needles market in this region.
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Needles Market – Advancing Technology for Painless Future
Needles are used for injecting medications or for drawing blood from the body. It has three parts, which includes a long shaft, slanted tip called bevel, and hub which fits in the tip of the syringe. Different types of needles are routinely used in clinical practice for variety of applications such as administering medicine within various layers of skin, anesthetic procedure, and different surgical procedures. Needles are available in different types and different materials depending upon the need of the clinician. Conventional needles are used for general purpose medicine administration, fill and filter needles are used for vaccination and other sterile products, safety needles are used for blood collection and medicine administration in cases in which chances of contamination from infectious disease high. It also depends on its application area, for instance pen needles are used by diabetes patients for injecting daily dose of insulin, blood collection needle are used for diagnostic purposes, and suture needles are used for surgical purposes.
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