Needles Market to Witness Steady Growth in the Near Future
Key factors such growing geriatric population, increasing number of hospitals in emerging markets, and high prevalence of chronic diseases are the major factors driving the growth of the needles market across the globe.
The Needles Market is expected to reach USD 8.47 Billion by 2022, at CAGR of 7.8% during the forecast period.
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On the basis of type, the global needles market is segmented into two broad categories, namely, conventional needles and safety needles. The conventional needles market is estimated to command the larger share of the global needles market in 2017. The growing demand for biosimilar products, the increasing incidence of chronic disease, and the expanding injectables market are the key factors contributing to the growth of this market segment.
Based on product, the market is segmented into suture needles, blood collection needles, ophthalmic needles, dental needles, insufflation needles, pen needles, and other needles.
The needles market is segmented into hypodermic, intravenous, intramuscular, and intraperitoneal needles on the basis of delivery mode. The hypodermic needles segment is expected to account for the largest share of the needles market in 2017.
Market Drivers: –
1 High Prevalence of Chronic Diseases
2 Growing Geriatric Population
3 Increasing Number of Hospitals in Emerging Markets
4 Increasing Demand for Vaccines
Regional Analysis: -
As of 2016, North America held the largest share of the global needles market, followed by Europe. Its dominant share is attributed to the rising incidence of chronic diseases, initiatives by different organizations for the reduction in blood borne infections and increasing prevalence of cardiovascular diseases.
Top Key Players: -
The key players in the global 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.), Terumo Corporation (Japan), Novo Nordisk A/s (Denmark), Smiths Medical (U.K.), and Thermo Fisher Scientific (U.S.).
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