With significant development in healthcare infrastructure across the world, the global needles market is demonstrating a high growth potential. The increasing cases of diseases and outbreaks and rising number of medical procedures, requiring vaccination, is supplementing the growth of the worldwide market for needles.
The report presents an overview of the global needles on the basis of the past and current performance of its various segments. It takes the key trends and market dynamics in consideration to predict the performance of this market over the period from 2018 to 2026. It also offers an analysis of each of the regional segments in the global needles market.
Research institutes are working on developing needles with enhanced drug delivery. In collaboration with several institutes, a team of researchers in Singapore collaborated with several institutions has developed an eyepatch with dissolvable needles. This development is considered as a breakthrough in eye treatment. This 2-layered device has successfully been tested on rats, in which the first layer provides the first dose within 30 seconds, whereas the second layer delivers a sustained release throughout a period of a few days.
Some of the leading players in the global needles market are Becton, Dickinson and Co., Medtronic Plc., Stryker Corp., Ethicon Inc., Thermo Fisher Scientific Inc., Novo Nordisk A/S, Smiths Medical Inc., Boston Scientific Corp., and Hilgenberg GmbH. These players are focusing more on product innovation and advancements to gain a competitive edge over their peers. Over the coming years, these players are likely to involve into strategic partnerships to develop new age and technologically advanced products.
Extensive Research and Development in Needle Technology to Boost Market’s Growth
The global needles market is witnessing a tremendous rise, thanks to the increase in the geriatric population and the rising demand for vaccines. The upswing in the prevalence of chronic diseases and the substantial rise in the number of medical clinics and hospitals in emerging economies are also propelling this market, significantly.
In addition to this, the extensive research and development by key companies across the world, in order to introduce state-of-art needle technology with optimum safety and precision is projected to contribute remarkably to the expansion of this market in the near future.
Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa are the main regional markets for needles. Among these, Europe has been leading the global needles market. The constant improvement in healthcare infrastructure in this region, fuelling the demand for medical and surgical equipment, has boosted the Europe needles market significantly. This regional market is expected to remain on the top over the next few years.
Among other regional markets, Asia Pacific is anticipated to witness a high growth rate over the next few years. The rise in target population, healthcare expenses, and the awareness regarding blood donation are likely to propel the Asia Pacific market for needles. The presence of leading players, such as Garter, Meditech Devices, Nanjing Joyful Industrial, and Neotec Medical Industries is also expected to support the growth of this regional market in the near future.
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