Factors like the increasing number of blood donations and technological advancements in blood collection sets are driving the growth of the blood collection needles market.
The report studies the global Needles Market over the forecast period of 2017 to 2022. The market is expected to reach USD 8.47 Billion by 2022, at CAGR of 7.8% during the forecast period.
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. While the pen needles segment is expected to hold the largest share of the in 2017, it is the blood collection needles segment that is expected to grow at a significant CAGR from 2017 to 2022.
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.
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.
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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