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.
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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Market
Segmentation:-
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.
Key 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.
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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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