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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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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