Which are the top industry players in the APAC medical device outsourced manufacturing market?

The Asia Pacific medical device outsourced manufacturing market is mainly driven by the overall growth of the medical devices market, mainly due to the rising disease prevalence, life expectancy, and geriatric population. Technological advancements have prompted end users to overhaul or update their manufacturing systems. As this is a costly process, they look to outsource contract manufacturing.

The report  Medical Device Outsourced Manufacturing Market is projected to reach USD 56.2 billion by 2026 from USD 29.3 billion in 2021 and is expected to grow at a CAGR of 13.9% during the forecast period.

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The IVD devices segment accounted for the largest share of Asia Pacific medical device outsourced manufacturing market in 2020

Based on device type, the Asia Pacific medical device outsourced manufacturing market is broadly segmented into IVD devices, diagnostic imaging devices, cardiovascular devices, drug delivery devices, orthopedic devices, respiratory care devices, ophthalmology devices, surgical devices, diabetes care devices, dental devices, endoscopy devices, gynecology/urology devices, personal care devices, neurology devices, and other devices. In 2020, the IVD devices segment accounted for the largest share of the Asia Pacific medical device outsourced manufacturing market. The large share of this segment can be attributed to the increasing volume of IVD tests performed globally, increasing availability of IVD kits and reagents in the market, a growing number of hospitals and clinical laboratories in developing countries, automation and technological advancements in instruments with high-throughput capabilities, high demand for IVD tests in the COVID-19 pandemic, and advances in life science research.

Class II medical devices segment accounted for the largest share of APAC medical device outsourced manufacturing market in 2020.

Based on the class of device, the medical device outsourced manufacturing market is segmented into Class I, Class II, and Class III medical devices. In 2020, the Class II medical devices segment accounted for the largest share of the Asia Pacific medical device outsourced manufacturing market. The large share of this segment can be attributed to the large number of medical devices outsourced that fall under this device class and the utilization of a higher volume of these devices by end users and caregivers in the healthcare industry.

In 2020, device development and manufacturing services segment accounted for the largest share of the Asia Pacific medical device outsourced manufacturing market

Based on service, the Asia Pacific medical device outsourced manufacturing market is segmented into device development and manufacturing services, quality management services, packaging and assembly services and other services. In 2020, the device development and manufacturing services segment dominated this market. The increasing adoption of contract manufacturing services in the medical device industry, growth in the medical devices market (especially in the single-use disposable medical devices market), and improving device development and manufacturing capabilities are the major factors responsible for the large share of this segment

In 2020, production segment accounted for the largest share of Asia Pacific medical device outsourced manufacturing market

Based on process, the Asia Pacific medical device outsourced manufacturing market is broadly segmented into production, prototyping, pilot production, design for manufacturing, process evaluation, validation, project management, packaging, and assembly. In 2020, the production segment accounted for the largest share of the medical device outsourced manufacturing market. The large share of this segment can be attributed to the growing number of medical device companies outsourcing their production tasks to minimize manufacturing costs.

China is expected to witness fastest growth during the forecast period of 2021–2026.

The Asia Pacific medical device outsourced manufacturing market, by country, has been segmented into China, Japan, Malaysia & Singapore, India, Australia & New Zealand, South Korea, and the Rest of APAC. China is expected to witness fastest growth during the forecast period of 2021–2026.

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Top Key Players :-

The prominent players in this market are Flex, Ltd. (Singapore), Jabil, Inc. (US), TE Connectivity, Ltd. (Switzerland), Sanmina Corporation (US), Nipro Corporation (Japan), Celestica International (Canada), Plexus Corporation (US), Benchmark Electronics, Inc. (US), Integer Holdings Corporation (US), Gerresheimer Ag (Germany), West Pharmaceutical Services, Inc. (US), Nortech Systems, Inc. (US), Consort Medical PLC (UK), Kimball Electronics Inc. (US), and Teleflex Incorporated (US), Nordson Corporation (US), Tecomet, Inc. (US), SMC Ltd. (US), Nemera (France), and Tessy Plastics Corporation (US), among others.

 

Cardiac Marker Testing Market to Progress at a Healthy CAGR in Coming Years

The growing incidence of cardiovascular diseases, rapidly increasing geriatric population, growing funding from public and private organizations for research on cardiac biomarkers, and ongoing clinical trials for the identification of novel cardiac biomarkers. However, factors such as technical problems related to sample collection and storage and issues related to regulatory and reimbursement systems are expected to restrain market growth to a certain extent.

The report Cardiac Marker Testing Market size is estimated to be USD 3.6 billion in 2020 and projected to reach USD 5.5 billion by 2025, at a CAGR of 8.9 %.

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The cardiac marker testing  market includes major Tier I and II suppliers like Roche Diagnostics Ltd. (Switzerland), Abbott Laboratories (US), Siemens Healthineers AG (Germany), and Danaher Corporation (US). These suppliers have their manufacturing facilities spread across regions such as North America and Europe. COVID-19 has impacted their businesses as well.

The cardiac marker testing market is also faced a period of short-term negative growth, which can be attributed to factors such as  a greater than 50% drop in the number of patients with cardiovascular conditions and those diagnosed with myocardial infarction. All areas of cardiology service provision sustained significant reductions, which included outpatient clinics, investigations, procedures, and cardiology community services such as cardiac rehabilitation.

Wide use of reagents and kits in all basic diagnostic activities in laboratories, academic institutes, and POC settings is expected to result in the segment occupying the majority of the cardiac marker testing market share

Growing number of cardiac marker testing procedures, accessibility to a wide range of cardiac biomarker reagents and kits, and the growing demand for reliable, specific, and faster
detection of cardiovascular diseases at an early stage are the key growth factors for this segment.

Troponin I and T estimated to be the fastest-growing market

Troponin I and T is estimated to be the fastest-growing segment in the cardiac marker testing  market. The large share of this segment can be attributed  high sensitivity and specificity, long elevation times, and rapid prediction of outcome or mortality.

North America is estimated to be the largest market due increasing incidence of cardiovascular diseases, growing public and private investments, NIH support for the development of novel cardiac biomarkers, and the rising geriatric population.

Asia Pacific likely to emerge as the largest cardiac marker testing  market, globally

Asia Pacific is estimated to be the fastest-growing market for cardiac marker testing  during the forecast period. The Asia Pacific market is driven due increased healthcare spending by a larger population base, healthcare infrastructure modernization, and the rising penetration of cutting-edge clinical laboratory technologies (especially in rural areas) in Asia Pacific countries.

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Roche Diagnostics Ltd. (Switzerland), Abbott Laboratories (US), Siemens Healthineers AG (Germany), and Danaher Corporation (US) are the key players in the global cardiac marker testing market.

 

What are the various medical devices that hold the highest share in the market within the European region?

Factors such as the rising geriatric population, large and established medical technology industry, increasing number of surgical procedures, growing need for cost-containment in the healthcare industry, and the availability of funding for research and product innovation are driving the growth of this market. However, fiscal unsustainability due to wasteful spending might hamper the market growth to a certain extent. The base year considered for the study is 2019, while the forecast period is 2020 to 2025.

The report European Medical Devices Market  is projected to reach USD 61.4 billion by 2025 from an estimated USD 48.9 billion in 2020, at a CAGR of 4.7% during the forecast period.

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Market Segmentation: -

By device, orthopedic devices segment accounted for the largest share of the European Medical Device Market in 2019

Based on device type, the market has been segmented into orthopedic devices, diagnostic imaging systems, endoscopy devices, ophthalmic devices, interventional cardiology devices, cardiac monitoring and cardiac rhythm management devices, respiratory care devices, ventilators, anesthesia monitoring devices, dialysis devices, and diabetic care devices. The orthopedic devices segment accounted for the largest share of the European medical devices market in 2019. The growing incidence of orthopedic disorders such as arthritis, osteoporosis, soft-tissue injuries, and fractures among the elderly population is expected to drive the demand for orthopedic devices in Europe.

The Hospitals and clinical care settings segment is expected to witness the highest growth rate in the European medical devices market, by end-user, during the forecast period

Based on end-user, the European medical devices market is segmented into hospitals and clinical care settings and home care settings. Hospitals and clinical care settings were the largest end-users of medical devices in Europe in 2019. This can largely be attributed to the financial capabilities of hospitals to purchase expensive devices as well as the availability of trained professionals in hospitals to operate these devices.

Regional Analysis: -

Germany accounted for the largest share of the European medical device market in 2019. The rising geriatric population and the presence of strong healthcare infrastructure in the country are the major factors that are driving the demand for medical devices in Germany.

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Key Market Players: -

The prominent players in the global European medical device market are Siemens Healthineers (Germany), GE Healthcare (US), Philips (Netherlands), Abbott (US), Medtronic (Ireland), Stryker (US), Boston Scientific (US), Asahi Kasei Medical (Japan), B. Braun (Germany),  Baxter International, Inc. (US), ResMed (US), Masimo (US), and KARL STORZ (Germany)..

Which of the product segment will dominate the gene expression analysis market in future?

The major factors driving the growth of the gene expression analysis market include decreasing cost of sequencing, rising prevalence of cancer, growing application areas of genomics, and the availability of gene expression databases.

The global Gene Expression Analysis Market is expected to reach USD 4.9 billion by 2023 from USD 3.2 billion in 2018, at a CAGR of 8.8%.

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Market Segmentation: -

On the basis of products and services, the global gene expression analysis market has been segmented into consumables (reagents, DNA chips), Instruments (PCR, NGS, Microarray, others), and services (gene expression profiling services, bioinformatics solutions). The consumables segment is estimated to command the largest share of the market in 2018 and is also projected to register the highest CAGR. The high growth in this segment can be attributed to the growing decreasing sequencing costs leading to increased adoption of sequencing and other gene expression analysis techniques.

Based on end user, the market has been segmented into pharmaceutical and biotechnology companies, academic institutes and research centers, and other end users. The pharmaceutical and biotechnology companies’ segment is expected to command the largest share of 54.8% of the market in 2018. The large share and high growth of this segment can be attributed to factors such as high volume of research studies involving gene expression analysis and huge capital for high end analysis instruments and consumables.

Regional Analysis: -

Geographically, North America is expected to dominate the global gene expression analysis market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to domestic manufacturing of sequencing systems, western partnerships to improve healthcare, high R&D intensity, government focus on cancer and other life science research, and flourishing bioresearch centers.

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Top Key Players:-

The major players operating in the gene expression analysis market include Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), and Bio-Rad Laboratories, Inc. (US) are the key players in the gene expression analysis market. Other players involved in this market are F. Hoffmann-La Roche Ltd. (Switzerland), GE Healthcare (UK), Pacific Biosciences of California, Inc. (US), BGI (China), PerkinElmer (US), Agilent Technologies Inc. (US), and QIAGEN N. V. (Netherlands), among others.

Cholesterol Testing Services Market: Trends and Opportunities

Factors such as increasing incidence of cardiovascular diseases and obesity, physician preference of laboratory testing rather self-testing, growing awareness and adoption of preventive healthcare, government initiatives to improve the quality of testing, and rapid growth in the geriatric population are propelling the growth of this market. Moreover, emerging economies offer significant growth opportunities for players operating in the cholesterol testing services market. On the other hand, rapidly growing home/self-testing and emergence of noninvasive cholesterol testing methods are the major factors that may limit growth of the market to a certain extent.

The global Cholesterol Screening/ Cholesterol Lab Testing Services Market is expected to reach USD 17.57 Billion by 2021 from an estimated value of USD 11.96 Billion in 2016, growing at a CAGR of 8% during the forecast period.

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The cholesterol testing services market is segmented on the basis of type of customer and region. Based on type of customer, the market is segmented into physicians/providers and hospitals; employers, health plans, and Managed Care Organizations (MCOs); government agencies, Accountable Care Organizations (ACOs), and Integrated Delivery Networks (IDNs); and patients. The patient-driven cholesterol testing segment is expected to grow at the highest CAGR during the forecast period, mainly due to increasing awareness and adoption of preventive healthcare, availability of lab test services for patients without any physician intervention thus reducing the waiting time to get appointment from physicians, and online access to reports and readings through smartphones.

Based on region, the cholesterol testing services market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to dominate the market, followed by Europe. However, the cholesterol testing services market in the Asian region is expected to witness the highest CAGR during the forecast period mainly due to large population in the region, increased prevalence of cardiovascular diseases, increasing awareness in masses for preventive healthcare, and large number of testing facilities available in the Asian region.

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Prominent players in the market include Laboratory Corporation of America Holdings (LabCorp) (U.S.), Quest Diagnostics Incorporated (U.S.), Eurofins Scientific (Luxembourg), Spectra Laboratories Inc. (U.S.), Unilabs (Switzerland), SYNLAB International GmbH (Germany), Bio-Reference Laboratories Inc. (U.S.), Clinical Reference Laboratory, Inc. (CRL) (U.S.), ACM Medical Laboratory (U.S.), and Adicon Clinical Laboratory (China).

 

Who are the key players operating in the animal wound care market?

The rising demand for animal food products, increasing concerns over animal diseases, growing companion animal market, and surging veterinary healthcare expenditure are the major factors driving the growth of this market. However, an increase in pet care costs, low adoption of advanced animal wound care products in emerging markets, and shortage of vet practitioners in developing markets are hindering the market’s growth.

The report Animal Wound Care Market is projected to reach USD 1.5 billion by 2025 from USD 1.0 billion in 2020, at a CAGR of 7.4% during the forecast period.

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Growing pet population and rising pet expenditure to drive the demand for surgical wound care products.

Based on product, the animal wound care market is segmented into surgical wound care products, advanced wound care products, traditional wound care products, and therapy devices. Surgical wound care products accounted for the largest share in 2019. The large share of this segment can primarily be attributed to the increasing number of animal conditions requiring surgeries, rising adoption of surgical wound care products in veterinary practices and increasing pet adoption and pet care expenditure.

Increasing adoption of companion animal is expected to drive its market growth.

Based on animal type, animal wound care market is segmented into companion animal and livestock animals. In 2019, companion animals accounted for the largest share of the global animal wound care market. The growth of this segment can be attributed to the growing companion animal population, increasing pet care expenditure, rising number of sports horses, and surging demand for pet insurance across the world.

The hospitals segment accounted for the largest market share in 2019

Based on end user, the animal wound care market is segmented into veterinary hospitals & clinics, and home care settings. Veterinary hospitals & clinics accounted for the largest share of the animal wound care market in 2019. The large share of this segment can be attributed to growing awareness about animal health, increasing companion animal population, and rising pet care expenditure in emerging regions.

North America was the largest regional market for animal wound care market in 2019

The animal wound care market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latina America, and the Middle East and Africa. In 2019, North America accounted for the largest share. North America’s prominence in this market is mainly attributed to the increasing population of companion animals and growing pet care expenditure. The market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. This can be attributed to the rising population of livestock animals, increasing consumption of animal-derived food products, and growing adoption of pets.

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Top Key Players :-

The prominent players in the global animal wound care market are Elanco Animal Health (US), Medtronic PLC (Ireland), B Braun Melsungen AG (Germany), 3M Company (US), Virbac (France), Jorgen Kruuse A/S (Denmark), Dechra Pharmaceuticals (UK), Neogen Corporation (US), Ethicon, Inc. (US), Sonoma Pharmaceuticals Inc. (US), Jazz Medical, LLC (Ireland), Smith & Nephew PLC (UK), and Kericure Inc. (US).

 

U.S. In Vitro Diagnostics Market: Trends and Developments

 The rising incidences of chronic and infectious diseases, increasing awareness of health and fitness, as well as major technological advancements are key factors driving the IVD market in the U.S. However, the lack of sufficient budget and reimbursement for novel diagnostic tests are restraining market growth.

The U.S. In Vitro Diagnostics (IVD) Market is projected to reach USD 25.99 Billion in 2020 at a CAGR of 4.7% from 2015 to 2020.

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The U.S. IVD product & services market is broadly segmented into reagents, instruments, services, and data management software. The reagents segment accounted for the largest share of the U.S. IVD product & service market in 2014 and is expected to grow at a highest CAGR during the forecast period. The large share of this segment is primarily attributed to the accessibility of a wide range of reagents and the need for reliable, specific, and faster detection of chronic diseases and genetic disorders at early stages.

On the basis of end user, the U.S. IVD market is segmented into hospital laboratories, clinical/independent laboratories, and others. In 2014, the hospital laboratories segment accounted for the largest share of the U.S. IVD market in the U.S. The high inpatient flow and ancillary outpatient flow in hospitals, increasing prevalence of chronic and infectious diseases, and growing number of accredited laboratories are key factors driving market growth in this end-user segment.

The U.S. IVD market has been segmented into four regions namely, South, Midwest, Northeast, and West. In 2014, the South region commanded the largest share of the U.S. IVD market, followed by West. However, the Midwest region is expected to witness the highest growth largely driven by the increasing number of accredited laboratories, reimbursement by the Medicare, increasing demand for technologically advanced diagnosis devices, and growing spending capabilities of consumers on healthcare.

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Some major players in the U.S. IVD market are Roche Diagnostics Limited (Switzerland), Abbott Laboratories, Inc. (U.S.), Becton, Dickson and Company (U.S.), Johnson & Johnson (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Siemens Healthcare (Germany), Bio-Rad Laboratories, Inc. (U.S.), Sysmex Corporation (Japan), QIAGEN N.V. (Netherlands), Alere Inc. (U.S.), Ortho-Clinical Diagnostics Inc. (U.S.), and bioMérieux (France).

Infusion Pump Software Market to witness major growth in coming years

Growth in the infusion pump software market is mainly driven by factors such as the increasing incidence of chronic diseases, along with rapid growth in the geriatric population, growing number of surgical procedures performed, rising demand for ambulatory and home care infusion pumps, and technological developments.

The Infusion Pump Software Market  is expected to reach USD 1,044 million by 2024 from USD 742 million in 2019, at a CAGR of 7.1%.

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Market Segments:-

On the basis of type, the infusion pump software market is segmented into Dose error reduction software (DERS), clinical workflow software, interoperability software and other software. The DERS segment held the largest share of the infusion pump software market in 2018 and this segment is also projected to register the highest growth during the forecast period. Increasing number of medication errors using infusion pumps is a major factor driving market growth.

On the basis of indication, the market is segmented into general infusion, pain & anesthesia management, insulin infusion, chemotherapy, enteral infusion, and others. The general infusion segment commanded the largest share of the market in 2018.

Recent Developments

• In March 2018, Baxter partnered with First Databank (FDB), US, with the aim of integrating FDB’s Infusion Knowledge, an evidence-based library of IV medications, into Baxter’s Dose IQ Safety Software to help make delivery of infusions safer.
• In August 2017, BS expanded in the US with the launch of BD Institute for Medication Management Excellence in New Jersey, which aims to improve patient safety and outcomes. In collaboration with national experts and IV safety organizations, this new institute would initially focus on enhancing end-to-end IV infusion Safety at the patient's bedside.

Regional Analysis:-

Geographically, North America is expected to dominate the global infusion pump software market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period. The high growth in this region can be attributed to growing incidences of chronic diseases, increased awareness and accessibility of advanced healthcare facilities, a large population pool, increasing aging population, and rising healthcare spending.

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Top Key Players:-

The major players operating in the infusion pump software market include BD (US), B. Braun (Germany), Baxter (US), ICU Medical (US), and Terumo Medical (Japan). Other players involved in this market include Fresenius Kabi (Germany), Moog (US), F. Hoffmann-La Roche (Switzerland), Ypsomed (Switzerland), Medtronic (Ireland), Smiths Medical (US), and Micrel Medical Devices (Greece).

 

Which region is lucrative for the blood screening market?

The increasing demand for donated blood, the rising number of blood donations, the growing prevalence of infectious diseases, and the increasing prevalence of newer pathogens are the key factors driving the growth of this market.

The Blood Screening Market is projected to reach USD 3.5 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 12.8%.

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The reagents & kits segment accounted for the largest share of the blood screening market, by product & service, in 2019

Based on product & service, the blood screening market is segmented into reagents and kits, instruments, and software and services. The reagents and kits segment accounted for the largest share of the blood screening market in 2019. The large share of this segment can be attributed to the high consumption and repeated use of reagents & kits in blood screening procedures. Also, the accessibility of a wide range of reagents and the need for reliable, specific, and fast detection of TTIs are driving the growth of the blood screening reagents & kits market.

Blood banks segment to register the highest growth rate during the forecast period

Based on end users, the blood screening market is segmented into blood banks and hospitals. The blood bank segment accounted for the larger market share in 2019 and is projected to witness a higher growth rate during the forecast period. This can be attributed to the increasing demand for donated blood, a growing number of organ transplantation surgeries, rising awareness regarding the safety of blood, an increasing number of donations worldwide, and growth in government funding to charitable trusts.

North America is the largest regional market for blood screening

Based on region, the blood screening market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2019, North America accounted for the largest market share, followed by Europe. Factors such as the increasing demand for donated blood, the rising number of blood donations, the growing prevalence of infectious diseases, and the increasing prevalence of newer pathogens, the presence of high-quality infrastructure for hospitals and clinical laboratories, and the presence of major market players in the region are driving the growth of the blood screening market in North America.

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Top Key Players :-

The prominent players operating in the blood screening market include Grifols (Spain), F. Hoffmann-La Roche AG (Switzerland), Abbott Laboratories (US), BioMérieux (France), Bio-Rad Laboratories (US), Siemens Healthineers (Germany), Danaher Corporation (US), Thermo Fisher Scientific Inc. (US) ,Ortho Clinical Diagnostics, Inc.(US), Becton, Dickinson and Company (US), DiaSorin (Italy), GFE (Germany), Trinity Biotech (Ireland), Merck Millipore (Germany), GE Healthcare (US), Perkin Elmer (US), Bio-Techne Corporation (US), and J Mitra & Co. Pvt. Ltd (India).

 

What are the recent trends affecting the Cell Analysis Market ?

Increasing government funding for cell-based research and the rising incidence of chronic and infectious diseases are the major factors driving the growth of this market.

The Cell Analysis Market is expected to reach USD 22.7 billion by 2024 from USD 16.0 billion in 2019, at a CAGR of 7.2%. from 2019 to 2024

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Market Segmentation:-

Based on product, the cell analysis market is broadly categorized into microscopes, flow cytometry products, spectrophotometers, qPCR products, cell counters, cell microarrays, high-content screening (HCS) systems, and other products. The flow cytometry products segment accounted for the largest market share in 2018. The large share of this segment is primarily attributed to technological advancements, the increasing adoption of flow cytometry techniques in research and academia, growing public-private initiatives in the field of immunology and immuno-oncology research, and the rising incidence and prevalence of chronic diseases.

Based on end user, the cell analysis market is segmented into hospitals & diagnostic laboratories, research institutes, pharmaceutical & biotechnology companies and CROs, cell culture collection repositories, and other end users. The pharmaceutical & biotechnology companies and CROs segment is expected to register the highest CAGR during the forecast period. These facilities use cell analysis instruments and consumables during various stages of drug discovery, drug research and development, pharmacokinetics, toxicology, and clinical studies. Growing regulatory approvals for cell culture-based vaccines, increasing pharmaceutical R&D expenditure, and commercial expansion of various pharmaceutical companies are driving the growth of this end-user segment.

Regional Analysis: -

By region, the cell analysis market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America accounted for the largest market share, followed by Europe. Factors such as the presence of a favorable business environment, growing government support through funds and grants, growing number of research activities, rising number of drug discovery initiatives by pharmaceutical & biotechnology companies in the US, and the strong presence of key players in this region are driving the growth of the cell analysis market in North America.

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Top Key Players:-

The prominent players operating in the cell analysis market are Danaher Corporation (US), Thermo Fisher Scientific (US), Becton, Dickinson and Company (US), Merck KGaA (Germany), GE Healthcare (US), Agilent Technologies, Inc. (US), Olympus Corporation (Japan), PerkinElmer, Inc. (US), Promega Corporation (US), Tecan Group (Switzerland), Miltenyi Biotec (Germany), Carl Zeiss (Germany), Bio-Rad Laboratories Inc (US), and Sysmex Corporation (Japan).

 

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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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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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.).

What are the major application areas of metal implants and medical alloys?

Market growth is largely driven by the rapidly growing global geriatric population. The elderly are more susceptible to various diseases and disorders such as orthopedic, dental, neurological, and cardiovascular disorders, owing to which, growth in the geriatric population will result in an increase in the demand for implants. The growing number of accidents and sports-related injuries and the increasing launch of technologically advanced products are also major factors supporting market growth.

The global Medical Alloys Market  is projected to reach USD 17.6 billion by 2024 from USD 11.2 billion in 2019, at a CAGR of 9.4%.

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By type, the titanium segment is expected to account for the largest share of the metal implants and medical alloys market in 2019

On the basis of type, the titanium segment is expected to account for the largest share of the metal implants and medical alloys market in 2019. The large share of this segment can be attributed to the advantages offered by titanium, such as high biocompatibility, strength, rigidity, greater strain-bearing capacity, and greater corrosion-resistance properties as compared to other materials. Moreover, it is non-allergic, non-magnetic, and non-radio-opaque, and adheres easily to the bone without any additional coating.

By application, the orthopedic applications segment is expected to grow at the highest CAGR during the forecast period (2019–2024)

Based on application, the metal implants and medical alloys market is segmented into orthopedic, cardiovascular, dental, craniomaxillofacial, and neurological applications. The orthopedic applications segment is expected to grow at the highest CAGR in the metal implants and medical alloys market during the forecast period owing to the growing incidence of orthopedic disorders such as osteoporosis and arthritis, which result in a large patient pool for orthopedic implant procedures.

North America to dominate the metal implants and medical alloys market in 2019

North America is expected to account for the largest share of the metal implants and medical alloys market in 2019, followed by Europe and the Asia Pacific. The large share of North America in the global market can be attributed to the growing aging population and subsequent increase in the prevalence of chronic disorders in North American countries, thereby increasing demand for improved products and treatment services. Other factors supporting market growth include the growing healthcare expenditure, high accessibility to advanced technologies in countries such as the US and Canada, increasing focus on the development of innovative and technologically advanced products, and the significant presence of major product developers in the region.

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The prominent players in the metal implants and medical alloys market are Carpenter Technology Corporation (US), Royal DSM (Netherlands), Johnson Matthey Plc (UK), ATI Specialty Alloys & Components (US), Ametek Specialty Products (US), Aperam S.A. (Luxembourg), QuesTek Innovations LLC (US), and Fort Wayne Metals (US).