Global Needles Market Size to Hit New profit-making Growth By 2027

The Global Needles Market is expected to reach USD 10.6 billion by 2027 from USD 7.7 billion in 2022, at a CAGR of 6.7% during the forecast period. The growth of this market is majorly driven by High prevalence of chronic diseases and Increasing demand for vaccines. However, Use of needle-free injection technology is one of the challenges for which may hinder the growth of this market.

Market is driven by factors such as Increasing preference for minimally invasive biopsies, and the rising vaccine demand globally. On the other hand, growing focus on the development of alternative drug delivery methods is expected to limit market growth to a certain extent in the coming years. Upsurge in the cases of chronic diseases such as HIV amongst global population is anticipated to drive the Needles Market growth. Expanding injectables market and Rise in self-administration of drugs is anticipated to propel market growth opportunities. However, growing needlestick injuries and associated infections is anticipated to hinder market development.

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Key Market Players

The major players in the Needles Market are Becton, Dickinson, and Company (US), Medtronic (Ireland), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), and Stryker Corporation (US).

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Drivers: Increasing number of hospitals in emerging markets

The number of hospitals and surgical centers is increasing in both developed and emerging countries. The demand for medical or surgical devices is high in these newly established surgical centers and hospitals, owing to the increasing patient population base. For instance, in October 2020, the Prime Minister of the UK announced plans of investing USD 4.3 billion for 40 hospitals and certain schemes for future funding for 48 hospitals by 2030. In addition, in March 2021, Steward Health Care announced plans to construct a new hospital in Washington County.

Over the last decade, developing countries, such as India and China, have witnessed significant improvements in their respective healthcare infrastructure. According to an article published in January 2020, China announced to invest USD 4.6 billion for the construction of hospitals in Wuhan. According to the Commonwealth Fund in 2018, China has approximately 12,000 public hospitals and 21,000 private hospitals. Similarly, in June 2019, the Indian Ministry of Health and Family Welfare announced the opening of 22 new AIIMS across the country. The significant growth in the number of hospitals and surgical centers is expected to support the growth of the needles market.

China is anticipated to account the largest share of Apac Needles Market

Based on the Apac region, the Needles Market is divided into China, Japan, and India. China is expected to account the largest share of Needles Market. The increasing demand for blood components (owing to the rising number of surgical procedures and the high prevalence of various diseases, inclusive of blood disorders) requiring diagnostic blood tests, growing awareness about therapeutic apheresis, and rising demand for plasma derivatives are the major factors supporting the growth of the Needles Market in China.

Germany is forecasted as the fastest growing country of Needles Market in Europe.

Based on the Europe region, the Needles Market is divided into Germany, UK, Italy, Spain, France, and RoE. Germany is forecasted to the fastest growing market of Needles Market in Europe. The increasing incidence of neoplasm cases is the major factor driving the market for needles in the country.

North America dominates the global Needles Market

Based on the region, the Needles Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to dominate the Needles Market. Growth in the North American market is mainly driven by, increasing cases of severe diseases, and increasing heart diseases as well as medical procedures.

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