Needles Market Growth in Next 3 years

The needles market is expected to reach USD 8.47 Billion by 2022 from USD 5.82 Billion in 2017, at a CAGR of 7.8% during the forecast period. Base year considered for the report is 2016 and forecast year is 2022.

(EMAILWIRE.COM, April 29, 2019 ) The growing geriatric population, increasing number of hospitals in emerging markets, high prevalence of chronic diseases, and increasing demand for vaccines are the major factors driving the growth of the needles market across the globe.

This report broadly segments the needles market into type, products, material, delivery mode, and end user.

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On the basis of type, the global needles market is segmented into two broad categories, namely, conventional needles and safety needles. The global safety needles segment is expected to grow at a higher CAGR from 2017 to 2022, owing to the increasing awareness regarding the use of safety syringes and need to reduce needlestick injuries.

Based on product, the needles market is segmented into suture needles, blood collection needles, ophthalmic needles, dental needles, insufflation needles, pen needles, and other needles. The pen needles segment is expected to hold the largest share of the needles market in 2017.

The demand for pen needles is expected to increase with the growing prevalence of diabetes. Around 415 million people had diabetes in 2013, worldwide; by 2040, this figure is expected to increase to 642 million (Source: International Diabetes Federation). Thus, with the increasing prevalence of diabetes across the globe, the demand for pen needles will increase during the forecast period.

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On the basis of the delivery mode, the needles market is segmented into hypodermic, intravenous, intramuscular, and intraperitoneal needles. The hypodermic needles segment is expected to account for the largest share of the needles market in 2017. These needles are used for injecting drugs into the subcutaneous layer of skin; this enables the quick absorption of active compounds into the bloodstream, which is the key factor contributing to the market growth of this segment.