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"Growing geriatric population to drive the global needles market "The global needles market is projected to reach USD 8.47 billion by 2022 from USD 5.82 billion in 2017, at a CAGR of 7.8%. Factors such as the growing geriatric population, increasing number of hospitals in emerging markets, high prevalence of chronic diseases, and increasing demand for vaccines are driving the growth of the market. On the other hand growing focus on the development of alternative drug delivery methods and rising needle stick injuries are some of the key factors limiting the growth of the global needles market.
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Some of the major market players in the 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.), and Terumo Corporation (Japan). Product launches, agreements, and partnerships were the major strategies adopted by market players to achieve growth.
"The plastic needles segment is expected to grow at the highest CAGR "
By material, the needles market is segmented into stainless steel/metallic, plastic, glass, and PEEK needles. The plastic needles segment is expected to grow at the highest CAGR of the needles market in 2017.Increasing inclination towards self-administration is a major factor driving the growth of the plastic needles market across the globe, as plastic needles are disposable and are more compatible with self-injection devices as compared to glass needles.
"The hospitals segment to dominate the global needles market during the forecast period"
Based on end-user, the needles market is segmented into hospitals, diagnostic centers, home healthcare, and other end-users. The hospitals segment accounted for the largest share of the global needles market in 2016 due to the increasing economic expansion and government focus on healthcare delivery systems and access to preventive and curative care of the population.
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"Asia-Pacific to witness the highest growth during the forecast period (2017-2022)"
North America held the largest share of the global needles market in 2016, but Asia-Pacific is expected to witness the highest growth during the forecast period. A number of factors such as the conducive regulatory policies for the approval of new injectable and the rapid growth in the geriatric population are contributing to the growth of the needles market in this regional segment.
Breakdown of primary interviews: by company type, designation, and region:
By Company Type - Tier 1 – 45%, Tier 2 – 34% and Tier 3 – 21%, By Designation – C level – 10%, Director level – 14%, Others – 76%, By Region – North America - 40%, Europe – 32%, APAC – 20%, RoW – 8%
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Research Coverage of Needles Market:
This report studies the needles market based on type, products, delivery mode, material, and end user. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth. It analyzes opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders. Furthermore, the report analyses micro markets with respect to their individual growth trends, prospects, and contributions to the total market. The report forecasts the revenue of the market segments with respect to four main regions.
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