Research Nester published a report titled “Special Purpose Needles Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global special purpose needles market in terms of market segmentation by product type, application, distribution channel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global special purpose needles market is estimated to grow by a CAGR of ~8% during the forecast period, i.e., 2022-2031. The market is segmented on the basis of application into sample collection, vaccination, and drug delivery, out of which the drug delivery sub segment is projected to hold the significant share over the forecast period on the account of increasing awareness about advanced drug delivery systems, combined with the growing prevalence of diabetes and other diseases, where drug delivery is required.
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The global special purpose needles market is estimated to grow on the account of advancement in government regulations for use of safety needles, increased focus on progressive healthcare systems globally, and rising focus on development of advanced technology in pharmaceutical industries. Moreover, the expenditure by private pharmaceutical companies is increasing, which clearly indicates the high potential for market growth in the future.
The global special purpose needles market is regionally segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share during the forecast period owing to increasing requirement special purpose needles globally, upscaling the technology of next-generation microneedle, and needle-free injection. Furthermore, high expenditure incurred on healthcare sector, and existence of great pharmaceutical companies in the region, indicates the upcoming boost in the market growth. According to a report by the World Health Organization (WHO), as of 2018, the per capita healthcare expenditure of North America valued USD 10,050.279.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Increasing Prevalence of Chronic Diseases to Boost the Market Growth
According to a report by the World Health Organization, cardiovascular diseases accounted for 17.9 million deaths, respiratory diseases caused 4.1 million, and diabetes caused 1.5 million deaths in 2019.
Special purpose needles are used for various drug deliveries such as insulin, heparin and others. The increasing need to detect and treat chronic diseases such as diabetes, cancer, tumors and infectious diseases, and increasing number of chronic diseases detection and biopsy processes, are expected to boost the growth of the global special purpose needles market in the forecast period. Moreover, global population is more aware about health and regular medical checkups, which is projected to generate high potential for growth and business opportunities for the market across the globe.
However, technical and developmental challenges are expected to operate as key restraint to the growth of global special purpose needles market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global special purpose needles market which includes company profiling of Sanofi-aventis Groupe, Terumo Group, Smiths Medical Inc., Boston Scientific Corporation, Stryker Corporation, Nipro Medical Corporation, Cook Group Incorporated, India, Medtronic Private Limited, Cardinal Health, Inc., and SERAG-WIESSNER GmbH & Co. KG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global special purpose needles market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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