Needles Market – Advancing Technology for Painless Future
Needles are used for injecting medications or for drawing blood from the body. It has three parts, which includes a long shaft, slanted tip called bevel, and hub which fits in the tip of the syringe. Different types of needles are routinely used in clinical practice for variety of applications such as administering medicine within various layers of skin, anesthetic procedure, and different surgical procedures. Needles are available in different types and different materials depending upon the need of the clinician. Conventional needles are used for general purpose medicine administration, fill and filter needles are used for vaccination and other sterile products, safety needles are used for blood collection and medicine administration in cases in which chances of contamination from infectious disease high. It also depends on its application area, for instance pen needles are used by diabetes patients for injecting daily dose of insulin, blood collection needle are used for diagnostic purposes, and suture needles are used for surgical purposes.
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The needles market was valued at US$ 5.75 billion in 2017 and is expected to witness a robust CAGR of 7.6% over the forecast period (2017–2025).
High prevalence of chronic diseases worldwide is projected to fuel growth of the needles market
Several factors are associated with increasing adoption of needles worldwide. One of the major factors is high prevalence of chronic disease across the world, which is propelling demand for needles. According to the World Health Organization (WHO), in 2017, non-communicable diseases such as cancer, diabetes, cardiovascular diseases, and lung diseases accounted for around 70% death worldwide, which was majorly from middle and low income economies. Furthermore, chronic diseases are expected to account for around 75% of all deaths worldwide by 2020. Therefore, this is expected to aid in market growth, as needle is an integral part of chronic disease treatment. For instance, according to Diabetic Atlas by International Diabetes Federation (IDF), 2017, diabetes affected around 425 million people worldwide. Patients suffering from diabetes require daily administration of insulin with continuous glucose monitoring, which in turn is propelling demand for pen needles. Furthermore, the U.S. majorly invest in treatment of diabetes and cancer, annually. For instance, around US$ 377 Billion are invested, which account for 52% of the total diabetes expenditure worldwide, according to the IDF report 2017. Also, according to World Cancer Research Organization, 2014 report, cancer incidence in the U.S. is one of highest at 328 per 100,000, which is expected to propel growth of the needles market in this region.
Key players are focusing on strategic mergers and acquisitions and development of innovative products, in order to enhance their market share. For instance, in September 2017, Becton, Dickinson and Company introduced BD Ultra-Fine micro pen needle for use with different pen injection devices, for people with diabetes, in order to reduce accidentally injection of insulin dose into a muscle and it provides one of shortest length pen needle. Nipro Medical Corporation launched ‘SafeTouch’ safety needle in 2016, which is known to protect the patients from needle stick injuries. Terumo Medical Corporation innovative product K-Pack Surshield launched in 2012 claims to be 20% sharper than its competitor and fits in all types’ syringes.
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Some of the key players operating in the global needles market are Becton, Dickinson and Company, Medtronic plc, Hamilton Company, Stryker Corporation, Terumo Corporation, B. Braun Melsungen AG, Boston Scientific Corporation, Nipro Medical Corporation, Novo Nordisk A/s, Thermo Fisher Scientific, and Smiths Medical.
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