The global special purpose needle market is segmented into product type such as fine aspirating needles, biopsy needles, hypodermic needles, pen needles, suture needles, IV catheter needles, implantation needles, dental needles, ophthalmic needles, blood collection needles, spinal anesthesia needles and others special needles. Among these segments, hypodermic needles occupied the biggest segment in 2016 and it is expected to seize at a notable CAGR during the forecast period. Further, the growth of this segment is attributed to the increasing number of diseases. Moreover, advancement in healthcare products is also believed to foster the growth of special purpose needle market.
Global special purpose needle market is anticipated to account for a remarkable CAGR of 7.5% over the forecast period i.e. 2016-2023. Moreover, the global special purpose needle market is projected to reach at exponential revenue of USD 15 Billion by the end of 2023. The market is expected to expand on the back of increasing awareness regarding health and hygiene.
The drug delivery segment by application is projected to showcase highest CAGR and this segment is predicted to capture the largest market by 2023. In terms of regional platform, North America grabbed the largest market of special purpose needle and is envisioned to reach USD 5.5 Billion by 2023 by witnessing a CAGR of 8.5% over the forecast period. Further, U.S. is the dominating country in this region owing to presence of advance medical facilities.
Supportive Government Initiatives
Growing government regulations regarding usage of safety needles along with increasing investment by the government to build healthcare industry is predicted to intensify the growth of special purpose needle market. Furthermore, rising expenditure by the government of developing countries to provide better healthcare facilities is also envisioned to bolster the growth of special purpose needle market.
Increasing Occurrence of Deadly Diseases
Growing number of population affected with diabetes and infectious diseases along with rising prevalence of spine disorders among the population is predicted to propel the growth of special purpose needle market. In addition to this, rise in the usage of self-injection devices by the patients suffering from allergic asthma and others is also believed to spur the growth of special purpose needle market.
Although, increasing penetration of non-invasive healthcare devices is expected to hamper the growth of special purpose needle market during the forecast period.
The report titled “Special Purpose Needle Market: Global Demand Analysis & Opportunity Outlook 2023” delivers detailed overview of the global special purpose needle market in terms of market segmentation by product type, by application, By end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global special purpose needle market which includes company profiling of Medtronic, B. Braun Melsungen AG, Becton, Dickinson Company, Terumo Corporation, Smiths Medical, Boston Scientific Corporation, Novo Nordisk A/S, Argon Medical Devices Inc., Stryker Corporation, NIPRO Medical Corporation, Cook Medical and SERAG-WIESSNER GmbH & Co. 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 needle 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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