August 2nd, 2021 Researchmoz Global Pvt. Ltd. Releases
According to the report, the global hypodermic needles market was valued at US$ 2.1 Bn in 2020 and is projected to expand at a CAGR of ~6% from 2021 to 2031. Hypodermic needles play important role in research requiring sterile conditions. A hypodermic needle significantly reduces contamination during inoculation of a sterile substrate. Different types of hypodermic needles used for drug delivery and other purposes are safety needles and non-safety needles.
The global hypodermic needles market is driven by rise in prevalence of chronic diseases and enforcement of legislation mandating the use of safety syringes. North America dominated the global hypodermic needles market in 2020 and the trend is anticipated to continue during the forecast period. Highly structured healthcare industry, early adoption of new products, rise in prevalence rate of major chronic diseases, and presence of major players are expected to propel the hypodermic needles market in North America.
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Asia Pacific is likely to be a highly lucrative market for hypodermic needles during the forecast period. The market in the region is projected to expand at a high CAGR from 2021 to 2031.
The rise in prevalence of major chronic diseases such as cancer, cardiovascular diseases, and diabetes is anticipated to drive the demand for hypodermic needles in the near future. According to the World Health Organization, cancer is a leading cause of death globally, accounting for nearly 10 million deaths in 2020. According to the International Diabetes Federation’s 2019 report, the number of people living with diabetes is expected to increase from 463 million in 2019 to nearly 578.4 million in 2030. Enforcement of legislation in countries of North America mandating the use of safety syringes and rise in healthcare cost propel the hypodermic needles market in the region. The hypodermic needles market is driven by factors such as increase in incidence of needlestick injuries, improvement in safety mechanism, and favorable government initiatives.
The worldwide vaccine campaign has placed the spotlight on syringes and needles. Healthcare providers are adhering to ISO (International Organization for Standardization) standards to ensure they meet internationally agreed levels of safety and quality. Companies in the hypodermic needles market are capitalizing on business opportunities with unprecedented demand for single-use needles and catheters for blood sampling.
Stakeholders in the healthcare landscape are gaining awareness pertaining to government guidelines about specific properties and requirements for sterile single-use hypodermic syringes. Manufacturers in the hypodermic needles market are maintaining robust supply chains to meet requirements for vaccine campaigns and ongoing COVID-19 cases of patients in hospitals. International standards are proving useful for syringe manufacturers to ensure they comply with World Health Organization (WHO) recommendations.
Can Needle-free Injectors Replace Hypodermic Needles?
Hypodermic needles are facing a stiff competition from needle-free injectors. The NuGen Medical Devices’ needle-free injector is being publicized for the same and are serving as cutting-edge replacements. However, needle-free injectors cannot entirely replace hypodermic needles. Hence, manufacturers in the hypodermic needles market are offering tailored solutions and expert engineering to clients and customers in order to improve patient outcomes.
Manufacturers in the hypodermic needles market are increasing the availability of precision-engineered needles and needle stick prevention technologies to excel in challenging applications and high-throughput processing environments. Companies are providing safe designs and less painful injections to ensure therapeutic success. Robust inspection, quality-assured, and controlled manufacturing of hypodermic needles is being achieved to face the competition placed by needle-free injectors.
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Competition Landscape of Hypodermic Needles Market
The global hypodermic needles market is fragmented due to the presence of a large number of leading players. Key players operating in the global hypodermic needles market include Becton, Dickinson and Company, B. Braun Melsungen AG, Medtronic, Smiths Medical, Cardinal Health, Novo Nordisk, Medline Industries, Inc., Terumo Medical Corporation, Cadence Science, and Exelint International, Co.
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Global Hypodermic Needles Market: Segmentation
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