Hypodermic Needles Market Report, published by Allied Market Research, forecasts that the global market was valued at $2,396 million in 2015, and is expected to garner $3,842 million by 2022, registering a CAGR of 6.9% during the forecast period 2016 - 2022. The safety hypodermic needle segment held nearly seven-ninths of market share in 2015.
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A hypodermic needle is a long, thin cylindrical hollow needle with a sharp & slanted tip used to administer drugs to the patient. It is also used to withdraw bodily fluids for research and examination purposes. The increase in the number of needle-stick injuries throughout the world is expected to boost the market growth.
The major factors that drive the global hypodermic needles market are increase in demand for injectable drugs and vaccines, active government initiatives, and surge in application of injection and infusion therapies. In addition, high prevalence of blood-borne diseases increases the demand for hypodermic needles and thereby provides lucrative opportunities for market growth. However, alternative modes of drug delivery and high costs associated with safety hypodermic needles restrain the market growth.
Retractable safety hypodermic needles is anticipated to dominate the safety hypodermic needles market as these needles eliminate exposure to the contaminated needle thereby reducing the risk of needle stick injuries. It accounted for over five-eighths of the total share in 2015.
Drug delivery is currently dominating the application segment and is expected to grow at a CAGR of 6.7%. Hypodermic needles are widely used in drug delivery to infuse the desired drug (therapeutic) into the patients body. In addition, safety injections embedded with hypodermic needles provide several advantages such as good absorption leading to lesser wastage of drugs, shorter onset time, and accurate titration of the dosage.
Key Findings of Hypodermic Needles Market:
- Safety hypodermic needles segment is projected to be grow at the highest CAGR from 2016 to 2022.
- Passive safety hypodermic needles are poised to witness the fastest growth during the forecast period.
- Hospital end-user segment generated the highest revenue in 2015, and is expected to continue its dominance ahead as well.
- North America dominated the global hypodermic needles market, and is projected to grow at a CAGR of 6.5%.
- Among the application segment, the use of hypodermic needles for vaccination is expected to witness the fastest growth during the forecast period.
In 2015, Asia-Pacific and LAMEA collectively accounted for one-fourth of the global hypodermic needles market, and are expected to continue this trend due to rise in awareness regarding the use of hypodermic needles in China, India, and other developing economies. Various governmental and non-governmental organizations emphasize on medical training in hospitals and other medical settings through awareness programs. These programs aid in prevention of needle-stick injuries in hospitals and promote the use of safety needles, thereby boosting the market growth.
The major companies profiled in the report include Becton, Dickinson And Company, B. Braun Melsungen AG, Catalent, Inc., Connecticut Hypodermics, Inc., EXELINT International Co., MedPro Safety Products, Inc., Medtronic plc, Retractable Technologies, Inc., Smiths Group plc, and Terumo Medical Corporation.