Needles Market – Advancing Technology for Painless Future

Needles are integral part of healthcare functions. Needles provide advantage over other routes of administration such as quick release of the drug in bodily fluids and instant relief for the patients. It has various applications ranging from surgical use to blood collection to drug administration. Needles such as safety needles are increasingly used in order to avoid needle stick injuries and infection. Needles such as pen needles are used by diabetic patients who need daily dose of insulin which is injected subcutaneously.

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).

Request a sample copy of this report: https://www.coherentmarketinsights.com/insight/request-sample/1331

Major factor driving growth of the needles market is increasing demand for vaccines, globally to prevent various diseases such as measles, rubella and hepatitis B. According to World Health Organization (WHO) 2018, globally around 86% of infants are vaccinated against 26 diseases, however, 19.5 million children unvaccinated leading to death of 2-3 million children each year. Human papilloma virus causes cervical cancer and around 280,000 women died from cervical cancer in 2015 globally, which led to introduction of vaccine to prevent cervical cancer, in turn positively affecting needles market. Introduction of stringent guidelines for safe injection practices is expected to aid in growth of the needles market. For instance, WHO issued safe injection practices and guidelines in 2010, for its member country. Also, Association of Professionals in Infection Control and Epidemiology in the U.S. issued updated guidelines in 2016 to prevent spread of infectious disease through unsafe injection practices.

Rising prevalence of chronic diseases worldwide is expected to be factor driving growth of the needles market

There are number of factors propelling growth of the global needles market, however, the most significant factor is rising prevalence of chronic disease. According to World Health Organization (WHO), in 2017, non-communicable diseases such as cancer, diabetes, cardiovascular diseases, and lung diseases are collectively responsible for 70% death globally, mostly in middle and low income countries, and by 2020 chronic diseases is expected to account for almost three-quarters(up to 75%) of all deaths worldwide. This is expected to aid in market growth as needle is an integral part of chronic disease treatment, which may require hospitalization. For instance, according to 2017 Diabetic Atlas by International Diabetes Federation (IDF), diabetes affected around 425 million people worldwide. Patients have to administer insulin on the basis of severity of the disease and requires continuous glucose monitoring, thus, leading to increasing demand for pen needles. U.S. spends highest cost for treating diabetes and cancer, annually. For instance, it spends US$ 377 Billion, which accounts for 52% of the total diabetes expenditure worldwide as mentioned in 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. This 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.

Ask for customization: https://www.coherentmarketinsights.com/insight/request-customization/1331

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.

About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

Contact Us:
Mr. Shah
Coherent Market Insights
1001 4th Ave, #3200
Seattle, WA 98154
Tel: +1-206-701-6702
Email: sales@coherentmarketinsights.com
Visit our news Website: http://www.coherentchronicle.com/

This release was published on openPR.