Hypodermic Needles Market to Surge at a Robust Pace by 2022: Development Factors and Investment Analysis

The Global Hypodermic Needles Market generated $2.39 billion in 2015, and is estimated to garner $3.84 billion by 2022, growing at a CAGR of 6.9% during the forecast period, 2016–2022. The safety hypodermic needle segment accounted for nearly seven-ninths of the total market share in 2015.

A hypodermic needle is thin, long cylindrical hollow needle that has a sharp & slanted tip. It is used for administering drugs to patients. Moreover, it can be used for extracting bodily fluids for research and development purposes. The rise in number of needle-stick injuries across the world would boost the market growth.

The major factors that fuel the growth into the global hypodermic needles market are surge in demand for injectable drugs & vaccines, favorable government initiatives, and increase in application of injection and infusion therapies. Moreover, high prevalence of blood-borne conditions raises the demand for hypodermic needles, which in turn, offers lucrative opportunities for the market growth. However, alternative methods of drug delivery and expensive safety hypodermic needles hinder the market growth.

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The retractable safety hypodermic needle segment is anticipated to maintain dominance in the safety hypodermic needles market, as these needles can eliminate the exposure to the contamination and eliminate the risk of injuries related to needle sticks. It contributed to more than five-eighths of the total share in 2015. The drug delivery segment contributes the highest share in the application segment and is estimated to grow at a CAGR of 6.7% during the forecast period. Hypodermic needles are used for drug delivery to infuse the therapeutics into the body of the patient. Moreover, safety injections embedded with hypodermic needles offer many advantages including good absorption that leads to less wastage of drugs, less onset time, and precision in titration of the dosage.

Key findings of the report:

• The safety hypodermic needles segment is expected to register the highest CAGR from 2016 to 2022.
• Passive safety hypodermic needles would grow at the fastest rate during the forecast period.
• The hospital end-user segment garnered the largest revenue in 2015, and will maintain its dominating position during the forecast period.
• North America contributed the highest share in the global hypodermic needles market and is expected to grow at a CAGR of 6.5% during the forecast period.
• Among applications, the usage of hypodermic needles for vaccination would experience the highest growth during the forecast period.

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In 2015, Asia-Pacific and LAMEA together accounted for nearly one-fourth of the total market, and would continue its dominance. This is due to increase in awareness of the usage of hypodermic needles in India, China, and other developing countries. Different governmental and non-governmental organizations focus on providing a medical training in hospitals and other settings through various awareness programs. These programs help in avoiding needle-stick injuries in hospitals along with encouraging utilization of safety needles, which in turn, boosts the growth in the market.

The major companies analyzed in the research include Becton, Dickinson, And Company, Catalent, Inc., B. Braun Melsungen AG, EXELINT International Co., Connecticut Hypodermics, Inc., Medtronic plc, MedPro Safety Products, Inc., Smiths Group plc, Retractable Technologies, Inc., and Terumo Medical Corporation.

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