Press release
Special Purpose Needles Market | Demand and Scope with Outlook, Business Strategies, Challenges and Forecasts to 2025 by Leading Key Players Medtronic, Becton, B. Braun Melsungen AG, Dicksen and Company, Smiths Medical
Among various types of needles, Hypodermic needles are witnessing rapid demand, which in turn will contribute towards growth of the market in terms of revenue in the coming years. Besides various applications, special purpose needles will be mainly used for drug delivery purposes. Whereas, hospital pharmacies will be prominent distribution channel among others.
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Market Dynamics
Apart from infectious diseases, spinal disorders will further add to the list of factors fuelling demand for special purpose needles in hospitals and clinics over the following decade. Furthermore, imposition of government regulations regarding advanced healthcare systems, safe usage of needles, surge in government support and joint efforts by supply chain executives to increase efficiency will boost demand for special purpose needles. However, growing awareness regarding needle-free injection technology in parallel with high cost of special purpose needles will restrain growth of the market in the coming years. Moreover, instances of product recalls due to low quality are further inhibiting growth of the market.
Collaborations between private medical companies and government, in order to spread awareness among patients regarding unsafe usage of used needles is a prominent trend witnessed in the market over the following decade. Furthermore, companies operating in the market are mainly directing their efforts to offer production of user-friendly safety needles in order to prevent needle injuries that could propagate HIV and other blood borne diseases.
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Regional Analysis
In terms of revenue, the market in North America will grow at a CAGR of XX% and will reach a market value of US$ XX Mn by the end of 2026. Whereas, the market in APEJ will grow relatively fast at a CAGR of XX% in the span of next ten years. Collectively, the markets in North America, APEJ and Western Europe will account for XX% market share in 2018.
Vendor Insights
Some major market players operating in the global special purpose needles market include Medtronic, Becton, B. Braun Melsungen AG, Dicksen and Company, Smiths Medical, Terumo Corporation, Nove Nordisk A/S, Boston Scientific Corporation, NIPRO Medical Corporation, Stryker Corporation, Argon Medical Devices, Inc., SERAG-WEISSNER GmbH & Co. and Cook Medical.”
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