Special Purpose Needles Market Growth in Future Scope 2021-2028 | Boston Scientific Corporation, Argon Medical Devices, Inc., Becton, Dickinson and Company

Overview

For various drug deliveries and sample processing, special purpose needles are used. A hypodermic needle is a hollow needle that is widely used with a syringe to administer or remove fluids from the body. It is used to transport liquids quickly.

Statistics

By the end of 2027, the global special purpose needles market is expected to be worth US$ 18,545.3 million.

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Drivers

During the forecast period, the global special purpose needles market is expected to rise due to rising acceptance of needle biopsy. When it comes to accessing cells from tumors and other lesions for diagnostic evaluation, core needle biopsy and fine-needle aspiration biopsy are the most common options. Furthermore, needle biopsy takes less time, trauma, and money, resulting in increased acceptance and business development.

Opportunities

For players in the global special purpose needles market, optimizing needle localization technology is expected to provide lucrative growth opportunities. In ultrasound-guided breast biopsy, incorporating an algorithm into needle localization technology will minimize operator reliance.

Restraints

The growth of the global special purpose needles market is projected to be hampered by rising opioid needle emissions. Drug users also leave hypodermic needles in beaches, playgrounds, and other public spaces. Needle contamination has been linked to an increased risk of HIV and AIDS. In such a situation, the public's demand for needle-free alternatives is likely to change.

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Key Takeaways

The Biopsy Needles segment of the global special purpose needles market was worth US$ 1,184.3 million in 2019 and is projected to grow at an annual rate of 8.0 percent to US$ 2,200.1 million by 2027. Over the forecast period, the segment is expected to expand due to an increase in the number of cancer biopsies.

In terms of revenue, the Blood Collection Needle segment dominated the global special purpose needles market in 2019, accounting for 14.2% of the market, followed by Fine Aspirating Needles and Hypodermic needles. Over the forecast period, rising product releases are expected to aid growth of the global special purpose needles market.

In terms of value, the Hospital Pharmacies segment dominated the global special purpose needles market in 2019, accounting for 51.0 percent of the market, followed by Retail Pharmacies and Drug stores. During the forecast period, the market is projected to expand due to an increase in the number of patients suffering from acute and chronic diseases.

Market Trends

In Asia Pacific, there is a high demand for special purpose needles due to the rising prevalence of cancer, spine-related diseases, and diabetes. As per the research ‘Trends in and Predictions of Colorectal Cancer Incidence and Mortality in China From 1990 to 2025,' reported in the journal Frontiers in Oncology in February 2019, the age-standardized incidence rate of colorectal cancer among males in China rose by 2.76 percent per year from 1990 to 2016, and the number of cancer cases increased by more than three times as compared to 1990. However, the region's poor reimbursement rates discourage advanced goods from being adopted.

Lack of regulatory harmonisation and common reporting procedures in the Middle East and Africa are likely to lead to under-reporting of adverse events including special purpose needles, deterring potential product adoption.

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Competitive Landscape

Key companies contributing in the global special purpose needles market are SERAG-WIESSNER GmbH & Co., Dickinson and Company, Becton, Novo Nordisk A/S, Medtronic Plc., Boston Scientific Corporation, NIPRO Medical Corporation, Argon Medical Devices, Inc., Stryker Corporation, Terumo Corporation, B. Braun Melsungen AG, Cook Medical, and Smith’s Medical.

Key Developments

Janney Montgomery Scott LLC reported in January 2020 that it had purchased around 662 shares of Becton Dickinson and Co.

Sharp Fluidics, LLC has signed a new deal with Intalere for its patented Operative Armour suture needle control system.

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