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Hypodermic Needles Market Trends, Revenue, Key Players, Growth, Share and Forecast till 2031
According to the report, the global hypodermic needles market was valued at US$ 2.1 Bn in 2020 and is projected to expand at a CAGR of ~6% from 2021 to 2031. Hypodermic needles play important role in research requiring sterile conditions. A hypodermic needle significantly reduces contamination during inoculation of a sterile substrate. Different types of hypodermic needles used for drug delivery and other purposes are safety needles and non-safety needles.
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The global hypodermic needles market is driven by rise in prevalence of chronic diseases and enforcement of legislation mandating the use of safety syringes. North America dominated the global hypodermic needles market in 2020 and the trend is anticipated to continue during the forecast period. Highly structured healthcare industry, early adoption of new products, rise in prevalence rate of major chronic diseases, and presence of major players are expected to propel the hypodermic needles market in North America.
Asia Pacific is likely to be a highly lucrative market for hypodermic needles during the forecast period. The market in the region is projected to expand at a high CAGR from 2021 to 2031.
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Rise in Prevalence of Chronic Diseases, Enforcement of Legislation Mandating Use of Safety Syringes to Drive Global Market
The rise in prevalence of major chronic diseases such as cancer, cardiovascular diseases, and diabetes is anticipated to drive the demand for hypodermic needles in the near future. According to the World Health Organization, cancer is a leading cause of death globally, accounting for nearly 10 million deaths in 2020. According to the International Diabetes Federation's 2019 report, the number of people living with diabetes is expected to increase from 463 million in 2019 to nearly 578.4 million in 2030. Enforcement of legislation in countries of North America mandating the use of safety syringes and rise in healthcare cost propel the hypodermic needles market in the region. The hypodermic needles market is driven by factors such as increase in incidence of needlestick injuries, improvement in safety mechanism, and favorable government initiatives.
Safety Needles to Dominate Hypodermic Needles Market
In terms of type, the global hypodermic needles market has been bifurcated into safety needles and non-safety needles. The safety needles segment dominated the global hypodermic needles market in 2020 and the trend is expected to continue during the forecast period. The safety needles segment is likely to be driven by increase in cases of blood-borne diseases, active government participation to implement stringent regulations, surge in demand for injectable drugs & vaccines, and untapped potential.
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Drug Delivery to be Highly Lucrative Application
Based on application, the global hypodermic needles market has been classified into drug delivery and others. The drug delivery segment has been split into chemotherapy, spinal/ epidural infusion, plastic surgery, and others. A hypodermic needle is useful to deliver certain medications that cannot be delivered orally due to vomiting. These factors are projected to fuel the growth of the drug delivery segment during the forecast period.
Hospitals Held Significant Market Share
In terms of end user, the global hypodermic needles market has been divided into hospitals, cancer treatments centers, dermatology clinics, and others. The hospitals segment led the global hypodermic needles market in terms of revenue in 2020 and the trend is anticipated to continue during the forecast period. The segment’s dominance can be attributed to large patient base and high adoption of hypodermic needles in hospitals.
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North America to Dominate Hypodermic Needles Market
In terms of region, the global hypodermic needles market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global hypodermic needles market in 2020, followed by Europe. North America’s large market share can be ascribed to the launch of technologically advanced products, rise in awareness about hypodermic needles, and presence of major players.
The hypodermic needles market in Asia Pacific is expected to expand at a high CAGR from 2021 to 2031. This can be attributed to the presence of developing countries with commercial hubs, expansion of business organizations, improvement healthcare infrastructure, and increase in investments by companies.
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Competition Landscape of Hypodermic Needles Market
The global hypodermic needles market is fragmented due to the presence of a large number of leading players. Key players operating in the global hypodermic needles market include Becton, Dickinson and Company, B. Braun Melsungen AG, Medtronic, Smiths Medical, Cardinal Health, Novo Nordisk, Medline Industries, Inc., Terumo Medical Corporation, Cadence Science, and Exelint International, Co.
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