Filter Needles Market Overview and Future Trends 2024

"The Business Research Company recently released a comprehensive report on the Global Filter Needles Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The filter needles market size has grown strongly in recent years. It will grow from $1.46 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to growing emphasis on patient safety and infection control, increasing prevalence of chronic diseases, regulatory requirements regarding medication preparation and administration, growth in healthcare infrastructure, and increased healthcare spending globally.

The filter needles market size is expected to see strong growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to growing preference for single-use medical devices to minimize contamination risks, modernization of healthcare facilities, rising aging population, heightened focus on infection control measures, and increasing trend towards home-based healthcare services. Major trends in the forecast period include integration of smart features, emphasis on sustainability in medical device manufacturing, innovation in safety features such as needlestick prevention mechanisms and ergonomic designs, integration of remote monitoring capabilities into filter needle devices, and integration of advanced technologies such as automation and connectivity.

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Market Drivers and Trends:

The rising prevalence of diabetes is expected to propel the growth of the dipeptide peptidase 4 inhibitors market going forward. Diabetes is a chronic medical condition that affects the way the body metabolizes glucose (sugar), which is a critical source of energy for the body's cells. Diabetes cases are increasing primarily because of the widespread adoption of sedentary lifestyles and unhealthy eating habits in contemporary societies. Dipeptidyl peptidase 4 inhibitors are utilized in diabetes management to enhance glycemic control by inhibiting the degradation of incretin hormones. For instance, in 2024, according to the International Diabetes Federation, a Belgium-based health organization, 537 million adults (1 in 10) were living with diabetes in 2021, and this is expected to rise to 643 million by 2030 and 783 million by 2045. Therefore, the rising prevalence of diabetes drives the dipeptide peptidase 4 inhibitors market.

Major companies operating in the filter needle market are focusing on developing innovative products, such as all-in-one design filter needles, to gain a competitive edge in the market. All-in-one design filter needles eliminate the need for healthcare providers to switch needles after filtering the medication, simplifying the medication preparation process. For instance, in May 2024, CarrTech Corp., a US-based medical device company, developed the FROG (Filter Removal of Glass) device, a patented medical tool designed to streamline the process of withdrawing medications from glass ampoules. FROG is an all-in-one filter needle that allows technicians and providers to extract medication from ampoules without switching needles, reducing the risk of needle sticks, contamination, and patient harm.

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Major Key Players of the Market:

Cardinal Health, Thermo Fisher Scientific Inc., Novo Nordisk A/S, Asahi Kasei Corporation, Becton, Dickinson And Company, Baxter International Inc., Terumo Corporation, VWR International LLC, Nipro Medical Corporation, Smiths Group, B. Braun Medical Inc., Gerresheimer AG, Hamilton Company, Avanos Medical Inc., Vygon SA, Argon Medical Devices, Filtertek Inc., Apellis Pharmaceuticals Inc., Micronclean Ltd, SOL-MILLENNIUM MEDICAL INC., GBUK Group Ltd, DiaMedical USA, Changzhou SUNTON Medical Technology Co.Ltd, Shanghai Mekon Medical Devices Co. Ltd., Bionic Medizintechnik GmbH

Filter Needles Market 2024 Key Insights:

• The filter needles market size is expected to see strong growth in the next few years. It will grow to $2.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Rise In Surgical Processes Driving Growth In The Filter Needle Market
• Innovative Solutions In Filter Needle Market
• North America was the largest region in the filter needles market in 2023

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