Needle Market Size, Latest Trends, Growth Rate, Key Drivers And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Needle 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.

According to The Business Research Company's, The needle market size has grown strongly in recent years. It will grow from $7.60 billion in 2023 to $8.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to the increased prevalence of chronic diseases, vaccination programs, surgical procedures, and government regulations.

The needle market size is expected to see strong growth in the next few years. It will grow to $11.20 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising chronic disease burden, expansion of vaccination programs, growing demand for self-administration devices, government initiatives for healthcare access, and increasing healthcare expenditure. Major trends in the forecast period include technological advancements, integration of safety features, biodegradable needles, smart needles, customization and personalization, and remote healthcare.

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Market Drivers and Trends:

The rising number of ambulatory surgical centers is expected to propel the growth of the needle market going forward. Ambulatory surgical centers (ASCs) are specialized healthcare facilities focused on providing outpatient surgical procedures, eliminating the need for overnight hospital stays. Ambulatory surgical centers are increasing worldwide due to advancements in technology, demand for outpatient procedures, and the appeal of specialized care. Needles are indispensable tools in ambulatory surgical centers, enabling procedures like injections, suturing, and tissue sampling. They are also crucial for delivering medications, drawing blood, and ensuring precise wound closure. For instance, in July 2023, according to a report published by Olympus America Inc., a US-based medical technology company, ambulatory surgical centers (ASCs) grew from 6,109 facilities last year to 6,223 in 2023, with an anticipated 12% growth projected over the next five years. Therefore, the rising number of ambulatory surgical centers is driving the growth of the needle market.

Major companies operating in the needle market are focusing on developing innovative solutions, such as cutting-edge conventional transbronchial needles, to transform the landscape of minimally invasive diagnostics. Cutting-edge conventional transbronchial needles are advanced medical instruments used in bronchoscopy procedures for obtaining tissue samples from the lungs or surrounding structures. For instance, in September 2023, Broncus Medical Inc., a US-based medical device manufacturer, introduced the BIOSTAR, a cutting-edge conventional transbronchial needle aspiration (cTBNA) and endobronchial ultrasound (EBUS) TBNA (EBUS-TBNA) needles that are revolutionizing minimally invasive diagnostic techniques. These innovative needle designs offer superior diagnostic accuracy, sample adequacy, and sensitivity compared to conventional methods, particularly for lung cancer staging and sarcoidosis diagnosis. The needle sizes available include 25G, 22G, 21G, and 19G, with size impacting sample quantity, blood aspiration, sample quality, and diagnostic yield. BIOSTAR's needles represent a significant advancement in minimally invasive diagnostic procedures, enhancing patient care and diagnostic outcomes.

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Major Key Players of the Market:

Johnson & Johnson, Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic PLC, Novo Nordisk AS, Merck KGaA, Becton Dickinson (BD), Stryker Corporation, Boston Scientific Corporation, Terumo Corporation, Ethicon US LLC, Illumina Inc., PerkinElmer Inc., Shimadzu Corporation, Smiths Medical, B. Braun AG, Bio-Rad Laboratories Inc., Cook Medical, QIAGEN N.V., Abcam PLC, Promega Corporation, Luminex Corporation, NIPRO Medical, Biotronik SE & Co. KG

Needle Market 2024 Key Insights:

• The needle market size is expected to see strong growth in the next few years. It will grow to $11.20 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Impact Of Ambulatory Surgical Centers On Needle Market Growth
• Innovative Transbronchial Needles In Minimally Invasive Diagnostics
• North America was the largest region in the needle market in 2023

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