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Global Huber Needle Market Poised to Account for US$ 55.0 Mn by 2024
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Market dynamics
The growth of the global Huber Needles market is mainly driven by an increasing prevalence of chronic diseases such as cancer, renal diseases, and other blood-related diseases; and a growing awareness among the patient population. Increasing purchasing power among people and rising government initiatives for the use of safety needles are other factors expected to drive the growth of the global Huber Needles market. The need for effective management of chronic diseases that are associated with long-term medication and drug infusion is likely to further boost the demand for Huber Needles worldwide. Also, a growing popularity of safety Huber Needles owing to their inherent advantages and convenience is expected to boost revenue growth of the global Huber Needles market in the coming years. A rising expenditure on research and development activities and the introduction of novel products is further expected to fuel the growth of the global Huber Needles market over the forecast period.
However, lack of product innovation, high cost of Huber Needles as compared to conventional needles, and risk of contamination might hinder market growth during the forecast period. The global Huber Needles market presents several growth opportunities for market players. Effective reimbursement policies and reduction in costs is likely to increase the adoption of Huber Needles across the globe.
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Market forecast
The global Huber Needles market is segmented on the basis of Product Type (Curved Huber Needles, Straight Huber Needles); Application Type (Dialysis, Blood Transfusions, IV Cancer Application, Lap-band Adjustments, Home Parenteral Nutrition, Others); End User (Hospitals, Oncology Centers, Clinics, Ambulatory Surgical Centers, Home Care Settings); and Region (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa). The Curved product type segment is projected to register a CAGR of 6.3% over the forecast period. Curved Huber Needles are widely used in drug infusion, blood transfusion, and dialysis. The IV Cancer Application segment dominated the global Huber Needles market in 2015 and is expected to do so throughout the forecast period. The Blood Transfusions application segment is expected to be one of the fastest growing segments in the global Huber Needles market with a CAGR of 6.2% during the forecast period. The Hospitals end user segment is likely to lead the global Huber Needles market in terms of revenue growth and is estimated to be valued at US$ 21.3 Mn by the end of 2024. In terms of value, the Oncology Clinics end user segment is estimated to account for 26.0% share of the overall global Huber Needles market by the end of 2016.
Among regions, North America is expected to emerge as the dominant market for Huber Needles owing to a high diagnosis rate and increasing adoption of Huber Needles for long-term drug infusion therapies such as chemotherapy and dialysis. The market in the Asia Pacific region is expected to register the highest CAGR of 8.1% over the forecast period. Significant increase in healthcare services spending along with rapid economic growth and increasing awareness about health issues are some of the key factors likely to push the sales of Huber Needles in the Asia Pacific region.
Competitive landscape
The global Huber Needles market report includes detailed company profiles with company-specific long-term and short-term strategies, key offerings, and recent developments in the global Huber Needles market. Some of the leading companies profiled in the report are Baxter International Inc., C. R. Bard, NIPRO Medical Corporation, B. Braun Medical Inc., Smiths Medical, Exel International, Inc., Vygon S.A., AngioDynamics, Inc., and Thiebaud S.A.S. Few of these companies are adopting distribution agreement as a key strategy to expand their global presence.
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