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Hypodermic Needles Market Key Growth Drivers
Based on the safety features of the needle, the global hypodermic needles market is segmented into safety and non-safety needles. The safety needles segment is further sub-segmented into active and passive hypodermic needles. Active hypodermic needles are categorized into manual and semi-automatic devices.
In terms of geography, North America dominates the global hypodermic needles market due to increased awareness regarding the importance of hypodermic needles in this region. The U.S. represents the largest market for hypodermic needles, followed by Canada in North America. In Europe, Germany, Italy, the U.K., and France hold major shares in the hypodermic needles market. However, Asia is expected to witness high growth rates in the next five years in the hypodermic needles market as multiple companies are constructing R&D facilities in this region. Less stringent wages and high availability of skilled labor attract many manufacturing companies to invest in Asia. In addition, increasing awareness regarding various chronic diseases is also boosting growth of the hypodermic needles market in Asia. Japan, China, and India are expected to be the fastest-growing hypodermic needles markets in Asia.
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Increasing prevalence of chronic diseases and technological advancements in hypodermic needle-based drug delivery are some of the major growth drivers of the global hypodermic needles market. According to an article published by the National Center for Biotechnology Information (NCBI), diabetes affected 285 million people worldwide in 2010 and the number is likely to reach 439 million by 2030. Increasing prevalence of diabetes has resulted in a significant rise in demand for hypodermic and insulin syringes.
Moreover, introduction and enforcement of various legislations in different countries for mandatory usage of safety needles have also fueled growth of the global hypodermic needles market.
However, high risk of infections associated with administration of drug delivery throughhypodermic needles restrains growth of this market. In addition, increased risk of needle stick injuries and availability of alternatives also restrain growth of the global hypodermic needles market. Rapid product launches and increasing mergers and acquisitions between manufacturing companies and government organizations are some of the recent trends in the global hypodermic needles market.
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Some of the major companies operating in the global hypodermic needles market are Becton, Dickinson and Company, Retractable Technologies, Inc., Covidien, Ltd., Terumo, Corp., Albert David, Ltd., Catalent Pharma Solutions, B-Braun Melsungen AG, Connecticut Hypodermics, Inc., Exel International, C.R. Bard, Hamilton Syringes & Needles, Hi-Tech Syringes, Hindustan Syringes & Medical Devices, Ltd., MedPro Safety Products, Needletech Products, Inc., MW Industries, Inc., Revolutions Medical, Corp., Simply Surgicals, LLC, Safety Medical Supply International, Smiths Medical, Vigmed AB, Unilife Corp., Vita Needle Company, and Vygon SA.
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