Needles are hollow medical instruments that have sharp pointed tips and are used for various purposes such as injection, blood collection, fluid administration and lab tests. Commonly used needles in the healthcare industry include hypodermic needles, sutures, IV catheter needles and blood collection needles.
The global needles market is estimated to be valued at US$ 10332 Mn in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the needles market are Abbott, Becton, Dickinson and Company, Terumo Corporation, Johnson & Johnson Services Inc., B. Braun SE, Biotronik SE & Co. KG, Boston Scientific Corporation, Nipro Medical Corporation and Medtronic. These players hold a significant share of the global market owing to their established brand names and diverse product portfolios. Abbott, for instance, offers a range of specialty needles for blood collection and IV drug delivery.
The demand for needles is expected to increase significantly during the forecast period attributed to rising prevalence of chronic diseases such as diabetes, cardiovascular diseases and cancer. According to WHO, chronic disease burden is estimated to rise by 57% globally by the year 2020. Growing elderly population base also increases the risk of developing chronic illnesses thereby propelling market growth.
The global Needles Market Demand is also witnessing expansion into developing economies of Asia Pacific and Middle East & Africa regions. Presence of high unmet medical needs and growing healthcare infrastructure in these countries will drive market revenues. Additionally, favorable government initiatives to spread awareness about healthcare are positively impacting the adoption of needles.
Market Key Trends
One of the major trends witnessed in the needles market is growing popularity of safety needles. Conventional needles pose risk of needlestick injuries which can transmit blood-borne pathogens. Safety needles have needleshields, retractable needle tips and other protective features to prevent accidental sticks and thus minimize risk of exposure. Stringent regulatory guidelines regarding usage of safety-engineered devices are promoting adoption of advanced safety needles. Advanced technologies such as nanofibers are also being explored to develop more effective and patient-friendly safety needles. Growing awareness regarding potential exposure risks associated with conventional needles will augment the demand for innovative safety needles in the coming years.
Porter’s Analysis
Threat of new entrants: Low costs of production and operations allow new players to enter the market easily.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various substitutes and suppliers in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of various substitute materials and components.
Threat of new substitutes: Innovation in technologies has provided alternatives like laser ablation and radiofrequency ablation.
Competitive rivalry: Intense competition exists among the leading players to gain major market share.
Geographical Regions
North America dominates the global market accounting for over 35% of the total market value, followed by Europe and Asia Pacific. Factors like rising chronic diseases, growing aged population and established healthcare infrastructure boost the regional market.
Latin America is recognized as the fastest growing regional market for needles during the forecast period, anticipated to expand at a CAGR around 9% from 2024 to 2031. Improving access to healthcare facilities as well as increasing focus of major players to tap growth opportunities will drive the regional market.
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1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it