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Pharmacy benefit management market
MEDICAL INJECTION NEEDLES MARKET REPORT OVERVIEW
The global medical injection needles market size was USD 3705.6million in 2022 and the market is projected to touch USD 5259.4million by 2028, exhibiting a CAGR of 6.0% during the forecast period.
Medical injection needles, categorized as sharps, are crucial devices in diverse medical applications. These thin needles, with a sharp tip commonly known as hypodermic needles, play a vital role alongside syringes for injecting substances into or extracting fluids from the body. Their versatility spans administering medications, drawing blood, and facilitating sterile research conditions. Integral to medical procedures, these needles ensure precise dosage administration and play a pivotal role in blood extraction for diagnostic purposes. With varied types and sizes, hypodermic needles adapt to specific medical needs, standing as indispensable tools in healthcare procedures.
The significance of medical injection needles lies in their pivotal role during medical procedures, particularly in preventing contamination during the inoculation process. Their hollow design allows for precise delivery of medications, ensuring accurate dosage administration. Additionally, these needles find application in blood extraction procedures, enabling healthcare professionals to obtain essential samples for diagnostic purposes. The diversity in types and sizes of hypodermic needles caters to the specific needs of various medical scenarios, enhancing their adaptability. In essence, medical injection needles stand as indispensable tools in the healthcare realm, playing a crucial role in safeguarding both the patient and the integrity of medical procedures.
COVID-19 Impact: Pandemic highlighted a crucial role and spurred an upswing in the production and market
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The significance of medical injection needles, particularly in the context of vaccine distribution, has been underscored by the pandemic. The healthcare community's intensified focus on vaccination campaigns has emphasized the crucial role of injection needles in preserving public health. With the availability of vaccines, there was a substantial surge in the demand for vaccination injection needles, which played a pivotal part in administering vaccines a cornerstone in controlling the virus's spread. The pandemic highlighted the necessity for a resilient and accessible supply of vaccination injection needles, prompting governments and healthcare organizations worldwide to swiftly escalate their vaccination efforts, leading to an upswing in the production of these essential medical tools.
LATEST TRENDS
"Smart technological advancements shape a transformative era prioritizing safety and efficiency in the market"
The market has witnessed a notable shift towards emphasizing technological advancements in the design and manufacturing of injection needles, with a particular focus on safety and efficiency. This transition includes the introduction of safety-engineered devices designed to protect healthcare workers from the hazards of needlestick injuries, reflecting a commitment to improving workplace safety. Moreover, advancements extend to the development of needles that not only enhance efficiency but also minimize patient discomfort during medical procedures. This significant progress underscores a comprehensive approach addressing the safety concerns of healthcare professionals and the overall patient experience, contributing to the evolution of needle-related technologies. Notably, the ongoing development of smart needles capable of detecting blood vessels and nerves represents a pioneering innovation, enhancing injection accuracy and reducing pain. These needles employ ultrasound and computed tomography to measure skin and tissue thickness, showcasing the industry's commitment to advancing medical technology.
MEDICAL INJECTION NEEDLES MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into Conventional Needles and Safety Needles.
Conventional Needles: Conventional needles, widely utilized in healthcare, are versatile, and available in various sizes and gauges for tasks such as medication administration and blood drawing. Typically crafted from disposable stainless steel, they offer cost-effectiveness and ease of use, making them a healthcare preference. Despite their popularity, the risk of needlestick injuries persists, posing a potential transmission risk for blood-borne diseases.
Safety Needles: Prioritizing reduced needlestick risks and patient safety, safety needles come in retractable and passive types for versatile medical applications. Despite higher costs compared to conventional needles, safety needles offer substantial safety benefits, driving their adoption worldwide, especially in high-risk healthcare settings. The safety needles market anticipates significant growth, fueled by rising demand for safety-engineered devices and heightened awareness regarding safety in healthcare.
- By Application
Based on application the global market can be categorized into Hospitals, Home and Others.
Hospitals: Hospitals, major consumers of medical injection needles, hold a substantial market share, utilizing needles for diverse medical applications. The global growth of hospitals, especially in emerging economies, propels the expansion of the medical injection needles market. Essential for tasks such as medication administration and blood drawing, hospitals constitute a critical market for needle manufacturers. Sustaining a steady supply is crucial to meet patient needs, highlighting the pivotal role hospitals play in the needle market.
Home: The home healthcare sector, fueled by the ageing population and the demand for self-administered medications, propels the growth of medical injection needles. These needles find application in home settings for insulin delivery, allergy shots, and various injectable medications. The advent of user-friendly needles enables patients to self-administer medications at home, reducing dependence on hospital visits. Anticipated significant growth in the home healthcare segment reflects an increasing demand for patient-centred care and cost-effective healthcare solutions in the coming years.
Others: The "Others" segment, encompassing diverse end-users such as research institutions, diagnostic centres, and blood banks, utilizes medical injection needles. In research institutions, these needles serve purposes ranging from experiments to clinical trials. Diagnostic centres rely on them for blood collection and other diagnostic procedures. Crucially, blood banks are a vital market for needle manufacturers, as they require these needles for blood collection and storage. Anticipated steady growth in the "Others" segment reflects the rising demand for medical injection needles across various end-user industries in the coming years.
DRIVING FACTORS
"Increased adoption of injectable drugs is propelling the growth of the market"
The expansion of the global medical injection needles market growth is propelled by the heightened acceptance of injectable drugs, a trend driven by their extensive application in treating diverse medical conditions, particularly chronic diseases. Injectable drugs necessitate the use of medical injection needles for their administration. This surge in adoption reflects a growing reliance on injectable therapies, which offer advantages in precision, rapid action, and enhanced bioavailability compared to other forms of drug administration. The increasing prevalence of chronic illnesses, coupled with advancements in pharmaceuticals, has significantly contributed to the escalating demand for injectable drugs, thereby influencing the needle market's growth trajectory. As medical practitioners and patients alike recognize the efficacy and benefits of injectable medications, the needles market continues to thrive in response to this paradigm shift in therapeutic preferences.
"Increasing demand for products that are environmentally sustainable and eco-friendly is poised to expand the market"
The rising demand for environmentally sustainable and eco-friendly products has spurred a notable trend in the healthcare industry. This inclination towards sustainability has catalyzed the innovation of needle products that prioritize safety and environmental responsibility. The development of safer and more sustainable needles mirrors heightened awareness within the healthcare sector regarding the imperative to balance medical efficacy with environmental considerations. This paradigm shift underscores a commitment to fostering a safer and greener healthcare environment. The recognition of the interplay between safety, environmental impact, and healthcare efficacy has prompted the industry to actively pursue solutions that align with ecological values. Consequently, the drive towards environmentally conscious needle products reflects a broader societal consciousness, influencing the evolution of healthcare practices for a more sustainable and responsible future.
RESTRAINING FACTORS
"Improper disposal of needles can lead to the risk of injury and infection hindering the market"
The improper disposal of medical injection needles poses a significant threat of injury and infection, potentially facilitating the transmission of blood-borne pathogens such as HIV, hepatitis B, and hepatitis C. This peril is notably pronounced in low- and middle-income countries, where the safe disposal of all needles and syringes is not universally ensured. The lack of standardized disposal practices in these regions amplifies the risk, creating a conducive environment for the transmission of harmful infections. Proper disposal procedures are crucial in mitigating these risks, preventing accidental injuries, and the potential spread of blood-borne diseases. Addressing this challenge requires a concerted effort to implement safe disposal practices universally, particularly in regions with limited resources, to safeguard both healthcare workers and the broader community from the associated hazards.
MEDICAL INJECTION NEEDLES MARKET REGIONAL INSIGHTS
"North America's dominance signals sustained growth driven by blood donations and disease prevalence"
"The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa."
North America stands as the prominent region in the global medical injection needles market share, propelled by factors such as rising blood donation rates, the increasing incidence of infectious diseases, robust infrastructure in hospitals and clinical laboratories, and the significant presence of major market players in the region. Notably, the prevalence of diabetes in the region contributes to the region's healthcare challenges. Furthermore, the escalating rate of hospitalization for diverse medical conditions acts as a catalyst for the market. The established healthcare infrastructure and continuous efforts in blood donation campaigns underscore North America's dominance in the needles market. As major players thrive in this region, it remains a key driver of advancements and growth in the injection needles market.
KEY INDUSTRY PLAYERS
"Key industry players are investing in the development shaping the expansion of the market"
Key industry players are dedicating resources to innovate in various aspects of medical injection needle procedures, focusing on needle-free injection technologies, enhanced patient experiences, safety-engineered devices, smart needles, and sustainable needle products. This strategic investment aims to elevate the precision, safety, and environmental sustainability of medical injections. Companies are actively exploring needle-free injection technologies to eliminate traditional needle-related discomfort. Concurrently, efforts are directed towards optimizing the overall injection experience for patients, ensuring efficiency and minimizing any associated stress or pain. The development of safety-engineered devices showcases a commitment to enhancing workplace safety for healthcare professionals. Smart needles, incorporating technologies such as ultrasound and computed tomography, are being pursued for more accurate injections. Additionally, a noteworthy focus on sustainable needle products underscores a broader industry commitment to environmentally responsible healthcare practices, aligning with the growing emphasis on sustainability.
LIST OF TOP MEDICAL INJECTION NEEDLES COMPANIES
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Cardinal Health (U.S and Dublin)
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Smiths Medical (U.S.)
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B. Braun (Germany)
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Novo Nordisk (Denmark)
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Artsana (Italy)
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Ypsomed (Switzerland)
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BD (Switzerland)
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Nipro (Japan)
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Terumo (Japan)
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KDL (China)
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WEGO (China)
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QIAO PAI (China)
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Zheng Kang (China)
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Jichun (China)
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Zibo Shanchuan (China)
INDUSTRIAL DEVELOPMENT
November 2023: Terumo India has launched the Insulin Syringe, a sterile delivery device designed for patients needing regular insulin injections. The syringe, part of Terumo's Life Care Solutions division, features a 3-bevel super sharp needle with a high-grade silicone surface, offering gentle and comfortable use. Notably, its plunger retention technology prevents spillage and wastage of the dose. The product, available in both U 40 and U 100 scale markings, aims to enhance patient comfort and therapy compliance. Terumo India, a leading medical devices company, has been recognized for its contributions to the healthcare system and is a Great Place to Work certified organization.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 3705.6 Million in 2022 |
Market Size Value By |
US$ 5259.4 Million by 2028 |
Growth Rate |
CAGR of 6% from 2022 to 2028 |
Forecast Period |
2023-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the medical injection needles market expected to touch by 2028?
The global medical injection needles market is expected to reach USD 5259.4 million by 2028.
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What CAGR is the medical injection needles market expected to exhibit by 2028?
The medical injection needles market is expected to exhibit a CAGR of 6.0% by 2028.
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Which are the driving factors of the medical injection needles market?
Increased adoption of injectable drugs, and increasing demand for products that are environmentally sustainable and eco-friendly are some of the driving factors of the market.
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What are the key medical injection needles market segments?
The key market segmentation that you should be aware of, which include, Based on type the medical injection needles market is classified as Conventional Needles and Safety Needles. Based on application the medical injection needles market is classified as Hospitals, Home and Others.