Hypodermic Needles Market to Garner $4.5 Bn, Globally, by 2030 at 3.4% CAGR: Allied Market Research
Surge in incidence of chronic & lifestyle diseases, increase in prevalence of diabetes, technological advancements and advanced hypodermic needles solutions have boosted the growth of the global hypodermic needles market.
PORTLAND, Ore., May 31, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Global Hypodermic Needles Market by Products (Safety Hypodermic Needles, Non-safety Hypodermic Needles), by Application (Drug Delivery, Vaccination, Blood Specimen Collection), by End Users (Hospital, Diabetic Patients, Family Practitioners, Psychiatry, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". As per the report, the global hypodermic needles market size accounted for $3.3 billion in 2020, and is expected to reach $4.5 billion by 2030, growing at a CAGR of 3.4% from 2020 to 2030.
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Major determinants of the market growth
Surge in incidence of chronic & lifestyle diseases, increase in prevalence of diabetes, technological advancements and advanced hypodermic needles solutions have boosted the growth of the global hypodermic needles market. However, availability of alternative modes of drug delivery, high cost of hypodermic needles, and low awareness toward safety syringes hinder the market growth. On the contrary, rise in disposable income, increase in demand for hypodermic needles, and growth prospects in developing countries would open new opportunities in the future.
Covid-19 scenario:
- The demand for hypodermic needles increased during the pandemic due to rise in need for safety and non-safety hypodermic needles and surge in demand for more productive and cost-effective needles.
- However, challenges in procuring raw materials for manufacturing hypodermic needles created a huge gap in supple–demand.
The safety hypodermic needles segment dominated the market growth
By products, the safety hypodermic needles segment held the largest share in 2020, accounting for more than three-fourths of the global hypodermic needles market. However, the segment is expected to manifest the highest CAGR of 3.8% during the forecast period, due to increase in prevalence of needlestick injury and safety over conventional needles. The report includes an analysis of the safety hypodermic needs segment.
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The drug delivery segment to manifest the highest CAGR through 2030
By application, the drug delivery segment is projected to register the highest CAGR of 3.5% during the forecast period. However, the segment held the largest share in 2020, contributing to around 90% of the global hypodermic needles market, owing to surge in prevalence of infectious diseases, use for vaccination, and increase in incidences of diabetes. The report includes analysis the vaccination and blood specimen collection segments.
Asia-Pacific held the largest share
By region, the global hypodermic needles market across Asia-Pacific held the largest share in 2020, accounting for more than two-fifths of the market. Moreover, the region is expected to showcase the highest CAGR of 4.0% during the forecast period, owing to rise in healthcare expenditures, presence of high population base, and prevalence of chronic diseases.
Major market players
- Becton, Dickinson and Company
- B. BRAUN MELSUNGEN AG
- Cardinal Health Inc.
- CONNECTICUT HYPODERMICS INC.
- EXELINT INTERNATIONAL CO.
- McKesson Corporation
- Hitech Syringes
- Retractable Technologies, Inc.
- Nipro Corporation
- TERUMO MEDICAL CORPORATION
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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