The global hypodermic needle market is projected to demonstrate a CAGR of 7.4% during the forecast period. Increasing regulatory compliance in needle manufacturing and rising prevalence of chronic and lifestyle-associated diseases are driving the growth of the market. Further, improper disposal of needles is driving the demand for advanced drug injection mechanisms such as hypodermic needles. Besides, the safe drug delivery aspect associated with these needles is encouraging their adoption across the world.
Globally, there is an increasing concern of regulatory bodies over the rising incidence of needlestick injuries. This is resulting in the demand for advanced safety hypodermic needles with automatic features. Besides, growing healthcare expenditure and growing prevalence of chronic diseases in developing economies are expected to provide huge growth opportunities to the players in the hypodermic needle market. However, the growing adoption of alternative drug delivery methods due to the high cost of hypodermic needles may impede the growth of the market during the forecast period.
Based on type, the hypodermic needle market is classified into safety and non-safety needles. Of these, safety needles are the larger revenue generating category in the market. Increasing awareness on the prevention of needlestick injuries is a major factor contributing to the demand for these needles across the globe.
On the basis of end user, the hypodermic needle market is categorized into hospitals, diagnostic centers, and others. Among these, hospitals are the largest end users of these needles, globally. This can be mainly attributed to the increasing number of patients visiting hospitals for the management of various medical conditions, which involve the use of these needles. Besides, factors such as the rising prevalence of chronic diseases, improving regulations with respect to safety hypodermic needles, and increasing government initiatives to promote safe injection methods are responsible for the growth of the market in this end-user category.
North America holds the largest share in the hypodermic needle market, globally, owing to the high prevalence of chronic diseases in the region. Moreover, the U.S. is expected to lead the regional market during the forecast period, owing to the presence of key market players and high adoption of technologically advanced medical products in the country.
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Some of the key players operating in the global hypodermic needle market are Vygon S.A., Catalent Inc., Terumo Corporation, Retractable Technologies Inc., Connecticut Hypodermics Inc., MedPro Safety Products Inc., B. Braun Melsungen AG, Albert David Ltd., Becton, Dickinson and Company, and Medtronic plc.
HYPODERMIC NEEDLE MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by End User
Market Segmentation by Geography