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Global Hypodermic Needle Market Expected to Grow at 7.4% CAGR During 2016 – 2022
The global hypodermic needles market is expected to grow at a CAGR of 7.4% during 2016 - 2022. The growth of the global market is largely driven by the high demand for vaccines and increasing compliance of safety needles. High prevalence of needle stick injuries during drug administration is a key concern for healthcare providers across the globe. Improper disposal of syringe and needles is creating the demand for advanced safety mechanisms in hypodermic needles. Globally, approximately 16 billion injections are administered every year as per the World Health Organization (WHO); however, all the syringes and needles are not properly disposed of. Therefore, several benefits of safety needles such as ease of use during injection and safe delivery of drug or medication are increasing their popularity among healthcare providers.
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Healthcare providers along with patients are getting aware about safety in drug delivery through syringes. This has created huge traction in the global market for developing advanced safety hypodermic needles with automatic features. Some of the other factors driving the growth of the global market include increasing prevalence of chronic and lifestyle associated diseases, and geriatric population. Increasing adoption of hypodermic needles in emerging economies is expected to create ample growth opportunities for the global market. However, alternative drug delivery method and high cost of hypodermic needles are the key barriers for the growth of the global market.
The market for safety needles was larger than non-safety hypodermic needles in 2015 and it is also expected to witness higher growth during the forecast period. The global safety hypodermic market is primarily driven by the increasing awareness for safety while drug delivery through syringes, technological advancements for the development of user friendly safety features in hypodermic needles, and high prevalence of needle stick injuries.
North America led the global hypodermic needle market in terms of size in 2015, owing to the increasing awareness of safe injectable technology, and increasing prevalence of chronic and lifestyle associated diseases. The U.S. contributed largest revenue to the North American as well as the global hypodermic needle market. The country is expected to remain the largest market for hypodermic needle globally during the forecast period.
The information and data in the publication “Global Hypodermic Needle Market Size, Share, Development, Growth and Demand Forecast to 2022”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of bottom-up and top-down has been used to calculate the market size. P&S Market Research analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
Among the different end users, hospitals were the largest user of hypodermic needles in 2015. High prevalence of chronic diseases, improving regulations for safety hypodermic needles, increasing government initiatives and geriatric population are the key drivers for the global hypodermic needle market in hospitals.
Some of the players operating in the global market include 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.
GLOBAL HYPODERMIC NEEDLE MARKET SEGMENTATION
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