Global Hypodermic Needles Market Is Expected To Reach US$ 5,023 Mn In Terms Of Value By 2024
The latest market report published by Brisk Insights “Global Hypodermic Needles Market- Growth, Future Prospects and Competitive Analysis, 2016 - 2024” the global hypodermic needles market was valued at US$ 2,898Mn in terms of value in 2015, and is expected to reach USD 5,023Mn by 2024, expanding at a CAGR of 6.3% - from 2016 to 2024.
Hypodermic needles are hollow needles with sharp tip attached with syringes to inject or extract fluids from the body. Despite the presence of various challenges, the global hypodermic needles market is expected to grow at a steady rate during the forecast period, because of emerging trend such as mandatory use of safety needles in North America and in some European countries. Global hypodermic needles market is segmented on the basis of safety feature associated with the device such as non-safety and safety hypodermic needles. In base year 2015, safety needles held the largest market share in global hypodermic needles market and it is anticipated to grow further during forecast period due to enforcement of legislations mandating the use of safety needles in healthcare industries and technological advancement. In terms of revenue safety hypodermic needles market generate more than 80 percent of revenue. However, in terms of volume non-safety hypodermic needles held largest market share. As conventional non-safety needles are priced about 3-5 times lower than safety needles. It is anticipated that due to increased awareness and adoption of the use of safety needles the global non-safety needles market will decline during forecast period.
Browse the full report Global Hypodermic Needles Market- Growth, Future Prospects and Competitive Analysis, 2016 – 2024 at https://www.briskinsights.com/report/hypodermic-needles-market
Based on the requirement of user intervention safety needles are further segmented as active and passive devices. Active devices are further classified as manual and semi-automatic devices on the basis of mechanism of activating safety feature. Currently manual safety needles segment dominate the global safety needles market, as these are available at lower price compared to the automatic or semi-automatic needles. However due to compliance issues related with the activation of the safety features in manual hypodermic needles, automatic and semi-automatic needles will dominate the market in future.
Global hypodermic needles market is currently dominated by North America due to higher cost of product, increased sales of safety needles supported by already enforced legislation for the mandatory use of safety needle. Currently United States is major revenue generating segment but due regulatory compulsions in the use of safety needles Latin America will show significant growth in future. It is observed that Europe is second largest revenue generating segment in global hypodermic needles market. Currently Asia Pacific is not largest revenue contributor but rising population, increasing healthcare awareness and economic development would further drive the market growth in future.
Market Competition Assessment:
The hypodermic needles market is observed as the most competitive and comprises of large number of players. However, currently market is dominated by few players such as Albert David, Ltd., Becton, Dickinson and Company, Catalent Inc., Connecticut Hypodermics Inc., Covidien Ltd., Exel International, MedPro Safety Products, Inc., Retractable Technologies Inc., Terumo Corporation, Vygon S.A. and others.
Key Market Movements:
- Factors such as enforcement of legislation in various countries mandating use of safety syringe and continuous rising healthcare cost increase the size of the global hypodermic needles market.
- Rising population is going to significantly increase the demand for healthcare services over the next few decades.
- The rise in self-administration of drugs for the treatment of chronic diseases also increasing prevalence for chronic disease would further drive the market growth of global hypodermic needles market.
- Difficulties in adoption of safety mechanisms for some patients and increased complexity associated with active safety needles may hinder the market growth of global hypodermic needles.
- Needle-free injection market is growing continuously and due to their painless drug delivery and ease of use needle free injection may replace hypodermic needles in future.