Global Needle Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Needles are slender, pointed instruments used in medical procedures for various purposes, including injections, blood collection, fluid aspiration, and tissue sampling. They consist of a hollow tube attached to a hub, which connects to a syringe or other medical device.

Sizing and Forecast

The needle market size has grown strongly in recent years. It will grow from $7.60 billion in 2023 to $8.21 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to the increased prevalence of chronic diseases, vaccination programs, surgical procedures, and government regulations.

The needle market size is expected to see strong growth in the next few years. It will grow to $11.20 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising chronic disease burden, expansion of vaccination programs, growing demand for self-administration devices, government initiatives for healthcare access, and increasing healthcare expenditure. Major trends in the forecast period include technological advancements, integration of safety features, biodegradable needles, smart needles, customization and personalization, and remote healthcare.

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Segmentation & Regional Insights

The needle market covered in this report is segmented –

1) By Type: Conventional Needles, Safety Needles
2) By Material: Stainless Steel Needles, Plastic Needles, Glass Needles, Peek Needles
3) By Application: Surgical Suture Needles, Pen Needles In Diabetes, Blood Collection Needles, Ophthalmic Procedure Needles, Dentistry Needles, Insufflation Needles, Other Needles
4) By End User: Hospital, Clinics, Diagnostic Centers, Research Institutions, Home-Based Care, Other End Users

North America was the largest region in the needle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the needle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The rising number of ambulatory surgical centers is expected to propel the growth of the needle market going forward. Ambulatory surgical centers (ASCs) are specialized healthcare facilities focused on providing outpatient surgical procedures, eliminating the need for overnight hospital stays. Ambulatory surgical centers are increasing worldwide due to advancements in technology, demand for outpatient procedures, and the appeal of specialized care. Needles are indispensable tools in ambulatory surgical centers, enabling procedures like injections, suturing, and tissue sampling. They are also crucial for delivering medications, drawing blood, and ensuring precise wound closure. For instance, in July 2023, according to a report published by Olympus America Inc., a US-based medical technology company, ambulatory surgical centers (ASCs) grew from 6,109 facilities last year to 6,223 in 2023, with an anticipated 12% growth projected over the next five years. Therefore, the rising number of ambulatory surgical centers is driving the growth of the needle market.

Key Industry Players

Major companies operating in the needle market are Johnson & Johnson, Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic PLC, Novo Nordisk AS, Merck KGaA, Becton Dickinson (BD), Stryker Corporation, Boston Scientific Corporation, Terumo Corporation, Ethicon US LLC, Illumina Inc., PerkinElmer Inc., Shimadzu Corporation, Smiths Medical, B. Braun AG, Bio-Rad Laboratories Inc., Cook Medical, QIAGEN N.V., Abcam PLC, Promega Corporation, Luminex Corporation, NIPRO Medical, Biotronik SE & Co. KG

The needle market report table of contents includes:

1. Executive Summary

2. Needle Market Characteristics

3. Needle Market Trends And Strategies

4. Needle Market – Macro Economic Scenario

5. Global Needle Market Size and Growth
…

32. Global Needle Market Competitive Benchmarking

33. Global Needle Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Needle Market

35. Needle Market Future Outlook and Potential Analysis

36. Appendix

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