The needles market is an essential part of the healthcare industry worldwide. With a focus on diabetes care, the demand for quality needles have increased significantly over time. Needles offer reliable and accurate delivery of medications like insulin into the body. They are cost-effective, convenient to use, and ensure minimal pain and discomfort during administration of drugs.
The Global needles market is estimated to be valued at US$ 10,332 million in 2024 and is expected to exhibit a CAGR of 7.6% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the needles market are Abbott, Becton, Dickinson and Company, Terumo Corporation, Johnson Johnson Services Inc., B. Braun SE, Biotronik SE Co. KG, Boston Scientific Corporation, Nipro Medical Corporation and Medtronic. These players are focusing on new product launches, partnerships and acquisitions to strengthen their market presence. The rising prevalence of chronic diseases like diabetes provides significant opportunities for players in the needles market. Technological advancements like needleless injections and microneedle patches are gaining traction in the market and improving treatment outcomes.
Technological advancements like needleless injections and microneedle patches offer reliable and painless delivery of drugs subcutaneously. They are user-friendly and ensure enhanced patient compliance. Various players are investing extensively in RD to develop innovative drug delivery systems.
Market Drivers
Growing geriatric population and increasing incidence of chronic diseases like diabetes are major market drivers. The global diabetic population is expected to reach 629 million by 2045, presenting substantial demand for insulin injections and needles. Rising awareness regarding blood glucose management and self-administration of drugs will further augment the needles market growth. Government support in the form of reimbursement and funding for diabetes management also boosts the adoption of needles.
Current challenges in Needles Market
The Needles Market Demand has been facing several challenges in recent times. One of the major challenges has been an increase in regulations regarding the disposal and recycling of medical waste. Improper disposal of used needles can cause harm to sanitation workers and lead to the spread of infectious diseases. Many countries have strengthened laws around the safe disposal and recycling of used medical needles to address this issue.
Another challenge has been the demand for more sophisticated and advanced needle technology. Conventional needles often cause pain and discomfort to patients. There is growing demand for needle-free drug delivery systems, painless injection technologies and advanced safety needles with engineered sharp tips and hubs. While innovation in needle technology is helping address patient needs, it also increases the complexity and costs for manufacturers.
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