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According to The “Global Hypodermic Needles Market By Products, By Application, By End Users: Global Opportunity Analysis and Industry Forecast, 2020-2030” report, added to ResearchAndMarkets.com’s offering, the global hypodermic needles market, valued at $3,256.00 million in 2020, is expected to reach $4,537.99 million by 2030.
The World Health Organization estimates there are about 2 million different kinds of medical devices on the global market. These products are essential in all facets of healthcare and range from artificial hips and pacemakers to cutting-edge software as a medical device (SaMD) and digital therapeutics. Modern medicine simply would not be possible without them.
Like any products that hit the market, medical devices can sometimes be defective. These defects might cause unfortunate consequences like pain, discomfort, infection, and, sometimes, even death. If the worst should happen and a patient ends up with a defective medical device, they might decide to take legal action to recoup their related costs.
A hypodermic needle is a medical device, a hollow needle, widely used across medical settings to carry out different applications, such as drug delivery, vaccination, and blood specimen collection. These needles function through two different mechanisms, namely safety and non-safety needles. They are used to administer and inject drugs in the body and also to withdraw fluids from the body for examination and research purposes.
The hypodermic needles market is segmented on the basis of product type, application, end user, and region.
On the basis of product type, the market is bifurcated into safety and non-safety hypodermic needles. The safety hypodermic needles segment is sub-segmented on the basis of type and mode of activation.
By type, safety hypodermic needles are divided into retractable and non retractable needles. By mode of activation, they are classified into active and passive hypodermic needles.
The safety hypodermic needle segment holds the largest market share owing to the technological advancements, prevention of needlestick injuries, and safety mechanisms embedded in these needles.
By applications, the market is divided into:
The drug delivery application was the highest revenue contributor in 2020. However, the vaccination segment is anticipated to grow at the highest rate during the forecast period owing to high birth rates and increase in awareness towards vaccination globally.
By end user, the hypodermic needles market includes:
The World Health Organization (WHO) has recommended all healthcare providers to switch over to safer needles and help prevent the spread of blood-borne diseases such as hepatitis, HIV, and viral hemorrhagic fevers. Hospitals are the largest end users of hypodermic needles. Hospitals that are publicly or privately owned, multinational hospitals, specialty hospitals, and others, widely use hypodermic needles for various purposes such as vaccination, drug delivery, blood specimen collection, and others.
Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest hypodermic needles market share in 2020, and is expected to maintain its dominance during the forecast period. This is attributed to higher buying power and stringent regulations that favor the utilization of hypodermic needles. In addition, increase in awareness towards the risk of cross infection (such as hepatitis, HIV, and AIDS) and needlestick injuries, boosts the adoption of safety hypodermic needles. Asia-Pacific is expected to emerge as a lucrative area with maximum growth potential, owing to improvements in healthcare facilities, increase in disposable income, and rapid development of economic conditions.
The growth of the global hypodermic needles market size is driven by increase in incidences of needlestick injuries. According to the World Health Organization, it was estimated that 296 million people were living with chronic hepatitis B infection in 2019, with 1.5 million new infections each year in 2019. Hepatitis B resulted in an estimated 820, 000 deaths, and hundreds of thousands of healthcare workers were at high risk of work-related infections, such as hepatitis B, hepatitis C, and HIV due to exposure to contaminated needle sticks and sharp injuries.
In addition, rise in incidence of chronic & lifestyle diseases, especially diabetes, supplements the hypodermic needles market growth. However, availability of alternative modes of drug delivery, low awareness towards safety syringes, and high cost of hypodermic needles hamper the hypodermic needles industry. Based on hypodermic needles market analysis, the untapped emerging economies present lucrative opportunities for the market.