The global market for high flow needle sets was valued at US$ 12.5 Billion in 2021, and is likely to be valued at US$ 14 Billion in 2022, reflecting a Y-o-Y growth rate of 12%. By 2032, the industry is expected to reach nearly US$ 40 Billion, experiencing a CAGR worth 11.1% during the upcoming decade.
| Attributes | Details |
|---|---|
| Estimated Base Year Value (2021) | US$ 12.5 Billion |
| Projected Market Value (2022) | US$ 14 Billion |
| Expected Forecast Value (2032) | US$ 40 Billion |
| Growth Rate (2022 to 2032) | 11.1% CAGR |
High flow needle sets are intended to keep users safe and comfortable. When administering viscous drugs into the body, a high flow needle is used. High flow needles allow for faster drug insertion and smothering. In comparison to traditional needles, this reduces pain and provides more comfort. The proper tubing length and smaller gauge are designed to minimize the residual volume in the needle, resulting in less drug loss and lower costs.
Additional advantages of high flow needle sets include less site reaction, less pain and tissue damage, less inflammation, and less leakage. The most recent high-flow needle sets are made up of a cap, a closure, and wings. Normally, high flow needle sets are used for animals, but advances in pump technology have allowed high flow needle sets to enter diabetic treatment. High-flow needle sets are now preferred by diabetics.
High-flow needle sets help to reduce swelling and oozing at the infusion site, making them more user-friendly; this factor is expected to drive the high-flow needle sets market in the future. Flexible flying hinges and butterfly-shaped wings are designed to fit the patient's body, making them comfortable to use; this also contributes to high flow needle sets being the first choice for the patient; this factor is expected to fuel the high flow needle sets market in the coming years. The introduction of novel drug delivery systems, particularly in the case of parenteral drugs, may help to boost the market for high flow needle sets.
Because of the variable needle size available, 26 gauge needle sets generate more revenue in the high flow needle sets market than 24 gauge needle sets, which can cover a wider range of users. Because 10-100 ml volume capacity covers the broad range of injectable volume, this segment can share more revenues than the other volume ranges in the high flow needle sets market. Reusable high-flow needle sets can contribute a larger market share than disposable needle sets due to cost savings and the ability to maintain environmental balance.
A growing number of diabetic patients worldwide is expected to increase demand for high flow needle sets during the forecast period. Furthermore, a lack of adaptation of high flow needle sets, as well as underdeveloped diagnostic centers and hospitals, may stymie the growth of the high flow needle sets market.
North America is the most profitable regional presence for the high flow needle sets market, followed by Europe. North America contributes to being the highest revenue-generating segment due to the presence of a large number of research and development centers and medical device companies.
North America and Europe account for a significant revenue share in the market for high flow needle sets due to the high prevalence rate of internal body organ surgeries and diabetes patients in these regions.
Over the forecast period, Asia-Pacific is expected to grow the fastest. High economic development in countries such as India, China, and Indonesia, among others, is a major factor driving up spending on healthcare infrastructure and medical services.
This region is emerging as a key medical tourism destination, with the government and the private sector investing significant resources to meet the service quality standards adopted in western regions. Furthermore, an increasing patient pool suffering from chronic diseases is driving up demand for high flow needles in the region.
The global market is extremely competitive. High flow needles with improved drug delivery are being developed by research institutes and medical device manufacturers. The companies' key strategies for increasing their market share include investing in the development of high flow needle sets with fewer adverse effects and improving geographic penetration through partnerships and collaborations.
Major players include companies such as RMS Medical Products, Medline Industries, Inc., MEDIWIDE, Norfolk Medical, Braun Medical Inc., GEORGE PHILIPS MEDICAL ENGINEERING Pvt. Ltd., Thermo Fisher Scientific, Smiths Group Plc, IMD and AmDel among others.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 11.1% until 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Profiled |
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FMI projects the global high flow needle sets market to expand at an 11.1% value CAGR by 2032
North America is expected to be the most opportunistic High Flow Needle Sets market.
RMS Medical Products, Medline Industries Inc. and MEDIWIRE are some prominent high flow needle sets manufacturers
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High Flow Needle Sets Market
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