An Incisive, In-depth Analysis on the Special Purpose Needles Market
This study offers a comprehensive, 360 degree analysis on the Special Purpose Needles market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Special Purpose Needles market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Special purpose needles are used in target specific drug deliveries or collection of samples such as fluid and cells from organs or lumps and are available in the market with various advanced features, shapes, and sizes. The global market for special purpose needles is showing a steady growth owing to an increasing geriatric population. In terms of revenue, the global special purpose needles market is projected to expand at a CAGR of 7.4% during the forecast period (2016–2026) and is expected to be valued at US$ 17,261.5 million by the end of 2026.
The global special purpose needles market can be segmented on the basis of product type (Fine Aspirating Needles, Biopsy Needles, Hypodermic Needles, Pen Needles, Suture Needles, IV Catheter Needles, Implantation Needles, Dental Needles, Ophthalmic Needles, Blood Collection Needles, Spinal Anaesthesia Needles, Epidural Needles, AV Fistula Needles, Cannula Needles); application (Sample Collection, Drug Delivery); and distribution channel (Hospital Pharmacies,Private Clinics, Retail Pharmacies and Drug Stores, E-Commerce). The Hypodermic Needles product type segment and the Drug Delivery application segment are projected to dominate the global special purpose needles market in terms of value. The Hospital Pharmacies distribution channel segment is expected to hold maximum share of the global special purpose needles market.
Key market dynamics
Increasing prevalence of diabetes and infectious diseases and increasing incidence of cancer and spine disorders across the globe are the primary factors driving the growth of the global special purpose needles market. Growing government regulations on the use of safety needles, increasing focus on advanced healthcare systems, joint efforts by supply chain executives to increase efficiency, and rising government support in developed economies is creating high potential growth opportunities for players operating in the global special purpose needles market. However, high costs associated with special purpose needles, an increasing awareness of needle-free injection technology, and product recalls due to low quality are some of the factors likely to impede growth of the special purpose needles market over the forecast period.
The global special purpose needles market is likely to witness some key trends in the next 10 years. There is an increasing collaboration between the government and private medical companies to raise awareness among patients regarding the unsafe use of reusable needles. Companies are also directing their efforts towards the production of user-friendly safety needles to prevent needle injuries that are the main cause of a rising prevalence of HIV and other blood borne diseases.
Regional market projections
The global special purpose needles market is segmented into seven main regions – North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan, and Middle East & Africa (MEA). In terms of value, North America is expected to be the dominant regional market by the end of 2016 and is expected to reach a market valuation of US$ 5,506.7 Mn by the end of 2026, registering a CAGR of 8.2% over the forecast period. APEJ is expected to be the fastest growing market in terms of revenue growth in the global special purpose needles market, registering a CAGR of 7.7% over the forecast period. The APEJ market is anticipated to reach US$ 2,383.1 Mn by the end of 2026. The markets in North America, Western Europe, and APEJ are estimated to collectively hold 74.7% market share of the global special purpose needles market in 2016.
Leading market players
Medtronic, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, Smiths Medical, Boston Scientific Corporation, Novo Nordisk A/S, Argon Medical Devices, Inc., Stryker Corporation, NIPRO Medical Corporation, Cook Medical, and SERAG-WIESSNER GmbH & Co. are some of the major players operating in the global special purpose needles market.
Future Market Insights offers a 10-year forecast on the global special purpose needles market for the period 2016–2026. The primary objective of the report is to provide market updates and information on market dynamics likely to influence the growth of the global special purpose needles market over the forecast period. The report also offers insights on key trends, drivers, restraints, value forecasts, and opportunities for companies operating in the global special purpose needles market.
To understand and assess opportunities in this market, the report offers market forecast of the global special purpose needles market in terms of value on the basis of product type, application, distribution channel, and region.
Market segmentation
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The report begins with the market definition, followed by definitions of the different special purpose needles product types. The market dynamics section includes an in-depth analysis of the key trends, drivers, restraints, opportunities, and macro-economic factors influencing the growth of the global special purpose needles market. The subsequent sections of the report analyse the market on the basis of product type, application, distribution channel, and region and present a forecast in terms of value for the next 10 years.
In the final section of the report, a competitive landscape has been included to provide a dashboard view of key companies operating in the global special purpose needles market. This section is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment in the special purpose needles market along with information on potential players. This section also includes company profiles, market strategies, and a detailed SWOT analysis of the main players competing in the global special purpose needles market. The leading companies covered in the report are Medtronic, B. Braun Melsungen AG, Becton, Dickinson and Company, Terumo Corporation, Smiths Medical, Boston Scientific Corporation, Novo Nordisk A/S, Argon Medical Devices, Inc., Stryker Corporation, NIPRO Medical Corporation, Cook Medical, and SERAG-WIESSNER GmbH & Co.
Research methodology
The report uses extensive primary and secondary research to ascertain overall market size, top industry players, and top products. Data acquired through research is validated by the triangulation method and scrutinised using advanced tools to obtain qualitative and quantitative industry insights. For providing a detailed analysis of the market, the report considers Year-on-Year (Y-o-Y) growth that helps in understanding market predictability and enables the identification of growth opportunities for companies operating in the global special purpose needles market.
Another key feature of this report is the analysis of key segments in terms of absolute dollar opportunity. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical for assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales and delivery perspective for services that come under the scope of the global special purpose needles market. To understand key segments in terms of their growth and performance in the global special purpose needles market, Future Market Insights has also developed a market attractiveness index to help providers identify existing market opportunities.
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