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Needles Market Size Worth USD 15.27 Billion in 2032 | Emergen Research
Emergen Research
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Emergen Research
Emergen Research

Increasing number of hospitals and clinic in emerging countries and rising prevalence of chronic illnesses, such as cancer and diabetes, are key factors driving needles market revenue growth.

Vancouver, Nov. 22, 2023 (GLOBE NEWSWIRE) -- The global needles market size was USD 6.91 Billion in 2022 and is expected to register a rapid revenue CAGR of 8.7% during the forecast period. Key drivers include the increasing number of hospitals and clinics in emerging countries, a surge in chronic illnesses like cancer and diabetes, and advancements in healthcare systems. The market is witnessing a rise in demand for various needle products, catering to diverse medical needs such as blood collection, dental procedures, and surgical interventions.

The expansion of the healthcare sector, both public and private, especially in developing countries, is a primary driver of market growth. The prevalence of chronic diseases, including cancer and circulatory conditions, underscores the demand for needles. The World Health Organization reports approximately 24 million global deaths annually attributed to chronic diseases, creating awareness about the risks of retractable needles. Additionally, the rising use of syringes globally contributes to market growth. Traditional needle-based methods face challenges from the growing use of needle-free technologies. Regulatory standards, compliance requirements, high production costs, and environmental sustainability concerns related to needle disposal are factors potentially restraining market revenue growth.

Technological advancements have led to the creation of safer, more effective needle products. Safety-engineered devices, such as safety syringes, aim to prevent needle stick injuries, enhancing medical worker safety and increasing syringe demand. Pen needles dominate the market, driven by the rising prevalence of chronic diseases like diabetes. The International Diabetes Federation reports a significant increase in diabetic cases, with pen needles being preferred for insulin administration due to their convenience.

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Suture needles are expected to experience moderate growth due to the rising need for minimally invasive surgical techniques. Safety needles are expected to witness fast growth due to increased awareness of needle stick injuries and legislative efforts promoting their use. Conventional needles, particularly bevel needles, maintain a large market share due to their widespread use and surgeon familiarity. Hypodermic needles hold a significant market share, driven by their versatile applications in various medical procedures. Intravenous needles are expected to see the fastest growth, supported by the increasing number of healthcare providers relying on these instruments for safe and effective patient care.

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