New York, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global hypodermic needles market size is projected to grow at a CAGR of over ~4% from 2023 to 2035. The market is expected to garner a revenue of USD 9 billion by the end of 2035, up from a revenue of ~USD 4 billion in the year 2022. The market growth is attributed to the increasing prevalence of chronic and infectious diseases such as hepatitis B and hepatitis C and the increasing number of diagnostic tests used to treat these diseases. The Centers for Disease Control and Prevention estimates that 296 million people are infected with hepatitis B worldwide, while 58 million are infected with hepatitis C. According to the World Health Organization, hepatitis C infection affects approximately 58 million people worldwide and 1.5 million are newly infected every year. also 15 million new cases of chronic hepatitis B are reported annually, of which 296 million were chronic hepatitis B infections in 2019.
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The increasing number of patients with chronic and infectious diseases has led to an increasing demand for hypodermic needles, which are used to administer medicines and vaccines for these patients. These needles are designed to deliver medication directly into the bloodstream, allowing for more efficient medication delivery and reducing the risk of infection. Other factors believed to drive the growth of the hypodermic needles market include an increasing prevalence of chronic and noncommunicable diseases (NCDs), a growing geriatric population, an increasing demand for injectable drugs, and an increase in investment in the health infrastructure. The CDC reports that 6 out of 10 adults in the United States have at least one chronic disease.
Hypodermic Needles Market: Key Takeaways
- Market in North America to propel highest growth
- The safety hypodermic needles segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Increasing Preference for Minimally Invasive Surgery across the Globe to Boost Market Growth
It was found that the number of minimally invasive procedures has increased from 133 to 280 in the last decade, an increase of 111% from 2003 to 2019. Minimally invasive surgery is a technique that uses smaller incisions and special instruments. Smaller incisions require smaller, more precise instruments, such as hypodermic needles, used for anesthesia or other treatments in the treated area. The World Health Organization reports that as of April 23, 2023, 13,325,228,015 doses of vaccine have been injected. India has administered more than 2.2 billion doses of the COVID-19 vaccine since February 20, 2023.
The level of demand for injection vaccine needles has increased significantly. Therefore, hypodermic needles are needed for vaccine administration because they can administer vaccines effectively and efficiently. For example, in December 2021, the White House Office of National Drug Control Policy (ONDCP) released a model law for states to expand the availability of syringe service programs (SSPs). This law is intended to assist states in creating or expanding SSPs aimed at reducing the spread of infectious diseases and reducing the risk of overdose among drug users.
Hypodermic Needles Market: Regional Overview
The global hypodermic needles market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding prevalence of chronic diseases to Drive the Market Growth in North America Region
The hypodermic needles market in North America region is estimated to garner the largest revenue by the end of 2035. The growth of the market is mainly attributed to the increasing prevalence of chronic diseases such as diabetes and cardiovascular diseases, as well as the increase in the geriatric population in the region. According to the latest findings from the Centers for Disease Control and Prevention, approximately 37.3 million people in the United States have diabetes, which is 11.3% of the country's total population. there are 287 million people have been diagnosed with diabetes, including 28.5 million adults and a total of 96 million people aged 18 and over with prediabetes.
Hypodermic needles are effective tools for treating diabetes because they allow precise delivery of insulin directly into the bloodstream. This helps regulate blood sugar levels safely and efficiently. Furthermore, technological advancements in the manufacturing of hypodermic needles as well as increased awareness among healthcare workers are expected to also contribute to the growth of the market.
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Growing awareness of the risk of infection to Propel the Growth in the Asia Pacific Region
The Asia Pacific hypodermic needles market is estimated to garner the highest CAGR by the end of 2035. The growth of the market is mainly attributed to the increasing demand for safety pins and the growing number of hospitals in the region. The growing awareness of the risk of infection and the need for sterility in medical procedures has increased the demand for hypodermic needles as they aim to reduce the risk of infection.
Additionally, the growing number of healthcare facilities and the presence of major pharmaceutical companies in the region are expected to fuel the growth of the market. With the population growth in the region, there is an increased need for healthcare facilities such as hospitals and clinics and doctor's offices to meet the growing demand for medical services. Healthcare facilities require hypodermic needles for a variety of medical procedures, from administering vaccines to drawing blood.
Hypodermic Needles, Segmentation by Product Type
- Safety Hypodermic Needles
- Non-safety Hypodermic Needles
Amongst these two segments, the safety hypodermic needles segment is anticipated to hold the largest share over the forecast period. The growth of the segment is attributed to increasing demand for safety pins in hospitals and clinics, as well as growing awareness among healthcare professionals of the need for safe and hygienic practices, which is driving the growth of this segment.
Additionally, the increasing prevalence of needlestick injuries has led to the introduction of safety pins to reduce risk and ensure patient safety. According to the CDC, the number of injuries caused by contaminated needles and other sharps among hospital workers amounts to more than 385,000 a year. That equates to more than 1,000 injuries a day.
Hypodermic Needles, Segmentation by Application
- Drug Delivery
- Vaccination
- Blood Specimen Collection
Amongst these three segments, the drug delivery segment is anticipated to hold a significant share over the forecast period. Rising healthcare expenditure and the growing emphasis on quality healthcare services contribute to the growth of the hypodermic needles market. According to the World Health Organization, global health expenditure per capita increased by approximately 3.9% annually between 2000 and 2019. Increased healthcare spending supports the demand for drug delivery devices, including hypodermic needles.
Continuous advancements in needle design and safety features have improved patient comfort, reduced needlestick injuries, and enhanced overall safety. Safety-engineered needles with retractable or shielded features have gained popularity, driven by efforts to minimize needlestick injuries among healthcare professionals. These advancements drive the adoption of newer and safer hypodermic needle technologies. The rising prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, drives the demand for drug delivery systems, including hypodermic needles.
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Hypodermic Needles, Segmentation by End User
- Hospital
- Diabetic Patients
- Ambulatory Surgical Centers
- Family Practitioners
- Psychiatry
- Others
Few of the well-known market leaders in the global hypodermic needles market that are profiled by Research Nester are Becton, Dickinson And Company, B. Braun Melsungen AG, Catalent Inc., Medtronic plc, Retractable Technologies, Inc., Smiths Group plc., Connecticut Hypodermics Inc., EXELINT International Co., MedPro Safety Products Inc., and other key market players.
Recent Development in the Market
- An international medical technology company, Becton, Dickinson & Company, presented increased production capacity and domestic supply of safety injection devices to the US government.
- Medical device maker Smiths Medical announced a strategic public-private partnership with the Department of Defense's Joint Program Executive Office for Chemical, Biological, Radiological, and Nuclear Defense (JPEO-CBRND) and the Biomedical Advanced Research and Development Authority (BARD). The BARDA-JPEO-CBRND partnership has invested USD 20 million to increase production of syringe and needle equipment for the Operation Warp Speed vaccination program.
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