Global Needles Market
Needles are extensively used in the healthcare sector for various purposes. The rapid growth of the industry ensures a lucrative future trajectory for the global needles market. This report unfolds that the market is poised to scale a substantial valuation by the end of the forecast period.
Mounting prevalence of lifestyle diseases like diabetes and cancer, in conjunction with rising healthcare expenditures, is expected to influence the needles market greatly over the next couple of years. In addition, the expansion of global leaders is also poised to favor market proliferation in the nearby future.
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On the basis of product, the needles market has been segmented into safety needles (active needles and passive needles), suture needles (blood collection needles, ophthalmic needles, dental needles, insufflation needles, pen needles, and other needles), hypodermic needles (intravenous needles, intramuscular needles, and intraperitoneal needles), and glass needles (plastic needles, stainless steel/ metallic needles, and Polyetheretherketone (PEEK) needles). Among these, the pen needles segment is anticipated to hold the leading position in the market place over the next couple of years. Increasing demand from the rising diabetic population is poised to lead the growth of the segment in the years to come.
Based on end user, the global needles market has been segmented into hospitals, diagnostic centers, clinics, Ambulatory Surgery Centers (ASCs), laboratories, medical institutes, and others. The hospitals and diagnostic centers segment is prognosticated to secure the pole position through the review period owing to increasing patient population in hospitals are anticipated to influence the expansion of the segment greatly in the nearby future.
The global needles market, by region, is segmented into - South America, Asia Pacific (APAC), the Middle East and Africa (MEA), Europe, and North America. Among these regional segments, Europe is assessed to lead the growth pattern of the needles market over the next couple of years. Increasing patient population is the key driver of the regional market. The region is observing a rise in healthcare expenditures. It is poised to boost the market growth in the region across the evaluation period.
Asia Pacific is presumed to exhibit significant growth rate during the forecast period. Rising investments in medical tourism in the region are expected to favor market expansion in the years to come. Japan, China, and India are prognosticated to earn high revenues over the assessment period. This can be accredited to the upscaling geriatric population in the region, which is contributing to market growth. Rising patient population in the region is also supposed to support regional market’ growth in the forthcoming years.
Increasing investments in research & development by these players are anticipated to drive the competitiveness in the market place over the next couple of years. In addition, approaches such as mergers, collaborations, agreements, acquisitions, etc. are poised to be leveraged by these significant players for staying ahead of the curve during the assessment period.
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Release ID: 88925596