Pune: The global hypodermic needles market is expected to reach US$ 6421.52 million by 2027, growing at a CAGR of 5.2% over the forecast period.
- International Diabetes Federation states that in 2019, there were 463 million cases of diabetes which is expected grow to 578 million by 2030. Growing prevalence of diabetes across global population is creating demand for insulin administration devices such as syringes, pens and others. These devices employ hypodermic needles to inject the insulin in the fat just under the skin. Market players such as Hindustan Syringes & Medical Devices Ltd., Novo Nordisk A/S and others are launching new higher gauge painless hypodermic needles designed for insulin pens which will witness high demand in coming years.
- COVID-19 pandemic has accelerated clinical research and vaccine production activities thus, creating high demand for hypodermic needles.
- Short beveled type of needles contribute significant share in global hypodermic needles market owing to its less nerve damage characteristics which reduces trauma.
- North America held the highest market share in global hypodermic needles market in 2018. The presence of geriatric population which creates high demand for medical treatments coupled with the fostering government regulations is propelling the share of the regional growth and demand.
- Some of the market participants include B. Braun Medical Ltd, BD, Cadence Science, Cardinal Health, CHIRANA T.Injecta, a.s., EXELINT International, Co., Hindustan Syringes & Medical Devices Ltd, Iscon Surgicals Ltd, NIPRO, QG, RayMed, Smiths Medical, Surtex Instruments Limited, Surtex Instruments Limited, Terumo Medical Corporation amongst others.
The detailed research study provides qualitative and quantitative analysis of hypodermic needles market. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.