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How has the needle market grown in recent years?

The market size of the needle industry has been witnessing robust growth over recent years. It is projected to rise from $8.21 billion in 2024 to $8.89 billion in 2025 with a compound annual growth rate (CAGR) of 8.3%. The significant growth during the historic period can be linked to factors such as the rise in chronic illnesses, immunization initiatives, surgical operations, and government policy regulations.

How is the needle market size expected to evolve during the forecast period?

Anticipation is high for a robust expansion in the needle market size in the forthcoming years. It is projected to escalate to a worth of $12.09 billion by 2029, with a compound annual growth rate (CAGR) of 8.0%. The projected growth within the forecasted period is linked to factors like the escalating burden of chronic illnesses, the broadening of vaccination programs, increasing demand for self-administration devices, government-driven healthcare accessibility initiatives, and a rise in healthcare spending. Key trends during the forecast period encompass technological progression, safety feature integration, development of biodegradable and smart needles, customization and personalization, as well as remote healthcare.

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Which key drivers are propelling the needle market’s growth?

The needle market’s expansion is projected to be fuelled by a growing number of ambulatory surgical centers. These centers are specialized healthcare establishments that concentrate on performing outpatient operative procedures, thereby eliminating the necessity for patients to stay overnight in the hospital. Globally, the number of these surgical centers is on the rise due to technological advancements, increased demand for outpatient procedures, and the allure of specialized medical care. In these centers, needles serve critical purposes such as injections, suturing, and tissue sampling. Furthermore, they are vital for administering medications, drawing blood, and accurately closing wounds. For example, a report from Olympus America Inc., a US-based firm specializing in medical technology, revealed that the number of ambulatory surgical centers (ASCs) increased from 6,109 last year to 6,223 in July 2023. It also predicted a growth rate of 12% in the next five years. Consequently, the needle market stands to benefit from the surge in ambulatory surgical centers.

What are the market segments in the needle industry?

The needle market covered in this report is segmented –

1) By Type: Conventional Needles, Safety Needles

2) By Material: Stainless Steel Needles, Plastic Needles, Glass Needles, Peek Needles

3) By Application: Surgical Suture Needles, Pen Needles In Diabetes, Blood Collection Needles, Ophthalmic Procedure Needles, Dentistry Needles, Insufflation Needles, Other Needles

4) By End User: Hospital, Clinics, Diagnostic Centers, Research Institutions, Home-Based Care, Other End Users

Subsegments:

1) By Conventional Needles: Hypodermic Needles, Intravenous (Iv) Needles, Insulin Needles, Blood Collection Needles

2) By Safety Needles: Safety Hypodermic Needles, Safety Insulin Needles, Safety Blood Collection Needles, Auto-Disable Safety Needles

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Which leading companies are shaping the growth of the needle market?

Major companies operating in the needle market are Johnson & Johnson, Siemens AG, Thermo Fisher Scientific Inc., Abbott Laboratories, Medtronic PLC, Novo Nordisk AS, Merck KGaA, Becton Dickinson (BD), Stryker Corporation, Boston Scientific Corporation, Terumo Corporation, Ethicon US LLC, Illumina Inc., PerkinElmer Inc., Shimadzu Corporation, Smiths Medical, B. Braun AG, Bio-Rad Laboratories Inc., Cook Medical, QIAGEN N.V., Abcam PLC, Promega Corporation, Luminex Corporation, NIPRO Medical, Biotronik SE & Co. KG

What emerging trends are influencing the growth of the needle market?

Dominant firms in the needle market are concentrating on the conception of pioneering solutions like state-of-the-art conventional transbronchial needles that aim to revolutionize minimally invasive diagnostic procedures. These advanced healthcare tools are utilized during bronchoscopy procedures to procure tissue samples from the lungs or nearby structures. For example, in September 2023, Broncus Medical Inc., a medical device manufacturing firm located in the US, introduced BIOSTAR – a next-gen conventional transbronchial needle aspiration (cTBNA) and endobronchial ultrasound (EBUS) TBNA (EBUS-TBNA) needles. This innovative needle design is heralding a new era in minimally invasive diagnostic techniques. These new designs offer markedly superior diagnostic precision, sample adequacy, and sensitivity compared to traditional methods, specifically in the staging of lung cancer and diagnosing sarcoidosis. Available needles sizes range from 25G to 19G, with size influencing factors like sample volume, blood aspiration, sample quality, and diagnostic return. The needles from BIOSTAR propose a meaningful step forward in minimally invasive diagnostic operations, improving patient treatment and diagnostic results.

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Which geographic areas are influencing the growth of the needle market?

North America was the largest region in the needle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the needle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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