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#How Has The Needle Market Size Shifted, And What Is the Outlook Through 2034?
There has been a robust growth in the size of the needle market in the past few years. This market is anticipated to expand from $8.21 billion in 2024 to $8.89 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 8.3%. The historic period’s growth can be associated with the higher incidence of chronic illnesses, initiatives for vaccination, surgical operations, and governing regulations.
How Much Will the Needle Market Be Worth in 2029?
The needle industry is projected to experience robust expansion in the coming years, with an expected surge to $12.09 billion by 2029, driven by a compound annual growth rate (CAGR) of 8.0%. This projected increase during the forecast period is influenced by factors such as the mounting burden of chronic illnesses, the expansion of immunization initiatives, a growing preference for self-use devices, governmental efforts to improve healthcare accessibility, and an uptick in healthcare spending. The key trends to watch over the forecast period encompass technological innovation, inclusion of safety mechanisms, development of decomposable needles, intelligent needles, customization and individualization, and the rise of remote healthcare.
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Which is the Largest Company in 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 Are the Main Market Drivers in the Needle Industry?
The needle market’s growth is expected to be driven by the increasing number of ambulatory surgical centers. These are specialized medical facilities dedicated to outpatient surgical procedures, thus eliminating the necessity for overnight stays in hospitals. The global proliferation of ambulatory surgical centers is fueled by technological advancements, the demand for outpatient procedures, and the attractiveness of specialized healthcare. Needles play an essential role in these centers, being critical for procedures such as injections, suturing, and tissue sampling. These tools are also vital for medication delivery, blood drawing, and precise wound closure. A report by Olympus America Inc., a US-based medical technology firm, revealed in July 2023 that ambulatory surgical centers grew from 6,109 facilities to 6,223 in 2023, signifying a forecasted growth rate of 12% over the following five years. Consequently, the needle market’s expansion is being propelled by the escalating number of ambulatory surgical centers.
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How Is the Needle Market Segments Structured?
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
What Strategic Trends Are Transforming the Needle Market?
Leading entities in the needle market are concentrating on the creation of revolutionary solutions, such as state-of-the-art conventional transbronchial needles, as a way to revolutionize minimally invasive diagnostics. These sophisticated conventional transbronchial needles are advanced tools used in bronchoscopy procedures to extract tissue samples from the lungs or adjacent structures. For example, in September 2023, Broncus Medical Inc., an American medical device producing company, launched BIOSTAR, which includes state-of-the-art conventional transbronchial needle aspiration (cTBNA) and endobronchial ultrasound (EBUS) TBNA (EBUS-TBNA) needles, stimulating a revolution in minimally invasive diagnostic methods. These inventive needle structures present superior diagnostic precision, sample sufficiency, and sensitivity compared to traditional methodologies, especially in areas like lung cancer staging and sarcoidosis diagnosis. The available needle sizes include 25G, 22G, 21G, and 19G, which influence the quantity of the sample, blood aspiration, the standard of the sample, and the diagnostic yield. BIOSTAR’s needles are a notable progression in minimally invasive diagnostic techniques, improving patient care and diagnostic results.
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Which Global Regions Offer the Highest Growth in 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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This Report Delivers Insight On:
1. How big is the needle market, and how is it changing globally?
2. Who are the major companies in the needle market, and how are they performing?
3. What are the key opportunities and risks in the needle market right now?
4. Which products or customer segments are growing the most in the needle market?
5. What factors are helping or slowing down the growth of the needle market?
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