February 10, 2022 08:43 ET | Source: Research and Markets Research and Markets

Dublin, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The "Special Purpose Needles - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering. Global Special Purpose Needles Market to Reach US$15.9 Billion by the Year 2026

The global market for Special Purpose Needles estimated at US$9.5 Billion in the year 2020, is projected to reach a revised size of US$15.9 Billion by 2026, growing at a CAGR of 8.5% over the analysis period.

Growth in the medical needles market is primarily driven by factors including rise in incidence of infectious diseases, an aging population and rise in prevalence of chronic diseases such as cancer and diabetes, rise in surgery volumes and increasing prevalence of spine-related disorders.

Other factors impacting demand include advancements in product designs, favorable demographic trends, increased emphasis on preventing hospital acquired infections (HAIs), and improving healthcare infrastructure and services across developing countries. The market is essentially driven by snowballing healthcare industry concerns over needle stick injuries and worker safety.

Needle technology has also advanced over the past decades from large syringe needles which had to be sterilized and sharpened by hand to pen needles and other smaller needles that are thin, small and engineered to offer improved penetration with less friction and more glide. Needles are re-designed to enable light insertion force, improved control, superior accuracy, and smoother penetration with less tissue displacement. Hypodermic Needles, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$5.5 Billion by the end of the analysis period.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pen Needles segment is readjusted to a revised 7.8% CAGR for the next 7-year period.

This segment currently accounts for a 21.1% share of the global Special Purpose Needles market. Hypodermic needles are hollow needles used for subcutaneous injections and for aspiration. The needles are made of stainless steel and have durable and sharper penetration surface for easy hypodermic access.

Pen needle systems and pens, already the preferred mode of delivery for insulin in diabetics in developed countries, is gaining traction across the global markets. A pen needle comprises a hollow needle embedded in plastic case. Advanced pen needles come with sophisticated features and offered in different shapes and sizes as per end-use requirements. Blood Collection Needles Segment to Reach $1.5 Billion by 2026

Blood collection needles are used to perform venipuncture for the purpose of collecting blood samples. They generally include an attached pivoting shield, which the user activates after venipuncture, for preventing accidental needlestick injuries.

In the global Blood Collection Needles segment, USA, Canada, Japan, China and Europe will drive the 5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$925.5 Million in the year 2020 will reach a projected size of US$1.3 Billion by the close of the analysis period.

China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$128.4 Million by the year 2026, while Latin America will expand at a 5.7% CAGR through the analysis period.

Key Topics Covered: I. METHODOLOGY II. EXECUTIVE SUMMARY 1. MARKET OVERVIEW

2. FOCUS ON SELECT PLAYERS(Total 103 Featured)

4. GLOBAL MARKET PERSPECTIVE III. REGIONAL MARKET ANALYSIS IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/z3xksv