Global Hypodermic Needle Market - Forecasts from 2022 to 2027

The hypodermic needle market is expected to grow at a compound annual growth rate of 7.38% over the forecast period to reach a market size of US$4,217.264 million in 2027, from US$2,561.928 million in 2020.

Increasing prevalence of diabetes

The market is expected to surge in the coming years, due to the rise and growth in the prevalence rate of diabetes, worldwide. According to the data given by the International Diabetes Federation, around 537 million adults have been living with diabetes for years, between the ages of 20 and 79 category. Moreover, it has also been estimated that the global population living with diabetes is expected to grow to 643 million by 2030 and around 783 million by 2045. Increasing global expenditure on diabetes had been expected to surge the adoption of advanced drug delivery solutions. Around US$966 billion is usually spent on diabetes annually, worldwide. Various companies and corporations have been offering advanced and novel solutions for diabetic patients, such as the easy delivery of drugs by needles in a patient's body. For instance, Terumo Corporation has been providing painless needles to its customers worldwide. The company had also sourced intellectual property rights to provide itself with a competitive advantage and safeguard its manufacturing and production process of needles.

Competitive Analysis

Several firms and corporations have been making a considerable impact in the market in the past few years. The increasing expenditure on research and development had been expected to surge in the next few years, as the corporations tend to increase their competitive advantage and overall market share, globally. Iscon Surgicals Ltd., one of the key players in the market, has been providing and selling disposable hypodermic needles to its customers. The company had stated that their needle had been produced through high and advanced precision grinding, siliconization, and ultrasonic cleaning. The company's products have been ISO Certified. Other corporations have been offering advanced hypodermic needles for their customers. For instance, NIPRO, one of the largest needles manufacturers, produces around 11 billion units annually. The company had stated that its products are not manufactured as PVC or latex. It also offers hypodermic needles in different lengths and sizes. These developments and trends are expected to play a significant role in the market during the forecast period.

The increasing rate of asthma

Hypodermic needle consumption and use have been expected to surge in the coming years due to the increasing rate of asthma, worldwide. According to the data given by the World Health Organisation, around 262 million were affected by asthma in the year 2019. It has also caused an estimated 461,000 deaths globally. With the increase in healthcare expenditure, there has been a surge in the adoption of advanced and high-quality needles and syringes worldwide. The World Health Organisation has also been undertaking several measures to enhance the drug delivery sector in lower and middle-income countries. With the increasing industrialization, there has been a concern of high pollution, which had been one of the major factors in the increasing prevalence rate of asthmatic patients. Therefore, it is expected to enhance the adoption of hypodermic needles and other drug delivery products in the coming years.

Favorable Government Regulations

Several patients suffering from diabetes and asthma have been consuming and using hypodermic needles on their own. These patients are required to desensitize drugs and injections in case of different allergic reactions. Governments worldwide have been easing the regulations and laws that allow patients to carry hypodermic needles without any major restrictions. For instance, in March 2021, Maryland Senate in the United States announced the passing of a novel bill decriminalizing the distribution and possession of hypodermic needles. Moreover, in October 2021, the New York Government announced the passing of a bill decriminalizing the distribution and sales of hypodermic needles in the state. Under this novel bill, hypodermic needles would not be considered as drug paraphernalia. The government had stated that the novel bill had been introduced to enhance the accessibility of the drug delivery systems to its people.

The increasing rate of chronic diseases

The market is expected to surge in the coming years, due to the rise in the prevalence rate of chronic diseases, worldwide. According to the data given by the World Health Organisation, the prevalence rate of chronic diseases was expected to grow by 57% by 2020. This development had been expected to surge the adoption of advanced needles and syringes that could safely deliver drugs into the body. Moreover, increasing vaccination rates were also expected to enhance the demand for novel injectable solutions, worldwide.

Segmentation:

• By Type

Safety Hypodermic Needle

Non-Safety Hypodermic Needle

• By Application

Vaccination

Drug delivery

Body Fluid Sample Collection

• By End Users

Hospitals and Clinics

Ambulatory Care Centers

• By Geography

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• UK
• Germany
• France
• Italy
• Others

Middle East and Africa

• Saudi Arabia
• South Africa
• Others

Asia Pacific

• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others