Albany NY, United States, May 18, 2022 (GLOBE NEWSWIRE) — Advancements in drug delivery devices for chronic diseases and for vaccines are propelling development of safe and high-quality injection technologies, thereby enriching the hypodermic needles market outlook. Manufacturers are increasingly focusing on ISO (International Organization for Standardization) standards to develop hypodermic needles in order to increase patient acceptance, and hence commercialization. A TMR study scrutinizing hypodermic needles market revenue analysis has found that the valuation is projected to expand at CAGR of 6% during 2021–2031.
Ongoing trends of the hypodermic needles market have reiterated on the growing role of automated systems for needles manufacturers for inspection and testing processes. In particular, the authors of the study found that players are increasing the availability of precision-engineered needles to capture stable revenues. Of note, product innovations on these lines are becoming a key marketing strategy.
The drive for safety hypodermic needles has stemmed from increased emphasis on the patient’s safety and comfort. New needle technologies have stridently reduced the needle phobia and increased convenient delivery systems for clinicians and patients alike, confirm various hypodermic needles market statistics.
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Key Findings of Hypodermic Needles Market Study
- Advances in Drug Delivery Devices Catalyze Profitable Avenues: Needle manufacturers in hypodermic needles market are tapping into the vast profitable opportunities which emanate from the demand for cutting-edge needle technology for drug delivery and administration. Of note, they are geared toward incorporating safer designs to reduce pain and discomfort for patients during parenteral therapy administration.
- Automation in Inspection & Testing Processes Help Meet International Standards: Widespread use of syringes in blood sampling, vaccine administration, and in delivery therapies has spurred the need for advanced, automated needle production methods. Players in the hypodermic needles market are keen on leveraging automated inspection and testing processes in a bid to gain a competitive edge over peers and rivals. A growing number of companies in the market are particularly complying with ISO standards.
- Demand for Precision-engineered Hypodermic Needles Propelling Revenue Growth: The demand for precision-engineered products underpinned value-grab opportunities in the hypodermic needles market. Prominent manufacturers are continuously expanding R&D of patented systems for innovative needle designs. A case in point is the growing popularity of hinged sheath design.
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Hypodermic Needles Market: Key Drivers
- Growing worldwide trend of adoption of safety needles in clinics and hospitals has set the stage of product advancements in the hypodermic needles market. The market is projected to witness new avenues from the increasing acceptance of vaccination globally.
- Growing burden of vaccine-preventable diseases has bolstered the need for precision needle technologies. In recent months, the world has witnessed remarkable acceptance of COVID-19 vaccines, which added a robust tailwind to the hypodermic needles market.
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Hypodermic Needles Market: Regional Growth Dynamics
- North America held a major share of the global hypodermic needles in 2020. Early uptake of novel needle technologies in various healthcare settings, continuous R&D funding by globally prominent players, and rising healthcare infrastructure have enabled the regional market to become prominent over the years.
- The TMR study on the hypodermic needles market found that Asia Pacific is anticipated to gain market shares by the end of the forecast period. Vast scope of commercialization of products especially in the emerging economies is likely to spur revenue expansion of the Asia Pacific hypodermic needles market. The prevalence of cancer and cardiovascular diseases has enriched the value chain of needle manufacturers in the region.
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Hypodermic Needles Market: Key Players
Some of the key players in the hypodermic needles market are
- Cadence Science
- Terumo Medical Corporation
- Medline Industries, Inc.
- Novo Nordisk
- Excelint International, Co.
- Cardinal Health
- Smith’s Medical
- Becton, Dickinson and Company
Hypodermic Needles Market – Segmentation
- Safety Needles
- Non-safety Needles
- Drug Delivery
- Spinal/Epidural Infusion
- Cancer Treatment Centers
- Dermatology Clinics
- North America
- Latin America
- Middle East & Africa
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