Special Purpose Needles Market, By Product Type (Fine Aspirating Needles, Biopsy Needles, Hypodermic needles, Pen Needles, Suture Needles, IV catheter Needle, Implantation Needles, Dental Needles, Ophthalmic Needles, Blood Collection Needle, Spinal Anesthesia Needle, Epidural Needle, A.V. Fistula Needle, Cannula Needles), By Application (Sample Collection, Drug Delivery), By Distribution Channel (Hospital Pharmacies, Private Clinics, Retail Pharmacies and Drug Stores, e-Commerce), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) is estimated to be valued at US$ 1,864.7 Million in 2023 and is expected to exhibit a CAGR of 7.8% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Rising prevalence of gynecological cancer is driving the market. According to a study by Springer, 74,900 cases of cancer were discovered in the vagina, vulva, placenta, and other unidentified locations. There were 269,500 cervical cancer deaths and 487,300 new cases. Uterine corpus cancer reported 233,300 new cases and 61,400 fatalities. While more than 60% of cases of uterine carcinoma occurred in industrialised nations, more than 80% of cases of cervical cancer occurred in underdeveloped nations.
Global Special Purpose Needles Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has had a significant impact on the global healthcare industry, including the special purpose needle market. Special purpose needles are used for specific medical procedures such as spinal taps, biopsies, and fluid aspiration. These procedures are often necessary for the diagnosis and treatment of various medical conditions.
One of the main impacts of the COVID-19 pandemic on the special purpose needle market has been the disruption of supply chains. With many countries implementing lockdowns and travel restrictions, the transportation of goods has become more challenging. This has led to delays in the delivery of raw materials, components, and finished products. Additionally, many manufacturers have had to shut down or operate at reduced capacity due to safety concerns and government regulations.
The COVID-19 pandemic has also accelerated the adoption of telemedicine and remote patient monitoring technologies. These technologies have the potential to reduce the need for certain medical procedures that require special purpose needles, such as blood draws. This in turn to create new opportunities for the special purpose needle market, as some procedures may still require in-person visits.
Global Special Purpose Needles Market: Key Developments
In June 2021, BD (Becton, Dickinson and Company) announced the launch of its BD Microlance 3 Hypodermic Needle, which features a thinner wall and larger inner diameter for improved flow rates during injections. This new product is designed to improve patient comfort and reduce the risk of tissue damage during injections.
Browse 28 market data tables and 22 figures spread through 175 Pages and in-depth TOC on “Special Purpose Needles Market, By Product Type (Fine Aspirating Needles, Biopsy Needles, Hypodermic needles, Pen Needles, Suture Needles, IV catheter Needle, Implantation Needles, Dental Needles, Ophthalmic Needles, Blood Collection Needle, Spinal Anesthesia Needle, Epidural Needle, A.V. Fistula Needle, Cannula Needles), By Application (Sample Collection, Drug Delivery), By Distribution Channel (Hospital Pharmacies, Private Clinics, Retail Pharmacies and Drug Stores, e-Commerce), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/special-purpose-needles-market-3425
Key Takeaways of the Global Special Purpose Needles Market:
- The biopsy needles segment in the global special purpose needles market was valued at US$ 1,864.7 Mn in 2022 and is expected to reach US$ 3,154.5 Mn by 2030 at a CAGR of 7.8% during the forecast period. The growth of the segment is attributed to an increasing number of cancer biopsies during the forecasted period.
- The Blood Collection Needle segment held a dominant position in the global special purpose needles market in 2022, followed by Fine Aspirating Needles and Hypodermic needles, respectively. Increasing product launches is anticipated to assist the growth of the market during the forecasted period.
- The Hospital Pharmacies segment held a dominant position in the global special purpose needles market in 2022, followed by Retail Pharmacies and Drug stores, respectively. Increasing patient population suffering from acute and chronic diseases is expected to propel the growth of the market during the forecast period.
- Major players operating in the global special purpose needles market include Boston Scientific Corporation, Argon Medical Devices, Inc., Becton, Dickinson and Company, Cook Medical, B. Braun Melsungen AG, Medtronic Plc., Novo Nordisk A/S, SERAG-WIESSNER GmbH & Co., Smith’s Medical, Terumo Corporation, Stryker Corporation, and NIPRO Medical Corporation.
