NEW YORK, Nov. 17, 2021 /PRNewswire/ -- New York, November 17, 2021 /PRNewswire/ -- According to The Insight Partners study on "Hypodermic Needles Market to 2028 – Global Analysis and Forecast – by Type, Application, End User, and Usage," the market is projected to reach US$ 5,529.28 million by 2028 from US$ 3,519.53 million in 2021; it is expected to grow at a CAGR of 6.7% during 2021–2028. The growth of the market is attributed to the increasing prevalence of chronic diseases and surging demand for vaccines.
In 2021, North America dominated the global hypodermic needles market. The market growth in the region is driven by the increasing donations of blood, growing prevalence of infectious diseases, the presence of high-quality infrastructure for hospitals and clinical laboratories, and the presence of major market players in the region. Diabetes is a key health concern in the US. As per the Centers for Disease Control and Prevention (CDC), around 34.2 million people have diabetes, 10.5% of the US population. Also, increasing hospitalization for various conditions is driving the market growth.
Surge in Demand for Vaccines Fuels Hypodermic Needles Market Growth
Injections are one of the most common health care procedures. According to the WHO, ~16 billion injections are administered worldwide every year, around 90% of injections are given in curative care. Immunization injections account for around 5%, with the remaining covering other indications, including blood transfusion and intravenous administration of drugs and fluids. Immunization is one of the most cost-effective health interventions, averting an estimated 2 to 3 million deaths every year. An increase in demand for vaccines has surfaced as a key factor behind the growth of the global hypodermic needles market. Furthermore, increased immunization coverage against preventable diseases due to the Universal Immunization Program (UIP) is fueling the market growth as well. For instance, as per UNICEF, in 2020, the coverage rates for the third dose of diphtheria, tetanus, and pertussis vaccine (DTP3) reached 83%, globally. Apart from this, the increasing COVID-19 vaccination worldwide is further driving the market,growth.
Based on type, the hypodermic needles market is bifurcated into safety needles and non-safety needles. The market for the safety needles segment is further bifurcated into retractable needles and non-retractable needles. The safety needles segment held a larger share of the market in 2021 and is expected to register a higher CAGR during the forecast period. By application, the hypodermic needles market is segmented into drug delivery, vaccination, and blood specimen collection. The drug delivery segment held the largest share of the market in 2021 and is anticipated to register the highest CAGR in the market during the forecast period. By end user, the hypodermic needles market is segmented into hospitals and clinics, diagnostic centers, and home health care. The hospitals and clinics segment held the largest share of the market in 2021. However, the diagnostic centers segment is estimated to register the highest CAGR in the market during the forecast period. By usage, the hypodermic needles market is bifurcated into disposable and reusable. The disposable segment held a larger share of the market in 2021 and is estimated to register a higher CAGR in the market during the forecast period.
Hypodermic Needles Market: Competitive Landscape and Key Developments
EXELINT International, Co., Terumo Corporation, BD, B. Braun Melsungen AG, Catalent Inc, Cardinal Health Inc, Vita Needle Company, Connecticut Hypodermics Inc., Vygon, Nipro, Barber of Sheffield, RETRACTABLE TECHNOLOGIES, INC., and AIR-TITE PRODUCTS CO., INC. are among the key companies operating in the hypodermic needles market. Leading players are adopting strategies such as the launch of new product, expansion and diversification of market presence, and acquisition of new customer base for tapping the prevailing business opportunities.
In October 2021, BD hit 2 billion injection devices milestones in the support of global COVID-19 vaccination efforts.
In March 2021, Catalent announced Catalent Biologics will significantly increase the manufacturing capacity for large-scale commercial supply of Janssen's COVID-19 vaccine at Catalent's manufacturing facility in Anagni, Italy.
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