Hypodermic Needles Market Trends

Growth Drivers

• Rise in the Preference for Minimally Invasive Surgery - It was observed that the number of minimally invasive procedures has increased from 133 to 280 over the last decade, i.e., an increase of 111% over the span of 2003 to 2019. Minimally invasive surgery involves techniques that use smaller incisions and specialized instruments. The smaller incisions require smaller and more precise instruments, such as hypodermic needles, which are used to deliver anesthetic or other treatments to the area being treated.
• Intensifying COVID-19 Vaccination Shots - The World Health Organization reports that 13,325,228,015 vaccine doses have been injected as of 23 April 2023. India has administered more than 2200 million doses of COVID-19 vaccine since February 20, 2023. With more countries rolling out nationwide vaccination programs, the demand for hypodermic needles market has increased significantly. Hypodermic needles are therefore needed for the delivery of vaccines since they can deliver vaccines effectively and efficiently.
•  Rising Number of Government Initiatives to Support the Use of Safety Needles and Syringes - For instance, in December 2021, a model law for states to expand the availability of syringe services programs (SSPs) has been released by the White House Office of National Drug Control Policy (ONDCP).  This law is meant to guide for states to create or expand SSPs, which are designed to reduce the spread of infectious diseases and reduce the risk of overdose among people who use drugs.
• Expanding Number of Hospitals and Healthcare Facilities - For instance, a January 2020 report stated that China intends to invest USD 32 million in the development of hospitals in Wuhan. Also, India's Pradhan Mantri-Ayushman Bharat Health Infrastructure Mission was approved for a USD 1 billion loan by the World Bank in July 2022. Rapid medical advancements, such as better cures for diseases, the availability of lifesaving drugs, and the development of new treatment methods, have made healthcare services accessible to more people.
• Rise in Number of Cancer Patients - As per CDC estimates, in 2019, there were 1,752,735 new cancer cases in the United States and 599,589 deaths associated with cancer. In addition, WHO reports that cancer accounted for nearly 10 million deaths worldwide in 2020. Cancer patients often require frequent injections of medication to manage their condition. Hypodermic needles are the most common tool used for this purpose.

Challenges

• Stringent regulations imposed by the government - The government is concerned with the potential health and safety risks associated with these products, so they have implemented strict regulations to ensure that they are manufactured and distributed safely. This has triggered increased costs for manufacturers and distributors, which has in turn driven up prices for consumers.
• High cost of hypodermic needles
• Lack of availability of disposable needles