Special Purpose Needles Market size was over USD 13.17 billion in 2023 and is poised to cross USD 34.96 billion by 2036, witnessing more than 7.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of special purpose needles is evaluated at USD 13.99 billion.
The growth of the market can be attributed to rising incidence of diabetes, cancer, spine disorders, hypertension and infectious diseases throughout the world. According in a report by World Health Organization (WHO), 1.13 billion people suffer from hypertension worldwide. Additionally, in 2019, over 1.5 million deaths were caused by diabetes. Moreover, over 10 million deaths were caused by cancer in 2020. Furthermore, advancement in government regulations for safety needles uses, growing focus on progressive healthcare systems across the globe, and increasing focus on efficiency in pharmaceutical industries are generating high potential for growth and opportunities for the special purpose needles market.
Growth Drivers
Growth of Next-Generation Microneedle and Needle-Free Injection Technology
Challenges
Technical Challenges on a Product-by-Product Basis
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
7.8% |
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Base Year Market Size (2023) |
USD 13.17 billion |
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Forecast Year Market Size (2036) |
USD 34.96 billion |
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Regional Scope |
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The special purpose needles market is segmented by product type into biopsy needles, hypodermic needles, and aspirating needles, out of which, the hypodermic needles segment is anticipated to hold the largest share in the global market during the forecast period on account of increased demand for hypodermic needles post Covid 19. Moreover, the COVID-19 pandemic caused 6,270,232 deaths, as of May 2022, as sourced from the World Health Organization.
Our in-depth analysis of the global market includes the following segments:
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Product Type |
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Application |
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Distribution Channel |
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The special purpose needles market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific is anticipated to account for largest revenue share by 2036, on account of increasing demand for passive drugs, and requirement of special purpose needles especially for the rising geriatric population across the region. According to the United Nations sexual and reproductive health agency (UNFPA), 60 percent population of the world is in Asia. Further, the population above 65 years of age in India crossed 90,719,952 in 2020, while, it crossed 167,808,567 in China, as per the World Bank. So, the highest growth rate for the market over the forecast period is expected across the Asia Pacific region.
The special purpose needles market in the North America region is projected to hold the leading share in the forecast period on the back of its focus on the development of next-generation microneedle and needle-free injection technology for the growing demand of it, and increasing awareness of special purposed needles such as pre-filled syringes.
May 17, 2022: Terumo Pharmaceutical Solutions offers pre-fillable syringe solutions for demanding low dose applications such as ophthalmic.
April 28, 2022: Medtronic plc (MDT), a medical technology company, announced collaboration with GE to meet growing need for outpatient care.
Author Credits: Radhika Pawar
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