The global needle market size is expected to reach USD 9.96 billion in 2025 according to a new report by Grand View Research, Inc. The market is projected to witness a CAGR of 6.6% over the forecast period. Rising awareness regarding blood donation along with extensive R&D to develop advance needle technology with maximum safety and precision is expected to contribute to the market expansion in the years to come. The conventional needles segment led the global needle market in 2017, in terms of revenue share.
The safety needles segment is expected to witness the fastest CAGR during the forecast period due to reduced risk of needle stick injuries. Blood collection needles segment held a significant share of the global market in 2017 due to increasing awareness about blood donation and stringent regulations on blood screening. For instance, tests, such as Nucleic Acid Amplification Test (NAT) and ELISA, are mandatory in European countries including France, Germany, Spain, Italy, U.K., and Switzerland.
Further Key findings from the study suggest:
- Hypodermic needles segment accounted for the majority share of the market in 2017. While, intravenous needles are likely to experience the fastest growth in the coming years
- Stainless steel needles led the material segment in 2017 These needles have tough structure and high strength and resistance to corrosion
- Europe held the largest market share in 2017 due to faster regulatory approvals of innovative devices and procedures
- Asia Pacific is expected to be the fastest-growing regional market owing to increasing healthcare infrastructure and expenditure
- Becton, Dickinson and Company; Stryker Corp.; Medtronic PLC; Ethicon, Inc.; Novo Nordisk A/S; Thermo Fisher Scientific, Inc.; Boston Scientific Corp.; Smiths Medical, Inc.; and Hilgenberg GmbH are some of the key companies in the global market