The global hypodermic needles market size was US$ 2.1 billion in 2021. The global hypodermic needles market is forecast to grow to US$ 4.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2022 to 2030.
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Hypodermic needles are frequently used to inject or remove bodily fluids. With the aid of these needles, liquid samples, such as blood, is drawn from a vein during venipuncture. Hypodermics are mostly helpful in treating significant blood loss or shock.
The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
The increased prevalence of chronic diseases and technological advancements in hypodermic needle-based drug delivery are driving the global market for hypodermic needles. Apart from that, the better availability of skilled people is changing the outlook of the Asian healthcare sector by pushing investments in the region. As a result, it will contribute to the growth of the market during the study period. Additionally, the market for hypodermic needles is expanding in underdeveloped nations as people become more aware of a variety of chronic illnesses.
Technological developments in the pharmaceutical sector that enable the production of secure hypodermic needles are anticipated to generate profitable opportunities for increasing the size of the global hypodermic needles market. The market for hypodermic needles is also expanding due to the presence of significant manufacturing companies that manufacture and sell these instruments. On the flip side, the easy availability of substitute modes of drug delivery may limit the demand for hypodermic needles during the study period.
Regional Analysis
Asia-Pacific dominated the hypodermic needles market and is anticipated to hold the largest share throughout the forecast period. It is due to an increase in the prevalence of chronic diseases and the large population base of the region, where China and India are the most populated countries. Apart from that, unmet medical needs, rising disposable incomes, and increased awareness about the use of hypodermic needles may bring lucrative growth opportunities for the market during the study period.
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COVID-19 Impact Analysis
After COVID-19, the market for hypodermic needles grew quickly due to several factors, such as growth in the demand for safety needles as well as other non-safety needles. Apart from that, a sudden increase in the need for more productive and cost-effective needles drove the growth of the needles. The investments in the healthcare sector also increased dramatically, providing opportunities for the hypodermic needle market.
Competitors in the Market
? Becton, Dickinson, and Company
? B. Braun Melsungen Ag
? Cardinal Health Inc.
? Connecticut Hypodermics Inc.
? Exelint International Co.
? Mckesson Corporation
? Hitech Syringes
? Retractable Technologies, Inc.
? Nipro Corporation
? Terumo Medical Corporation
? Other Prominent Players
Market Segmentation
The global hypodermic needle market segmentation focuses on Product, Application, End-Users, and Region.
By Product
? Safety Hypodermic Needles
? Non-safety Hypodermic Needles
By Application
? Drug Delivery
? Vaccination
? Blood Specimen Collection
By End Users
? Hospital
? Diabetic Patients
? Family Practitioners
? Psychiatry
? Others
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By Regional Outlook
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
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