The global hypodermic needles market is expected to post a CAGR close to 7% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio forecasts the global hypodermic needles market to post a CAGR close to 7% during the period 2019-2023. (Graphic Business Wire)
A key factor driving the growth of the market is the increasing target population requiring hypodermic needles. Hypodermic needles are used for target-specific drug deliveries to diagnose and treat chronic conditions such as diabetes, tumors, and infectious diseases. They are also used for collecting fluid samples and cell samples. Moreover, the aging population is a major factor driving the market. The aging population is highly susceptible to lifestyle diseases such as diabetes, one of the leading causes of mortality. With the rising disease incidence rates, disease diagnosis at an early stage and regular monitoring of patients are essential for identifying, treating, controlling, and limiting disease prevalence rates. Factors such as benefits offered by hypodermic needles, which include ease of use, quick recovery, and improved quality of life in patients with chronic diseases, and increasing aging population requiring hypodermic needles drive the market.
As per Technavio, the introduction of user-friendly features in hypodermic needles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global hypodermic needles market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global hypodermic needles market: Introduction of user-friendly features in hypodermic needles
Advances in technology have paved the way for the development of hypodermic needles with user-friendly features such as shorter needles, fine gauge needles for lesser pain, and the absence of recapping to reduce infection exposure. The user-friendly features in hypodermic needles assist patients in self-administering medicine effectively and evenly to the subcutaneous tissue without deeper layer penetration, thereby reducing tissue damage. Based on safety features, hypodermic needles are categorized into active and passive systems. In an active needle, clinicians activate the safety mechanism after injection. In a passive needle, the syringe automatically shields the needle after injection. Thus, the introduction of user-friendly features in hypodermic needles drives market growth.
“Vendors are focusing on introducing novel products to enhance their market shares and expand their presence globally. They are also focusing on consolidating the supply chain network with distributors to expand their global presence. Leading vendors are also constantly improving their products and technologies,” says a senior analyst at Technavio for research.
Global hypodermic needles market: Segmentation analysis
This market research report segments the global hypodermic needles market by end-user (hospitals and clinics, ASCs, others), by product (safety needles and non-safety needles) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share close to 52%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth of over 1%.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
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Market Drivers
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Vendor Landscape
- Vendors covered
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190116005348/en/
