The global hypodermic needle market is projected to grow at a CAGR of 7.4% during 2016–2022. The major factors driving the growth of the market are the increasing geriatric population, demand for vaccines and better compliance of safety needles, and prevalence of chronic and lifestyle-associated diseases. The hollow needles used for extracting body fluids or injecting drugs or other substances into the bodily are referred to as hypodermic needles. They are used by healthcare professionals for the treatment and diagnosis of various diseases.
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The major end-users in the hypodermic needle market are diagnostic centers, hospitals, and others. The hospital category acquired the largest share of the market during the historical period and is expected to retain its position during the forecast period. This is due to the rising prevalence of chronic diseases, increasing government initiatives, and growing demand for safety hypodermic needles in hospitals. Diagnostic centers are projected to grow at the highest CAGR during the forecast period due to the presence of several labs and clinics for the diagnosis of diseases and increasing healthcare awareness.
The increasing demand for vaccines is one of the key factors driving the growth of the hypodermic needle market. The second-most-common mode of drug delivery after oral administration is parenteral administration. In order to prevent infectious diseases and other long-term health problems, vaccination is advised throughout the life. Furthermore, governments are increasing their focus on preventive care for the large population owing to the unmet vaccination need, which is leading to the rising demand for hypodermic needles for vaccination to treat and prevent diseases.
The adoption of hypodermic needles in emerging markets is creating opportunities for players looking to invest in it. Developing countries, such as Brazil, India, and China, have a large population base but don’t have as many primary healthcare facilities as required. In addition, the rate of chronic diseases is high in these countries due to the lack of healthcare awareness. The expected growth of the hypodermic needle market in emerging economies would then be attributed to the increasing healthcare expenditure, regulatory initiatives for needle stick injuries, and rising healthcare awareness.
Thus, the increasing adoption of hypodermic needles in developing nations, increasing demand for vaccination, and better compliance of safety needles are driving the market.
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