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.
On the basis of type, the hypodermic needle market is categorized into safety and non-safety needles. Out of these, safety needles occupied the larger share of the market during the historical period (2012–2015). The category is further predicted to grow at the faster pace during the forecast period. This is attributed to the integration of safety features in these needles, which are either automatically/semi-automatically or manually activated. Safety hypodermic needles ensure safe delivery of drug or medication, and these are also easy to use.
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Another major factor leading to the growth of the hypodermic needle market is the increasing demand for better compliance of safety needles. According to the World Health Organization, approximately 16 billion injections are given annually, but not all needles and syringes are thrown away properly. As the number of needle stick injuries in healthcare facilities is high, the safety provided by needle sticks is a major concern for regulatory bodies. However, due to the use of retractable needles or the lack of needles in many systems, the risk of needle stick injury is reduced in many hypodermic needles.
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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This post was originally published on Financial Sector