“Emerging countries like China and India, with dense under-served patient pool, offer a big opportunity for the global vendors to penetrate the niche safety needles market”
In this research report, Technavio covers the market outlook and growth prospects of the global hypodermic needles market for 2016-2020. The report classifies the market into two product segments, which are safety needles and non-safety needles. The report also presents the vendor landscape and a corresponding detailed analysis of the top vendors operating in the market. Also, it discusses the major drivers and trends influencing market growth.
“Diabetes is one of the major chronic diseases affecting almost 425 million individuals globally. The wide acceptance of pen hypodermic needles for insulin delivery enabling convenience of self-administration and accurate dosing is set to penetrate even the niche markets of developing countries,” says Barath Palada, a lead medical imaging research expert from Technavio.
Technavio’s healthcare and life sciences research analysts segment the global hypodermic needles market into the following regions:
Americas: largest market for hypodermic needles
The Americas recorded the highest market share of around 52% in terms of revenue during 2015, with the US and Canada being the leading contributors. This growth is mainly because of the revenue generated from the sales of high-priced passive safety hypodermic needles in the high and mid-tier hospitals.
With well-developed healthcare infrastructure and awareness among individuals about blood-borne diseases, this region witnessed strong sales of automatic retracting hypodermic needles in 2015. Brazil recorded the highest share in Latin America (LATAM) in 2015. The Americas is forecasted to maintain strong shares in the global hypodermic market in 2020.
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EMEA: large scale implementation of Safety Act to boost growth
EMEA accounted for close to 31% of the market share in terms of with the UK and Germany being the leading contributors. The main revenue generated is primarily because of the presence of the Ireland-based global leader, Medtronic, in this region.
Although the Safety Act for the usage of safety-engineered devices was signed by 2010, the EU government mandated the use of these safety devices from 2013 as a measure to reduce unnecessary healthcare costs after frequent needle stick injuries (NSIs) by non-safety sharps. All the 28 countries in the EU are expected to follow this law, because of which strong sales of automatic retracting safety hypodermic needles is expected from the EU.
In the MEA region, non-safety hypodermic needles recorded higher revenue. However, with the global stir about safety from NSIs, these developing regions are also expected to enforce safety laws and adopt safety needles to reduce blood-borne diseases.
APAC: huge potential for growth during the forecast period
The APAC region recorded a little over 17% share in terms of revenue with Australia, China and Japan being the leading contributors. The presence of one of the leading global vendors, Tokyo-based Terumo Medical Corporation, contributes significantly to this revenue.
The APAC region mostly generated its overall revenue from sales of low-priced conventional non-safety hypodermic needles. The sales of moderately high-priced semi-automatic and automatic hypodermic needles were observed majorly in the countries where the safety legislations are in place. Only Australia (New South Wales, Queensland, and Victoria), Hong Kong/PRC and Japan, have policies regarding sharps injuries and NSIs prevention in APAC, due to which a moderate growth in sales of semi-automatic and automatic safety hypodermic needles was observed.
“Emerging countries like China and India, with dense under-served patient pool, offer a big opportunity for the global vendors to penetrate the niche safety needles market,” says Barath.
The top vendors in the global hypodermic needles market as highlighted in this research analysis are:
- Becton, Dickinson, and Company
- Retractable Technologies
- Terumo Medical Corporation
- Smiths Medical
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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