Global Special Purpose Needles Market Is Estimated To Witness Significant Growth Owing To Rising Incidences Of Chronic Diseases And Growing Rate Of Fertility Treatment

Special Purpose Needles Market

Overview:

Special-purpose needles are used to inject liquids or remove secretions from various parts of the body. They are also useful in minimally invasive surgeries, which require less surgical trauma and shorter recovery times. Using the right needle for the job is very important. The wrong size can lead to a broken needle, or even worse, a blood-borne disease. Fortunately, the industry has come up with some great new products to help prevent this from happening. With increasing focus on mitigating needlestick injuries, HIV infection, and blood-borne diseases caused by the reusability of needles, manufacturers have developed a range of needles with advanced safety features. These self-retracting and safety-locking needles are gaining traction in the market. The increasing penetration of such needles in medical settings is a key factor driving the growth of the market. The increasing blood donation awareness is expected to drive the growth of the market in the near future as these needles are a crucial component of the blood collection process.

 

Market Dynamics:

Rising partnerships among key players are estimated to augment the growth of the global Special Purpose Needles Market during the forecast period. For instance, an industry leader in the development of diagnostic and therapeutic devices Micro-Tech Endoscopy declared their distribution partnership with Thoracent, in July 2022. According to the partnership, Thoracent will be the US distributor of Micro-Tech's Y-Shaped Tracheal Stent System. Moreover, the rising cost associated with the research and development proficiencies, and limited infrastructural facilities is anticipated to restrain growth of the global market during the forecast period.

 

Impact of COVID-19:

The pandemic led boosting the demand for the global  Special Purpose Needles Market. The pandemic was first reported in 2019 in China. The outbreak spread to several countries globally, affecting millions of lives. This outbreak was also declared a public health emergency by the WHO in 2020. COVID-19 had a positive impact on the growth of the market. This pandemic resulted in an increase in research activities globally. Owing to the rise in drug developmental research activities, there was an increase in demand for needles. Several research organizations received large funding for conducting these activities. Along with the increasing number of COVID-19 cases, there was a rise in the number of testing activities among the general population.

 

Key Takeaways:

The global Special Purpose Needles Market is expected to witness robust growth, exhibiting a CAGR of 7.8 % over the forecast period, due to increasing product launches. For instance, HTL-STREFA introduced a new and innovative pen needle Droplet Micron™, in September 2020. This pen needle reduces the penetration force and it has been designed for delivering the best injection experience.

 

North America is anticipated to witness robust growth in the global Market during the forecast period, due to growing healthcare facilities and growing research activities. Key players active in the global Special Purpose Needles Market are Shimadzu Corporation, Medtronic, PerkinElmer, Inc., Ethicon US, LLC., Siemens, Thermo Fisher Scientific Inc., Promega Corporation, Novo Nordisk A/S, Promega Corporation, Stryker, Merck KGaA, Boston Scientific Corporation, Abcam plc, Luminex Corporation, QIAGEN, Illumina, Inc, and Bio-Rad Laboratories, Inc.