Technavio analysts forecast the global special purpose needles market to grow at a CAGR of close to 8% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
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Technavio analysts forecast the global special purpose needles market to grow at a CAGR of close to 8% by 2022. (Graphic: Business Wire)
Growing demand for pen needles is one of the major trends being witnessed in the global special purpose needles market 2018-2022. Chronic disease such as diabetes requires insulin administration at regular intervals and thus, pen needles are equally helpful for elderly people and those with mobility issues who cannot frequently travel to hospitals. Thus, growing popularity for self-administration of insulin for the treatment of diabetes as a part of home care will increase the use of pen needles, which will boost the growth of the market during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global special purpose needles market is the increasing target population requiring special purpose needles:
Global special purpose needles market: Increasing target population requiring special purpose needles
Special purpose needles are used for the target population for drug deliveries and to diagnose and treat chronic conditions such as diabetes, tumors and infectious diseases. Such target population is also used for collecting the fluid samples and cell samples. Also, increasing awareness among the target population about diseases such as HIV/AIDS, simplex malaria, typhus and tuberculosis that require the use of special purpose needles will further spur the demand for special purpose needle across the globe.
According to a senior analyst at Technavio, "CDC says, more than 100 million adults in the US are living with diabetes or prediabetes. In 2015, approximately 30.3 million individuals had diabetes in the US, and approximately 84.1 million individuals had prediabetes, which if not treated, could lead to type 2 diabetes by 2020. Also, Eurostat says, in 2014, around 30 million people are suffering from chronic diabetes in the EU. Thus, the growth in the incidence of diabetes is expected to increase the adoption of special purpose needles."
Global special purpose needles market: Segmentation analysis
The global special purpose needles market research report provides market segmentation by end-user (hospitals, ASCs, and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for close to 45% share. It was followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to the increasing target population requiring special purpose needles and growing demand for pen needles.
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Technavio's sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
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