The size of the Needles Market in the Asia Pacific region was worth USD 1.65 billion in 2022. It is estimated to grow at a CAGR of 8.1% to reach USD 2.61 billion by 2027.
Needles in healthcare and medicine are hallowed devices used to inject and administer medication. For example, surgical needles and syringes are widely used to inject medication or withdraw fluids such as blood and serum for various diagnostic purposes.
Factors such as the increasing blood donation campaigns and rising awareness of blood donations propel the needles market growth in APAC. In addition, the increasing patient count suffering from chronic diseases is anticipated to fuel the need for needles among the APAC countries and promote the APAC needles market growth. The prevalence of chronic diseases is growing significantly in the Asia-Pacific region. According to the data published by World Economic Forum, an estimated 40 million deaths worldwide and 8.5 million deaths in APAC result from chronic diseases every year. The growing number of surgical procedures in the APAC countries and the rising need for drug administration are other notable factors accelerating the market growth in APAC. With the increasing demand for aesthetics and the growing number of cosmetic surgeries due to the increasing beauty consciousness among the countries of APAC, such as Japan, China, and India, the APAC needles market is expected to experience notable growth. In addition, the growing number of diagnostic centers, laboratories, clinics, hospitals, and care centers is anticipated to contribute to the needle market growth in APAC. Stringent regulations and government awareness systems on early detection of diseases and their prevention through treatment increase the growth of the needle market in the Asia Pacific region.
In addition, the growing usage of needles in blood screening is estimated to boost the APAC needles market growth. In addition, various research and developmental activities by multiple companies, pharmaceuticals, and research laboratories are predicted to favor the market's growth rate. Some other primary market drivers are low costs associated with the purchase and high availability of needles.
Patient compliance is a significant drawback to the growth of the APAC needles market. For instance, specific treatment plans are always associated with repeated administration of drugs. In such cases, patients are triggered by pain. Hence needles are not suitable in terms of pain management systems. Therefore, the needles market in the Asia-Pacific region is a significant drawback. In addition, sterilizing needles and storage systems for these medical needles are harder. The sterilization equipment and setups are highly priced and are not affordable by every hospital management system. Furthermore, support from the government end in this region for installing sterilizing and storage is also feeble, hampers the APAC needles market growth.
This research report on the Asia Pacific Needles Market has been segmented and sub-segmented into the following categories.
By Delivery Mode:
By End User:
Geographically, the Asia-Pacific needles market is one of the promising regions for the needles market worldwide. It is expected to showcase the fastest CAGR during the forecast period owing to the growing prevalence of chronic diseases, the growing adoption of the latest medical technologies, and the increasing aging population.
The Japanese needles market is expected to register the fastest growth rate in the APAC market due to the increasing number of chronic diseases requiring surgeries and the low costs associated with manufacturing the needles. In addition, the needle manufacturers of Japan are well-known for their high-quality products. The presence of stringent regulations in Japan to ensure the safety and effectiveness of the needles is another major factor contributing to the growth of the Japanese market. Terumo, Nipro, and Asics are some notable manufacturers of needles in the Japanese market.
The Indian needles market is estimated to account for a significant share of the APAC market during the forecast period and hold a considerable share of the APAC market in 2021. The growth of the Indian market is majorly driven by the growing improvements in the healthcare sector, increasing investments, and growing awareness among the population of the APAC region.
Conversely, the Chinese needles market is forecasted to be another lucrative region in the APAC market between 2022 and 2027.
Countries such as Australia, New Zealand, Thailand, and South Korea are expected to witness healthy growth rates during the forecast period.
KEY MARKET PLAYERS:
Some of the major companies leading the APAC needles market profiled in the report are Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Corporation, and Smiths Medical, Terumo Corporation, Smiths Medical, and Thermo Fisher Scientific.
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