The needles market in North America was valued at USD 2.46 billion in 2022. It is estimated to be growing at a CAGR of 7.9% and will be worth USD 3.47 billion by 2027.
The North American needles market has experienced significant growth in recent years. The growing demand for vaccines, the increasing geriatric population, and a growing number of hospitals in North America majorly drive the needles market growth in North Americarica. In addition, the demand for needles in the North American region is expected to be fuelled by the rising prevalence of chronic diseases such as diabetes. Around 425 million people had diabetes worldwide in 2018; by 2045, this number is expected to reach 640 million (Source: International Diabetes Federation). According to the data published by the IDF Diabetes Atlas, an estimated 51 million had diabetes in North America and the Caribbean, and this number is expected to grow to 57 million by 2030 and 63 million by 2045. As per the same source, one in every seven people had diabetes in North America and the Caribbean, and 931,000 died of diabetes in 2021. Therefore, with the increasing prevalence of diabetes globally, the demand for needles will increase during the forecast period.
In addition, several biotechnology and pharmaceutical companies are dedicated to developing new injectable drugs useful in treating chronic diseases, increasing the production of needles, and thus driving the market growth rate. The North American needles market is expected to experience significant growth, owing to increased people's awareness about donating blood, extensive R&D, which has introduced new needle technology with high safety and precision, and the growing demand for point-of-care diagnostics. In addition, the increase in the self-administration of drugs and the increasing use of safety needles will provide opportunities for market growth during the forecast period.
However, the increase in needlestick injuries and infections, the use of needle-free technology, and the growing attention to developing alternative drug delivery methods are the main factors expected to slow the market's growth. In addition, the factors limiting the growth of the market are the lack of qualified physicians and the anxiety related to needles. The North American needles market is further expected to face some challenges due to the reuse of needles, complications and mental factors associated with needles, the availability of other convenient dosage forms such as those administered orally, and poor health care reimbursement policies in developing and underdeveloped regions.
This research report on the North America Needles Market has been segmented and sub-segmented into the following categories:
Based on type, the conventional needles segment had a major share of the North American needles market in 2021.
Based on product, the suture needles segment held the leading share of the North American market in 2021.
By Delivery Mode:
The stainless-steel needles segment is one of the most lucrative in the North American market and is forecasted to witness a healthy CAGR in the coming years.
By End User:
The hospitals and clinics segment is anticipated to hold a leading share of the North American market in 2021.
The North American region accounted for the most significant global market share in 2021. The North American region is estimated to continue holding the largest global market share during the forecast period owing to factors such as the presence of a well-established healthcare infrastructure, increasing R&D activities by the market participants to bring new and effective products to the market, and the presence of several pharmaceutical, medical devices, and biotechnological companies. The U.S. led the needles market in the North American market, followed by Canada.
The U.S is expected to have a dominant share over Canada in the North American market during the forecast period. The growth of the U.S. needles market is primarily driven by the rising prevalence of diabetes and the presence of favorable reimbursement scenarios for needles; federal injection technology awareness initiatives, increased market penetration of major companies, and improved needle technologies are driving forward market growth in the U.S. Growing demand for healthcare, driven by the rapid aging of the population, increasing prevalence of diabetes and other chronic diseases, is driving the growth of the U.S. needles market. As a result, the value of the North American needles market is expected to grow slightly during the forecast period.
During the forecast period, the Canadian market is anticipated to hold a considerable share of the North American market and witness a healthy CAGR.
KEY MARKET PLAYERS:
Some of the companies that are dominating the North American Needles market profiled in this 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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