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Global Special Purpose Needles Market 2018-2022| Increasing Target Population Requiring Special Purpose Needles to Boost Demand| Technavio

January 2, 2019

LONDON--(BUSINESS WIRE)--Jan 2, 2019-- 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 . 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

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View source version on businesswire.com:https://www.businesswire.com/news/home/20190102005268/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD: NORTH AMERICA SOUTH AMERICA

INDUSTRY KEYWORD: HEALTH MEDICAL SUPPLIES

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 01/02/2019 07:09 AM/DISC: 01/02/2019 07:08 AM

http://www.businesswire.com/news/home/20190102005268/en

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