Global Special Purpose Needles Market 2018-2022| Increasing Target Population Requiring Special Purpose Needles to Boost Demand| Technavio
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.
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.
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 LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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KEYWORD: NORTH AMERICA SOUTH AMERICA
INDUSTRY KEYWORD: HEALTH MEDICAL SUPPLIES
SOURCE: Technavio Research
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PUB: 01/02/2019 07:09 AM/DISC: 01/02/2019 07:08 AM