The global Needles Market is expected to reach USD 10.6 billion by 2027 from USD 7.7 billion in 2022, at a CAGR of 6.7% during the forecast period. The growth of this market is majorly driven by High prevalence of chronic diseases and Increasing demand for vaccines. However, Use of needle-free injection technology is one of the challenges for which may hinder the growth of this market.
The key players operating in this market are Becton, Dickinson, and Company (US), Medtronic (Ireland), B. Braun Melsungen AG (Germany), Boston Scientific Corporation (US), and Stryker Corporation (US).
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BECTON, DICKINSON, AND COMPANY (US)
BD is the largest player in the global needles market in 2021. The company offers a broad range of needles. It has maintained its market position by achieving a higher level of customer satisfaction and better brand equity. Furthermore, over the years, the company has invested in building a strong brand portfolio, which further enhances the adoption of its product line amongst its customer base. The company has also built a reliable distribution network that can reach the majority of its potential market and contribute to revenue. It has a strong geographic presence across the globe and invests a significant amount of its revenue in R&D.
Medtronic is the second-leading player in the needles market. It offers a broad range of needle products. Over the years, the company has put together a dedicated product and technology platform for the blood collection devices market. With its target for mid-to-long term growth and the expansion of automation systems, the company is expected to gain and hold a competitive position in the market. It is also making targeted investments in strategically important emerging countries to strengthen its position in the market.
Needles Market by Type (Conventional (Bevel, Vented) & Safety), Product (Suture, Blood Collection, Insufflation), Material (Stainless Steel, Plastic), Delivery Mode (IV, IM, Hypodermic), End-User (Hospitals, Diagnostic Centres) - Global Forecast to 2027
Mr. Aashish Mehra
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