Healthcare Special Purpose Needle Market | Page 2

The global special purpose needle market is segmented into product type such as
fine aspirating needles, biopsy needles, hypodermic needles, pen needles, suture
needles, IV catheter needles, implantation needles, dental needles, ophthalmic
needles, blood collection needles, spinal anesthesia needles and others special
needles. Among these segments, hypodermic needles occupied the biggest
segment in 2016 and it is expected to seize at a notable CAGR during the forecast
period. Further, the growth of this segment is attributed to the increasing number
of diseases. Moreover, advancement in healthcare products is also believed to
foster the growth of special purpose needle market.
Global special purpose needle market is anticipated to account for a remarkable
CAGR of 7.5% over the forecast period i.e. 2016-2023. Moreover, the global
special purpose needle market is projected to reach at exponential revenue of
USD 15 Billion by the end of 2023. The market is expected to expand on the back
of increasing awareness regarding health and hygiene.
The drug delivery segment by application is projected to showcase highest CAGR
and this segment is predicted to capture the largest market by 2023. In terms of
regional platform, North America grabbed the largest market of special purpose
needle and is envisioned to reach USD 5.5 Billion by 2023 by witnessing a CAGR
of 8.5% over the forecast period. Further, U.S. is the dominating country in this
region owing to presence of advance medical facilities.
Supportive Government Initiatives
Growing government regulations regarding usage of safety needles along with
increasing investment by the government to build healthcare industry is
predicted to intensify the growth of special purpose needle market. Furthermore,
rising expenditure by the government of developing countries to provide better
healthcare facilities is also envisioned to bolster the growth of special purpose
needle market.
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Increasing Occurrence of Deadly Diseases
Growing number of population affected with diabetes and infectious diseases
along with rising prevalence of spine disorders among the population is predicted
to propel the growth of special purpose needle market. In addition to this, rise in
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