Increasing Chronic Disease Prevalence Fueling Hypodermic Needle Market Growth

The rising prevalence of needlestick injuries is rapidly becoming a major concern area for people, healthcare practitioners, and governments across the world. As hypodermic needles play a major role in reducing the incidence of needlestick injuries, the growing prevalence of these injuries is pushing up their worldwide demand. These needles are commonly used with syringes for injecting and extracting fluids from the body of patients. These needles are long, hollow, and cylindrical with a very small opening at the tip, which is meant for administering or extracting fluids from the body.

The other major factors driving the demand for these needles are the surging prevalence of chronic diseases such as diabetes and the soaring healthcare expenditure in several countries. According to the World Health Organization (WHO), 422 million people are currently suffering from diabetes across the world. The organization also found that diabetes claims 1.6 million lives globally every year. Because of these reasons, many governments are increasing their healthcare spending, which is, in turn, fueling the sales of hypodermic needles.

Apart from the aforementioned factors, the surging population of aging people and the growing public awareness about safe injection practices, on account of the increasing number of events being launched by various organizations such as the WHO and the Safe Injection Global Network (SIGN), are also driving the expansion of the hypodermic needle market. According to the World Population Ageing 2020 report published by the United Nations Department of Economic and Social Affairs (UNDESA), the population of people aged 65 years or above will rise from 727 million in 2020 to more than 1.5 billion by 2050.

Owing to the above-mentioned factors, the hypodermic needle market will progress at a CAGR of 7.4% from 2016 to 2022. Reusable and disposable are the main two types of hypodermic needles. Reusable needles must be sterilized before reuse. These needles are extensively used by people suffering from diabetes, who use them for administering insulin in their bodies. Additionally, these needles are finding applications in research organizations, as they help in reducing the chances of contamination during inoculation.

Thus, the sales of hypodermic needles are certain to soar in the coming years, primarily because of the growing incidence of diabetes and other chronic diseases and needlestick injuries, mushrooming population of geriatric people, and increasing public awareness about safe injection practices and technologies all over the world.