The global high flow needle sets market is expected to grow at a CAGR of 6.6% over the forecast period. Rising prevalence of diabetes owing to growing number of baby boomers is a key factor for market growth. High flow needles are used when there is a need of administering more viscous drugs into the body. According to the International Diabetes Federation, approximately 463 million adults were living with diabetes in 2019 and this number is expected to reach 700 million in 2045 which will further bolster the overall growth.
In addition, new product launches by major companies across the globe to introduce technology with maximum safety and precision is expected to contribute to the market expansion. For instance, RMS medical products received FDA 510(k) clearance for high-flo super26 subcutaneous needle sets which allows subcutaneous infusion of medications in the home, hospital, or ambulatory settings to facilitate high flow rates. Factors such as the safe delivery and efficacy of subcutaneous therapies, promote compliance, and prompt use design were favorable with the majority of health care personnel preferring high flow needle technology as compared to conventional needles.
Certain treatment regimens are associated with pain and anxiety where various psychological and physical factors trigger the pain receptors of the brain. For instance, there is a close association of pain and anxiety with dental injection during dental procedures. These factors boost the high flow needles set market over forecast period. However, low adaptation of the high flow needle sets in under developing regions may restrict the market.
Key Market Trends
The Hospital Segment Dominates the Market and is Expected to Continue the Same during the Forecast Period
Hospitals accounted for the largest share in the end-use segment in 2019, which can be attributed to the high patient turnaround volume and frequent readmissions. Supportive infrastructure facilitates successful surgical procedures, which mandates the adoption of high flow needle set, thus, resulting in the higher share of hospitals. In addition, financial burden on hospitals is increasing. Hence, hospitals prefer partnering with diagnostic centers for regular health checkup. This aids in cost saving among small and mid-sized hospitals.
Diagnostic centers are also anticipated to showcase the significant growth over the forecast period owing to the rising number of people being diagnosed with various chronic disorders. In addition, regular health checkups without the doctors’ intervention is also a high impact-rendering driver for the segmental growth.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America is leading owing to the presence of major market players. Several collaborative efforts undertaken by major companies to enhance their R&D capabilities and ensure high medical standards are anticipated to govern the market across this region. The increase in the prevalence of various chronic disorders among both the pediatric and elderly population is one of the factors indicating the growing number of patients being admitted thereby boosting the demand for use of high flow needle sets. The awareness regarding the presently available, technologically advanced needle sets gaining prominence, and lack of low-cost skilled professionals are some of the crucial factors expected to boost the market.
The Asia-Pacific is expected to witness the fastest growth over the forecast period. High economic development in countries such as India, China, Indonesia and others is a key factor boosting the expenditure on healthcare infrastructure and medical services. This region is emerging as key medical tourism destination, and the government and private sector are investing significant resources to reach the service quality standards adopted in the western regions. Moreover, increasing patient pool suffering with chronic diseases is also boosting the demand for high flow needle in the region.
Competitive Landscape
The global market is highly competitive in nature. Research institutes and medical device manufacturers are focusing on introducing high flow needles with enhanced drug delivery. Investment for the development of high flow needle set with lesser adverse effects and improving geographic penetration through partnerships and collaborations are the key strategies adopted by the companies to increase their market share.
The major players include companies such AmDel, B. Braun Medical Inc., Concordance Healthcare Solutions, GEORGE PHILIPS MEDICAL ENGINEERING Pvt. Ltd, KORU Medical Systems, Medline Industries, Inc., Norfolk Medical, Smiths Group plc., Thermo Fisher Scientific.
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