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Increasing Chronic Disease Prevalence Fueling Hypodermic Needle Market Growth
Global Hypodermic Needle Market Expected to Grow at 7.4% CAGR During 2016 – 2022
By: P&S Intelligence
Browse detailed report with COVID-19 impact analysis at Hypodermic Needle Market Research Report (https://www.psmarketresearch.com/
Diabetes is one of the most prevalent chronic diseases across the globe. According to the World Health Organization (WHO), around 422 million people all over the world are diagnosed with diabetes and the disease claims the lives of 1.6 million people every year. Furthermore, the organization also found that a majority of the people living in low- and middle-income countries suffer from diabetes. As needles are required for administering insulin in patient's bodies for managing diabetes, the growing incidence of the disease is responsible for the rising prevalence of needlestick injuries.
Depending on type, the hypodermic needle market is divided into safety and non-safety needle categories. Between these, the safety needle category dominated the market in the past, primarily because of the fact that these needles have a safety mechanism that prevents the occurrence of needlestick injuries. On the other hand, non-safety hypodermic needles do not have a safety mechanism and as a result, these needles experience limited demand. Moreover, as safety needles are produced in compliance with the safety regulations, their popularity is surging sharply globally.
This is credited to the high incidence of lifestyle-associated and chronic diseases and the extensive focus on the adoption of safe injection technologies in the region. Whereas, the Asia-Pacific (APAC) hypodermic needle market is expected to register the fastest growth during the forecast period. This will be because of the growing public awareness of the safe usage of needles and the rapidly improving healthcare infrastructure in the region. China is predicted to be the fastest growing country in the APAC market during the forecast period.
Hence, it can be said without any hesitation that the market will grow sharply in the coming years, mainly because of the increasing prevalence of needlestick injuries, rising incidence of chronic diseases such as diabetes, surging geriatric population, and the growing public awareness about the benefits of hypodermic needles across the world.