Hypodermic Needles Market Report, published by Allied Market Research, forecasts that the global market was valued at $2,396 million in 2015, and is expected to garner $3,842 million by 2022, registering a CAGR of 6.9% during the forecast period 2016 – 2022. The safety hypodermic needle segment held nearly seven-ninths of market share in 2015.
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The major companies profiled in the report include Becton, Dickinson And Company, B. Braun Melsungen AG, Catalent, Inc., Connecticut Hypodermics, Inc., EXELINT International Co., MedPro Safety Products, Inc., Medtronic plc, Retractable Technologies, Inc., Smiths Group plc, and Terumo Medical Corporation.
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- Safety hypodermic needles segment is projected to be grow at the highest CAGR from 2016 to 2022.
- Passive safety hypodermic needles are poised to witness the fastest growth during the forecast period.
- Hospital end-user segment generated the highest revenue in 2015, and is expected to continue its dominance ahead as well.
- North America dominated the global hypodermic needles market, and is projected to grow at a CAGR of 6.5%.
- Among the application segment, the use of hypodermic needles for vaccination is expected to witness the fastest growth during the forecast period.
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Retractable safety hypodermic needles is anticipated to dominate the safety hypodermic needles market as these needles eliminate exposure to the contaminated needle thereby reducing the risk of needle stick injuries. It accounted for over five-eighths of the total share in 2015.
Drug delivery is currently dominating the application segment and is expected to grow at a CAGR of 6.7%. Hypodermic needles are widely used in drug delivery to infuse the desired drug (therapeutic) into the patients body. In addition, safety injections embedded with hypodermic needles provide several advantages such as good absorption leading to lesser wastage of drugs, shorter onset time, and accurate titration of the dosage.
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