Increasing occurrences of cancer is one of the significant factors influencing the market growth.
Market Size – USD 34.0 Million in 2018, Market Growth – CAGR of 7.0%, Market Trends – Favorable government regulations
The global port needles market is expected to reach USD 62.6 Million by 2027, according to a new report by Reports and Data. The growth of the market is attributed to the increasing application of implantable ports.
Cancer has a significant impact on the society in the U.S. and across the globe. It has been estimated that 1,735,350 new cancer cases were diagnosed in the U.S., and 609,640 people suffered death from the disease. The number of further incidences of cancer is 439.2 per 100,000 men and women annually, and the number of cancer-related morbidity is 163.5 per 100,000 men and women annually. Moreover, it has been estimated that in 2017, 15,270 children and adolescents in the age range of 0-19 years were diagnosed with cancer, out of which 1,790 suffered death owing to the disease. In the year 2017, an estimated USD 147.30 billion was spent on cancer care in the U.S. The growing prevalence of cancer would lead to increasing demand for chemotherapy, thereby boosting the market demand.
The rising occurrence of obesity is projected to fuel the demand for port needles in the upcoming years. According to the World Health Organization in 2016, over 650 million adults (13% of the adult population across the globe) who are 18 years or older were obese. A majority of the global population lives in countries where more people die owing to overweight and obesity as compared to underweight people. In the same year, 41 million children below the age of 5 were obese/overweight, and more than 340 million children and individuals aged five years to 19 years were obese/overweight in 2016.
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Technological advancements and rapid digitization have streamlined the daily operations of the pharmaceutical industry. Increasing spending on medicine due to growing geriatric populace, rising incidence of chronic diseases, increasing number of product launches, and growing number of R&D activities are some key factors contributing to revenue growth of the market. Increasing focus on patient engagement solutions, rising focus to cater to growing unmet clinical demand, adoption of advanced technologies to streamline workflows in healthcare sector, and availability of skilled healthcare professionals has been positively impacting the pharma & healthcare industry. The emergence of COVID-19 pandemic has further increased focus on healthcare facilities, teleconsultation and telemedicine, and increased burden on the healthcare industry compelling governments and companies to invest heavily to cater to the growing global demand.
Top Companies operating in the Market and Profiled in the Report include:
Medtronic, Becton, Dickinson, and Company, Smiths Medical, Novo Nordisk, B. Braun Melsungen AG, Hamilton Syringes and Needles, NIPRO Medical, Boston Scientific, Terumo Corporation, and Hi-Tech Medicare Devices, among others.
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Port Needles Market Segmentation:
Product Type Outlook (Revenue, USD Million; 2016-2027)
- Winged Port Needles
- Angled Port Needles
- Straight Port Needles
Application Outlook (Revenue, USD Million; 2016-2027)
- Blood Transfusions
- Cancer Treatment
- Parental Nutrition
- Other
End-Users Outlook (Revenue, USD Million; 2016-2027)
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
The report discusses in detail the top companies in the market along with their recent initiatives such as mergers and acquisitions, joint venture, partnerships, corporate and government deals, collaborations, and brand promotions and product launches among others. The report further discusses the companies’ initiatives and investments in key regions across the globe such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
Region analysis Covers:
- North America (U.S.A., Canada, Mexico)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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In conclusion, the report offers a comprehensive analysis of the factors expected to drive the global Port Needles market growth over the forecast period of 2024-2028. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report also offers strategic recommendations to the established players as well as new entrants to help them gain a strong foothold in the market.
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