Spinal Needles Market Overview
A spinal needle is defined as medical devices useful for diagnostic or therapeutic purposes.
Market Research Future (MRFR) has published spinal needles market share report that indicates the global industry size was valued at USD 0.23 billion in 2021. The spinal needles market industry is projected to grow from USD 0.24 Billion in 2022 to USD 0.44 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 10.37% during the forecast period (2022 - 2030).
This report analyzes the market structure and offers insights about factors affecting the market growth. Evaluating market size and forecasting the revenue, this report covers and observes the competitive developments of market players that include joint ventures, mergers and acquisitions, new product developments, research and developments (R & D), and strategic alliances. Factors aiding the growth of the market include the availability of improved surgical processes, technological advancements in medical devices, reduced complications from the use of spinal needles in spine related surgeries, and an increase in demand for spine needles due to increase in the level of neurological disorders. The limitations that can hamper the market growth include factors like increased surgery expenses, side effects of spine-related operations, and substitute methods for diagnostic testing.
Spinal Needles Market Segmentation
The global spinal needles market has been segmented on the basis of application, end users, size, type, and lastly, region. The application-based segmentation of the market covers diagnostic applications and therapeutic applications. On the basis of end users, the market has been segmented into clinics, hospitals, and other. As per size-based segmentation, the market covers 24G, 25G, 27G, other. By type, the market has been segmented into atraumatic needle tips, directional spinal needles, pencil-point needles, and others.
Spinal Needles Market Regional Analysis
The regional segmentation of the global spinal needles market segments the market into continent-based regional markets namely The Americas (North America & South America), Asia Pacific, Europe, and the Middle East & Africa (MEA). The biggest regional market is The Americas. North America alone holds the potential to be the largest market due to its strong economies are known as the United States of America (USA) and Canada. Many key market players are based in the USA. In this region, the availability of advanced medical facilities makes North America a bigger market than South America. Factors supporting the market growth in this region include increasing awareness among the people, an increasing number of spinal surgeries, and the increasing prevalence of different neurological disease.
Decent technological advancement, increasing healthcare expenditure, rising prevalence of diseases, and well-developed healthcare sectors are the reasons that have made Europe the second largest regional market after North America. Due to the reasons same as The Americas, Western Europe is a bigger market than Eastern Europe. The significant country-specific markets in this region are France, Italy, Germany, the United Kingdom (UK), and Spain, followed by the rest of Western Europe and then Eastern Europe.
According to the report, Asia Pacific region is likely to witness a faster growth for the market during the forecast period. Factors contributing to the faster growth include the presence of huge patient population suffering from different infectious diseases and steadily rising quality of medical services in countries like India and Japan. Apart from these two countries, the other country-specific markets are Australia, South Korea, and China, followed by the rest of the Asia Pacific region.
The MEA region shows limited market slow and steady growth. The reasons for the slow market growth in this region are lack of awareness, lack of education, lack of technological development, political instability, poor healthcare facilities, and healthcare not considered a priority by most governments. The primal country-specific markets in this region are Kuwait, Oman, Qatar, United Arab Emirates (UAE), and Saudi Arabia, followed by the rest of the MEA region.
Key Players
In global spinal needles market trends report, the top key players areinclude Argon Medical Devices Inc (Netherland), B. Braun (Germany), BD (USA), Boston Scientific (USA), Cook Medical (USA), Exel International (USA), Halyard Health (USA), Medline Industries (USA), Medtronic (UK), MYCO Medical (USA), Novo Nordisk (Denmark), Sarstedt (UK), Smiths Medical (USA), Stryker Corporation (USA), and Wallach Surgical (USA).
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