Spinal Needles Market Analysis, Landscape and Growth Prospects Till 2030
Spinal Needles Market Overview
According to Market Research Future (MRFR), the global spinal needles market is estimated to witness a sharp growth by 2030, in terms of value and volume. In its recently published study report, MRFR also asserts that the market would register a CAGR over 7.70%% during the forecasted period (2020 – 2030). The increasing prevalence of different neurological diseases that are damaging brain and spinal nerves are driving the market growth.
Similarly, increasing numbers of patients suffering from neurodegenerative disorders like Alzheimer’s and Parkinson’s disease are fostering the growth of the spinal needles market. Besides, increasing healthcare expenditures and governmental support for the research and development contribute to the market growth. On the other hand, the development of alternative diagnostic tests and misconception about spinal needles among people impedes the growth of the market.
Spinal needles are medical devices generally used in administration of drug or diagnostic purposes. Spinal needles are inserted into the spinal cord or canal for the collecting cerebrospinal fluid (CSF) for diagnostic testing purposes or drug administration for the treatment of any neurological disease, fractures or vertebroplasty. Spinal anaesthesia is done to temporarily numb the area of pain during spine surgery in which the spinal needles play an important role in the drug administration of anaesthesia
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Spinal Needles Market Segmentation
The market has been analysed by its various segments to provide an expansive view of the market; this allows for accurate identification of market direction and factors affecting growth. The global spinal needle market is segmented by type, application, end users, size and region.
- By type, the market has been segregated intp atraumatic needle tips, directional spinal needles, pencil-point needles and others.
- By application, the market has been divided into diagnostic and therapeutic.
- By end users, the market has been segmented to include hospitals, clinics and other. Hospitals occupy neard three fourt hof the total market due to the demand for the product in surgical equipment.
- By size, the market has been segmented into 24G, 25G, 27G and others.
- By region, the global market has been segmented to include the Americas, Europe, the Asia-Pacific and the Middle East and Africa.
Spinal Needles Market Regional Analysis
North America leads the global spinal needles market with the largest market share. The regional market is largely driven by the rising numbers of spinal surgeries, increasing prevalence of different neurological diseases, and growing awareness among the people. Moreover, factors such as technological innovation, advancement in manufacturing processes, and contribution of nanotechnology, substantiate the market growth. Countries like the US and Canada play a vital role in the growth of this market. Besides, high per capita healthcare expenditures and rising R&D funding to develop new techniques are some of the significant factors that would support the growth of the market in the region.
The European region accounts for the second position in the global spinal needles market. Well-developed healthcare sector and increasing healthcare expenditure with rising prevalence of diseases in the region, drive the regional market growth. Moreover, factors such as the financial support from the government for R&D activities, the increase in geriatric population and the increasing numbers of spinal surgeries for the treatment of spinal disorders in the region drive the market growth. The region is projected to grow at a substantial GAGR between 2017-2023.
The spinal needles market in the Asia Pacific region is rapidly emerging as a promising market globally. The growing awareness about novel spine treatment is a major driving force behind the regional market growth. Besides, increasing healthcare expenditure and increasing government funding, are key factors influencing the growth of the APAC spinal needles market, positively. Also, rising cases of obesity disorders and the presence of a large patient population suffering from various spinal disorders are fostering the growth of the regional market.
Spinal Needles Market Players
- Medtronic Plc.
- Boston Scientific Corporation
- Becton Dickinson and Company
- Braun Melsungen AG
- Novo Nordisk A/S
- Micsafe Medical Group
- Cook Medical
- Exelint International Co
- Myco Medical
- Stryker Corporation
- AdvaCare Pharma
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