Spinal Needles Market growth 2023 - Swot analysis, trends & major market players

According to Market Research Future (MRFR), the global spinal needles market is estimated to witness a sharp growth by 2023, in terms of value and volume. In its recently published study report, MRFR also asserts that the market would register a CAGR over 6.8% during the forecasted period (2017 – 2023). The increasing prevalence of different neurological diseases that are damaging brain and spinal nerves are driving the market growth.

The global spinal needles market is increasing rapidly, mainly due to the rising cases of spinal disorders and injuries. Additionally, the growing population is also supporting the market growth up to some extent. Moreover, digital healthcare is manifesting a more global approach with group practices and consolidations throughout spinal treatments markets, which, as a result, is providing impetus to the growth of the market.

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.

Global Spinal Needles Market – Segments

The report is segmented into five market dynamics to widen the scope of understanding,

By Type                                : Directional Spinal Needles, Atraumatic Needle Tips, and Pencil-point Needles, among others.

By Size                  :  24G, 25G, and 27G, among others.

By Application  : Diagnostics and Therapeutics.

By End-users      : Hospitals, Clinics, among others.

By Regions                          : Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).

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 CAGR 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. 

Global Spinal Needles Market – Competitive Analysis

Highly competitive, the spinal needles market appears to be fragmented due to the presence of major players having a strong presence internationally. To gain a substantially large share in the market, market players adopt some prevailing trends such as mergers & acquisitions, collaboration, and expansion. They invest in manufacturers from emerging economies for product developments and production activities. 

Generally, substantial investments are interpreted as capacity expansion plan and intensive R&D to obtain vast growth opportunities. Key manufacturers strive to develop innovative products which can deliver more than just safe & effective results, helping physicians to manage pain and increase their practice. 

Major Players:

Players leading the spinal needles market include B. Braun (Germany), Boston Scientific (US), Medline Industries (US), BD (US), Sarstedt (UK), Smiths Medical (US), Exel International (US), Halyard Health (US), MYCO Medical (US), Medtronic (UK), Wallach Surgical (US), Novo Nordisk (Denmark), Argon Medical Devices, Inc (Netherland), Stryker Corporation (US), and Cook Medical (US), among others. 

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