Spinal needles market has developed considerably due to rise in demand for this particular equipment. Market Research Future, who publishes market reports related to the Healthcare sector among others, recently published a report on the scenario in this market. The sector is estimated to develop at a CAGR of 6.8% during the forecasted period.
Technological advancements in medical devices and the availability of improved surgical processes, the market has expanded rigorously. Reduced complications from the use of spinal needles in spine related surgeries have increased their demand both from the doctors and patients end. Increase in the level of neurological disorders has further provided a push to this market in terms of investments in infrastructure and improvement of product quality. The product quality has seen significant improvement in terms of materials that are utilized for production of spinal needles leading to better precision, and in turn creating positive demand from both the consumer and medical practitioners end. Heightened presence of international market players has been beneficial for increasing the growth pace of the market. The limitations to the market’s growth can be due to the factors like increased surgery expenses, side effects of spine related operations and substitute methods for diagnostic testing.
Industry Segments
The market for global spinal needles is categorized on the criterion of type, application and end users. The market is divided into directional spinal needles, traumatic needle tips, pencil-point needles and others on the basis of type. 24G, 25G, 27G and other are the types on the basis of size. The applications have divided the market into diagnostic and therapeutic. Finally based on end users the market includes hospitals, clinics and other.
Detailed Regional Analysis:
The spinal needle market in America is majorly driven by growing numbers of spinal surgeries, increasing prevalence of various neurological disease and rising awareness among people, this has led to America dominating the global spinal needle market. Well-developed healthcare sector and increasing healthcare spending with rising number of diseases has driven the European spinal needle market to obtain the second position. The Asia Pacific region is expected to grow rapidly during forecast period. Presence of a huge patient population suffering from different infectious diseases is the key driving factor for the market in Asia Pacific region.
Global Competitive Analysis:
The sector’s long term development can be captured by continuing ongoing process improvements and sustaining financial fluidity to invest in the best strategies. A trend of volume-driven growth has been witnessed in the sector recently with the development of different varieties and product types. The sector is also simultaneously undergoing substantial transformation which has enhanced the growth pace of the sector. Companies are focusing to capture a considerable share of the market segment as early as possible, experimentation with various advantage points is being seriously considered and implemented. The industry players in the segment are effectually employing their primary resources to initiate long lasting growth.
The top players in this market segment are Halyard Health (US), Boston Scientific (US), MYCO Medical (US), B. Braun (Germany), Medline Industries (US), Sarstedt (UK), BD (US), Smiths Medical (US), Exel International (US), Wallach Surgical (US) and Medtronic (UK) to name a few.
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