Filter Needles Market – Global Industry Insights, Trends and Growth Opportunity Analysis to 2027

San Francisco, California , USA, Dec 07, 2022 — /EPR Network/ —

Filter Needles Industry Overview

The global Filter Needles Market size is expected to reach USD 2.3 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.2% from 2021 to 2027. The increasing geriatric population, technological advancements, and rising prevalence of chronic wounds are the key factors driving the market. The increasing prevalence of various chronic wounds across the globe is anticipated to drive the market over the forecast period. Some of the prevailing chronic wounds are diabetic foot ulcers, venous leg ulcers, and pressure ulcers.

Diabetic foot ulcers generally occur due to prolonged diabetes or low blood glucose level in patients. The increasing rate of diabetes in all age groups across the globe is a major factor responsible for the high prevalence of diabetic foot ulcers. As per studies conducted by the National Center for Biotechnology Information (NCBI), in 2017, the prevalence rate of diabetic foot ulcers in North America was 13.0% (highest), 5.5% in Asia, 7.2% in Africa, 5.1% in Europe, 1.5% in Australia, 16.6% in Belgium, 14.8% in Canada, and 13.0% in the U.S.

The incidence rate of pressure ulcers is rising owing to a rapidly aging population and an increase in the incidence of disabilities across the globe. In the U.S., around USD 11.0 billion is spent per year on pressure ulcers, as per the NCBI. Furthermore, the prevalence rate of pressure ulcers in nursing home patients is around 11.0% every year, therefore incidence and prevalence are anticipated to be high over the forecast period. A venous leg ulcer is an open lesion between the ankle joint and knees mainly caused due to venous disease. It is the most common leg ulcer and the prevalence rate of venous leg ulcers ranges from 0.18% to 1.0%, as per NCBI. Venous leg ulcers are the most advanced form of chronic venous disorders and the recurrence rate of these ulcers is more than 70.0%. Such a high prevalence of chronic wounds is expected to boost market growth over the forecast period.

Filter Needles Market Segmentation

Grand View Research has segmented the global filter needles market on the basis of raw material, end-use, and region:

Based on the Raw Material Insights, the market is segmented into Stainless Steel, Glass, and Others

  • The stainless steel segment dominated the market for filter needles and held the largest revenue share of 44.7% in 2020 owing to the presence of a large number of key players offering this product and the comparatively low price of stainless steel.
  • The glass segment is anticipated to witness the fastest growth over the forecast period in the market for filter needles.

Based on the End-use Insights, the market is segmented into Hospitals, Clinics, Ambulatory Surgery Centers, and Others

  • The hospital segment dominated the market for filter needles and held the largest revenue share of 45.3% in 2020 owing to the rising number of hospitals across the globe is also anticipated to surge segment growth over the forecast period.
  • The ambulatory surgery centers segment is anticipated to witness the fastest growth rate over the forecast period in the market for filter needles.

Filter Needles Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Key companies are stressing research and development to develop technologically advanced products to gain a competitive edge.

Some prominent players in the global Filter Needles market include:

  • BD
  • Cardinal Health
  • Sentra Medical
  • Myco Medical
  • Stryker
  • Braun Melsungen AG
  • SOL-Millennium

Order a free sample PDF of the Filter Needles Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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