Filter Needles Market Size To Reach $2.9 Billion By 2030

Filter Needles Market Growth & Trends 

The global filter needles market size is expected to reach USD 2.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.5% from 2023 to 2030. 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.

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Filter Needles Market Report Highlights

• In terms of revenue, the stainless steel segment held the largest market share in 2022 due to the presence of several players offering this product and low price

• The hospitals segment held the largest revenue share in 2022 owing to the increasing number of hospitals across the globe

• In Asia Pacific, the market is anticipated to witness the fastest growth over the forecast period owing to the rising road accident cases in this region

Filter Needles Market Segmentation

Grand View Research has segmented the global filter needles market report based on raw material, end use, and region:

Filter Needles Raw Material Outlook (Revenue, USD Million, 2018 - 2030)

• Stainless Steel

• Glass

• Others

Filter Needles End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals

• Clinics

• Ambulatory Surgery Centers

• Others 

Filter Needles Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East and Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in Filter Needles Market

• BD

• Cardinal Health

• Myco Medical

• Stryker

• B.Braun SE

• Sol-Millennium

• Terumo Corporation

• ICU Medical, Inc.