Global Needle Counters Market - 2023-2030

Global Needle Counters Market - 2023-2030

The Global Needle Counters market reached US$ 2.1 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 3.0 billion by 2030. The global needle counters market is expected to exhibita CAGR of 4.7% during the forecast period (2023-2030).

Needle counters are essential equipment in surgical settings, helping to improve patient safety, reduce medical errors, improve workflow efficiency, ensure regulatory compliance, and promote accountability and quality control. Healthcare workers can improve the overall surgical experience, reduce risks, and improve patient outcomes by employing needle counters.

In hospital settings, needle counters improve accountability and quality control. Medical personnel can use these devices to create a standardised needle management method, guaranteeing that every needle is tallied and eliminating the chance of human mistake. Furthermore, increasing incidences of chronic diseases, a growing geriatric population, and the introduction of new advanced products by market players are elevating needle counters market size.

Market Dynamics

The Growing Geriatric Population will Helps to Drive the Market Growth

More medical interventions, including surgical operations, are frequently required in the aged population. As people get older, they may acquire health problems that demand surgery, such as hip replacements, heart treatments, or tumour excision. As the senior population grows, so does the demand for surgical operations, which increases the demand for needle counters to assure the safety and well-being of these patients. Sensory and cognitive abnormalities, such as diminished eyesight, hearing difficulties, or memory issues, may occur in the aged population.

For instance, according to Eurostat, the EU population in January 2022, was estimated to be 446.7 million, out of which 21.1% were Older individuals aged 65 or over indicating an increase of 0.3 percentage points (pp) to the previous year and an increase of 3.1 pp compared with a decade earlier. In addition, according to a new report by the United Nations (UN), the number of individuals aged 65 years or above globally is anticipated to increase two folds in the next 30 years. The geriatric population is expected to attain 1.6 billion in 2050, making up over 16% of the world population. By thus increasing the geriatric population will drive the market growth.

Rise of Chronic Diseases which Helps to Drive the Market Growth

Chronic diseases may necessitate continuing medical monitoring and intervention. Surgical procedures, biopsies, infusions, and other invasive procedures are examples of interventions. The global prevalence of chronic diseases such as diabetes, cardiovascular disease, and cancer is increasing. As a result, needle counters are in high demand to ensure the precise tracking and retrieval of needles used in these procedures.

Thus rise of cardiovascular surgeries helps to drive the market growth in needle counters for every procedure. For instance, according to NLM, almost 400,000 CABG operations are performed each year, making it the most common major surgical surgery, however surgical trends have shifted as alternate choices such as medical treatment and percutaneous coronary intervention (PCI) have become more popular. This activity demonstrates the indications for coronary artery bypass surgery and emphasises the significance of the interprofessional team in the management of CAD patients. As a result, market growth of needle counters rises.

The Cost of Maintenance and Lack of Trained Professionals will Hamper the Market Growth

However, needle counters can be costly for both purchasing and maintaining. This cost may be too expensive for healthcare facilities with restricted finances, particularly smaller clinics or settings with limited resources. Healthcare practitioners must be trained in the proper use of the needle counting system. It is critical to be familiar with the technology and how it works in order to ensure precise counting and minimise errors. Training may necessitate more time and resources. As a result, the aforementioned factors impede market expansion.

COVID-19 Impact Analysis

The COVID-19 outbreak has had a massive global influence on surgical procedures. In order to concentrate resources and hospital capacity for COVID-19 patients, many hospitals and healthcare systems have postponed or cancelled non-urgent or elective surgeries. This was done to reduce the risk of COVID-19 transmission, conserve personal protective equipment (PPE), and reallocate people and resources to where they are most required. The impact of COVID-19 on surgeries will vary depending on the severity of the pandemic, the availability of healthcare resources, and the virus's evolving understanding.

Segment Analysis

The global needle counters market is segmented based on excersise type, end user and region.

Foam Needle Counters Segment Accounts for 47.3% of Market Share in 2022

Foam needle counters, also known as foam needle detection systems or foam needle detectors, are medical devices designed to detect and prevent the inadvertent retention of surgical needles in patients in surgical and healthcare settings. The significance of foam needle counters stems from their capacity to improve patient safety by lowering the possibility of retained surgical needles, which can result in catastrophic consequences.

Patients can suffer considerable injury from retained surgical needles, including infections, internal injuries, and the need for additional surgical treatments. By adding an extra layer of protection during surgical procedures, foam needle counters help to prevent these undesirable outcomes.

Additionally, foam needle counters serve an important role in increasing patient safety, quality assurance, workflow efficiency, and compliance with healthcare regulations. They help to reduce the risk of retained surgical needles and the accompanying problems by providing an automated and reliable technique of needle detection.

Geographical Analysis

North America Accounted for Approximately 39.4% of the Market Share

North America region is expected to serve a large share of the market owing to the increasing patient population as a result of rise in the geriatric population and the increasing prevalence of chronic diseases, which leads to a large number of surgical procedures, high prevalence of HAIs, the existence of advanced healthcare infrastructure in the US and Canada, the implementation of favorable government initiatives and stringent regulations on needle counters, and the presence of key players in this region.

For instance, according to OASH, in hospitals alone, one in every 31 hospitalised patients has at least one HAI at any given moment, resulting in about 680,000 infections and billions of dollars in excess health care expenses in the United States each year. Despite tremendous success in preventing various HAI types during the previous decade, much more effort remains to be done. As a result, the rise of HAI contributes to the growth of the region.

Competitive Landscape

The major global players in the needle counters market STERIS, NewGen Surgical, Boen Healthcare, Medical Action Industries, Xodus Medical, Austramedex, ArcRoyal, Medtronic, Cardinal Health, Advanced Medical Innovation Inc among others.

Why Purchase the Report?
• To visualize the global needle counters market segmentation based on type, end user and region,as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of needle counters market-level with all segments.
• PDF report consists of a comprehensiveanalysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available asexcelconsisting of key products of all the major players.

The global Needle Counters market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies