Market Trends of High Flow Needle Sets Industry
This section covers the major market trends shaping the High Flow Needle Sets Market according to our research experts:
The Hospital Segment Dominates the Market and is Expected to Continue the Same during the Forecast Period
Hospitals accounted for the largest share in the end-use segment in 2019, which can be attributed to the high patient turnaround volume and frequent readmissions. Supportive infrastructure facilitates successful surgical procedures, which mandates the adoption of high flow needle set, thus, resulting in the higher share of hospitals. In addition, financial burden on hospitals is increasing. Hence, hospitals prefer partnering with diagnostic centers for regular health checkup. This aids in cost saving among small and mid-sized hospitals.
Diagnostic centers are also anticipated to showcase the significant growth over the forecast period owing to the rising number of people being diagnosed with various chronic disorders. In addition, regular health checkups without the doctors' intervention is also a high impact-rendering driver for the segmental growth.
The North America Dominates the Market and is Expected to Continue the Same during the Forecast Period
North America is leading owing to the presence of major market players. Several collaborative efforts undertaken by major companies to enhance their R&D capabilities and ensure high medical standards are anticipated to govern the market across this region. The increase in the prevalence of various chronic disorders among both the pediatric and elderly population is one of the factors indicating the growing number of patients being admitted thereby boosting the demand for use of high flow needle sets. The awareness regarding the presently available, technologically advanced needle sets gaining prominence, and lack of low-cost skilled professionals are some of the crucial factors expected to boost the market.
The Asia-Pacific is expected to witness the fastest growth over the forecast period. High economic development in countries such as India, China, Indonesia and others is a key factor boosting the expenditure on healthcare infrastructure and medical services. This region is emerging as key medical tourism destination, and the government and private sector are investing significant resources to reach the service quality standards adopted in the western regions. Moreover, increasing patient pool suffering with chronic diseases is also boosting the demand for high flow needle in the region.
