Safety Needles Market To Find Better Growth with US$ 7,765.7 Million By 2027 | CAGR: 8.0%: Coherent Market Insights
Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Safety needles are primarily employed for different drug deliveries and sample collections. Fine aspirating needles (FANs) are fine needles that are used for aspiration of cells in organs and lumps in tissue. These needles are majorly used for biopsy procedures to access difficult-to-reach tissues and organs. Biopsy needles are used to extract soft tissue samples from the body, coupled with kidney, liver, skin, and bone marrow samples.
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The global safety needles market is estimated to be valued at US$ 7,765.7 Mn in terms of value by the end of 2027.
Global Safety Needles Market: Drivers
The market is expected to witness significant growth over the forecast period attributed to increasing prevalence of chronic non-communicable diseases among geriatric population. For instance, according to the study, ‘Cancer statistics for adults aged 85 years and older, 2019’, published in ACS CA: A Cancer Journal for Clinicians, in August 2019, in 2019, the estimated number of cancer cases and deaths was 140,690 and 103,250 respectively, among adults aged 85 years and older in the U.S.
Global Safety Needles Market: Opportunities
There is rising concern about disposal of contaminated needles and other medical waste attributed to potential hazards from needlestick and other injuries such as infections during encounters with such materials are expected to offer growth oppurtunities for market players in the global safety needles market. For instance, the Needlestick Safety and Prevention Act and implementation of OSHA Bloodborne Pathogens Standard in the U.S have raised awareness about injuries caused by contaminated needles. This has also prompted companies to focus on developing biodegradable needles with all the necessary features that alleviate concerns related to injuries and possible infections from contaminated medical waste and needles.
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Global Safety Needles Market: Restraints
However, various risks associated with injections are the major factors that are expected to hamper growth of the global safety needles market over the forecast period. For instance, injection procedure, in some cases leads to multiple temporary or permanent side effects. Epidural and spinal needles injections sometimes result in multiple side effects as thin needles need to pass through ligaments, bone in spine, to extract fluid from the spinal cord. Moreover, side effects associated with these procedures include itchy skin, backache, nausea, loss of bladder control, abscess formation, and nerve damage.
Among product type, hypodermic needle segment in the global safety needles market is estimated to be valued at US$ 760.3 Mn in 2019 and is expected to reach US$ 1,406.8 Mn by 2027, exhibiting a CAGR of 8.0% over the forecast period. The segment growth is attributed to increasing number of dermatologic procedures in developed and emerging economies.
Among application, drug delivery segment is expected to hold a dominant position in the global safety needles market in 2019, accounting for 54.0% market share in terms of value. The growth of the segment is attributed to increasing prevalence of chronic non-communicable diseases.
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There is rising demand for needle incineration device to avoid needle injury, which is expected to drive the market growth over the forecast period. For instance, in January 2020, RedHawk Holdings Corp. launched SANDD mini -First Responders, a needle incineration device for first responders.
Moreover, governments of various economies are adopting needle exchange program that allows injecting drug users to obtain hypodermic needles and associated paraphernalia at little or no cost. For instance, in February 2020, Hillsborough County (FL, U.S.) passed the Syringe Service Program, which allows for the exchange of used needles and hypodermic syringes for unused ones.
Global Safety Needles Market: Competitive Landscape
Key players operating in the global safety needles market include Medtronic PLC, Becton, Dickinson and Company, Boston Scientific Corporation, Smith Medical, Abbott Laboratories, Argon Medical Devices, Inc., Novo Nordisk A/S, Terumo Corporation, Eli Lilly and Company, NIPRO Medical Corporation, and B. Braun Melsungen AG.
Global Safety Needles Market: Key Developments
- January 2020: Eli Lilly and Company announced to donate around 200,000 KwikPens to three relief organizations – Americares, Direct Relief, and Dispensary of Hope to support lower-income people living with diabetes who qualify for free clinic services
- January 2020: Ipsen Biopharmaceuticals Canada Inc. launched a new pre-filled syringe with needle shield removal system for Somatuline Autogel 60, 90, and 120 mg
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- Safety Needles Market, By Product Type:
- Fine Aspirating Needle
- Biopsy Needle
- Hypodermic Needle
- Pen Needle
- Suture Needle
- IV Catheter Needle
- Huber Needle
- Blood Collection Needle
- Spinal Anesthesia and Epidural Needle
- Prefilled Syringe Needle
- A.V. Fistula Needle
- Cannula Needle
- Safety Needles Market, By Application
- Sample Collection
- Drug Delivery
- Safety Needles Market, By Distribution Channel:
- Hospital Pharmacies
- Private Clinics
- Retail Pharmacies and Drug Store
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