Retractable Needle Safety Syringes Market is likely to grow at a steady CAGR of 4.0% between 2022 and 2032
[376 Pages Report] As per Future Market Insights’ latest industry analysis, the global retractable needle safety syringes market was valued at around US$ 5.49 Bn in 2021 and is anticipated to reach US$ 8.45 Bn by 2032, exhibiting a CAGR of around 4.0% over the forecast period (2022-2032).
|Retractable Needle Safety Syringes Market Base Value (2021)||US$ 5.49 Bn|
|Projected Market Size (2032)||US$ 8.45 Bn|
|Value-based CAGR (2022-2032)||4.0%|
|Market Share of Top 5 Countries||53.9%|
In the retractable needle safety syringes, as soon as the plunger handle is fully depressed, the needle is immediately drawn back from the patient and into the syringe’s barrel. Pre-removal automatic retraction practically eliminates exposure to the contaminated needle, thus lowering the chance of needle stick injuries.
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Major technological developments related to needles and syringes, such as the introduction of retractable needle safety syringes, lubrication technology and needle-stick safety-equipped devices, have increased the demand for retractable needle safety syringes in the market.
In addition to this, development of various safety devices, such as a passive needle guard with an advanced retractable needle system and plastic shield is largely addressing the issue of needle-stick injuries. Thus, technological advancement will continue to play a key role in spurring growth of the retractable needle safety syringes market.
Furthermore, organizations and manufacturers with advanced procurement functions have opportunity to grow and expand their business to purchasers and traders. Together they work to develop innovative products in order to boost revenues and profits for both parties. They are using different key strategies, such as new product launches, expansion, and collaborations, among others to expand their footprint.
For instance, in June 2021, the space Medtech start-up ResearchSat partnered with the subsidiary of Numedico Technologies Pty Ltd. (Numedico Science Pty Ltd.), to work together for developing innovative therapies and drugs delivery based systems.
Key Takeaways from Market Study
- By product, manual retractable safety syringes are expected to hold around 1% market value share by the end of 2032.
- By application, intravenous segment holds a market share value of around 0%.
- By end-user, hospitals segment accounted for the highest market share value of 7% in 2021.
- North America accounted for around 4% revenue share of the global retractable needle safety syringes market in 2021.
- The retractable needle safety syringes market in Germany is set to expand at 1% CAGR during the forecast period.
- Demand for retractable needle safety syringes in China to increase at a CAGR of 2% over the next ten years.
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“With increasing advancement in retractable needle safety syringes and surge in needle stick injury cases, growth in the retractable needle safety syringes market is on the cards,” as per the analyst of Future Market Insights.
Who is Winning?
Acquisition among the companies or brands is the key strategy of the retractable needle safety syringe manufacturers such as Becton, Dickinson and Company, Cardinal Health, and Nipro Corporation to grow their presence in the market and compete with other competitors during the coming years. Following are a few examples of acquisitions made by them to be at the top position:
- In November 2020, BD acquired the medical business assets of CUBEX LLC, broadening its automated dispensing portfolio across the care continuum.
- In January 2019, Cardinal Health announced the acquisition of Mirixa Corporation, a leading organization in developing solutions for medication therapy management.
- In February 2021, Terumo Corporation announced the acquisition of Health Outcomes Sciences, Inc.
Want more insights?
Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2012 to 2032. The global retractable needle safety syringes market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on retractable needle safety syringes market segment based on Product – (Manual Retractable Safety Syringe and Auto-retractable Safety Syringe), By Application (Subcutaneous, Intramuscular, and Intravenous) By End User – (Hospitals, Clinics, Ambulatory Surgical Centres and Others), By Distribution Channel (Direct to Customer, Retail (Retail Pharmacies and Drug Stores) and Online Pharmacies) across seven major regions.
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Key Players :
- Axel Bio Corporation, Inc
- Becton, Dickinson and Company
- Lifelong Group
- DMC Medical Ltd.
- Retractable Technologies, Inc.
- Smiths Medical
- Sol-Millennium Medical Group
- UltiMed, Inc. (Ulticare)
- Revolutions Medical Corporation
- Medicina (HMC Group)
- Haiou Medical
- Cardinal Health
- Medline Industries
- Duopross Meditech Corp.
- Nipro Corporation
- Terumo Corporation
Key Market Segments Covered in Retractable Needle Safety Syringes Industry Research
- Manual Retractable Safety Syringe
- Auto-retractable Safety Syringe
- Ambulatory Surgical Centres
By Distribution Channel:
- Direct to Customer
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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