Safety Needles Market valuation in excess of US$ 2,500 Million by 2027
[277 Pages Report] The global safety needles market was worth $5,123 million in 2021 and is expected to grow at a 7.6% CAGR during the forecast period (2022-2032). In terms of end users, hospital pharmacies are expected to lead the global safety needles market by 2021, with a total valuation of approximately US$ 2.6 billion. By the end of 2032, the global market is expected to be worth US$ 11,370 Mn.
Rising Focus on Use of Prefilled Syringes Fuelling the Demand
At present, value of the global safety needles market is estimated to be s worth US$ 3,752.2 Mn, and it is estimated to reach US$ 7,765.7 Mn by 2027-end, witnessing a CAGR of 6.9% during this forecast period. The growing focus on utilization of prefilled syringes for treatment of several ailments is fuelling the demand for safety needles across the globe. Factors such as changing lifestyle habits, exposure to hormones and infection by HCV are expected to result in gynaecological cancers. Rising incidence rate of gynaecological cancers, coupled with higher presence of lower-back problems in regions such as the US are driving the demand for spine needles and other types of safety needles.
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The sole purpose of designing safety needles was to avoid needlestick injuries while collecting fluids and delivering drugs to the body. The key players of global market for safety needles are enhancing their product portfolio by focusing on production of innovative needles with safety features. These players include B. Braun Melsungen AG, Novo Nordisk A/S, Medtronic, and Becton, Dickinson and Company. Becton, Dickinson and Company holds its dominance in the overall market with around 50% share, followed by Medtronic and Novo Nordisk AS. Future Market Insights’ recent report profiles Smith Medical and Argon medical Inc. as emerging safety needle manufacturers, while Terumo Medical Corporation and Boston Scientific Inc. are recognised as mid-level players in the global safety needles market.
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Trends Observed in the Global Safety Needles Market
Leading companies are participating in campaigns in co-ordination with governments of several economies for raising awareness about unsafe use of reusable needles among patients. Increasing prevalence of HIV & blood-borne diseases, owing to needle injuries, has also urged the companies for development of needles with enhanced safety features.
Key findings from FMI’s Report Include
- Hypodermic needles, as a product, will dominate the market, and is expected to account for 18.1% share during the forecast period. However, biopsy needles are expected to witness fastest revenue growth at 8.6% CAGR.
- Hospital pharmacies are estimated to account for more than half of safety needles being distributed globally, while private clinics are expected to garner over US$ 1,300 Mn through 2027.
- Drug delivery application of safety needles is expected to gain 242 BPS in its market share. In addition, sample collection is projected to create an absolute $ opportunity of around US$ 1,840 Mn in 2017 over 2016.
APEJ – Fastest-Growing Safety Needles Market in World
Around 24% market share is estimated to be held by Western Europe by the end of 2027, while APEJ is expected to register fastest growth in the global market for safety needles. In contrast, Eastern Europe is poised to depict a sluggish growth during the forecast period, while North America is will remain the outright dominant region in the global market for safety needles.
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Market segmentation Product Type
- Fine Aspirating Needles
- Biopsy Needles
- Hypodermic Needles
- Pen Needles
- Suture Needles
- IV Catheter Needles
- Blood Collection Needles
- Spinal Anesthesia and Epidural Needles
- Prefilled Needles
- A.V. Fistula Needles
- Cannula Needles
- Huber Needles
- Sample Collection
- Drug Delivery
- Hospital Pharmacies
- Private Clinics
- Retail Pharmacies and Drug Stores
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 9-years.
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