The global safety needles market size is likely to jump from US$ 5,840.7 million in 2023 to US$ 11,972.7 million by 2033. This projected expansion is anticipated to result from a modest 7.4% CAGR in the demand for safety needles over the upcoming decade.
The increase in incidence of needlestick injuries globally, as well as an upsurge in the frequency of chronic and infectious diseases, are the primary drivers driving the expansion of the global safety needles market. Every year, it is estimated that over 5.6 million healthcare professionals in the United States are at risk of catching infection from needle stick injuries, while around 1 million healthcare workers in the European Union suffer needle stick injuries. Furthermore, the increased global adoption of safety needles and the enactment of favorable government initiatives connected to the usage of safety needles are what are currently driving market expansion.
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Advances in technology and an increase in the number of companies providing safety needles are expected to drive the safety needles market during the projected period. Furthermore, the high prevalence of chronic lifelong diseases requiring frequent injections, particularly diabetes, are significant drivers expected to drive the safety needles market throughout the projected period. Diabetic patients are fully reliant on regularly administered insulin dosages for their well-being. Thus, customers in such categories are likely to have a strong desire for painless or pain-free needles to prevent the inconvenience or disquiet of painful needles.
Wrong needle injection techniques resulting in infection, broadening accessibility to alternative drug delivery processes or devices, hemorrhaging and other complications, and rising fear/anxiety among patients for syringes are a few critical variables that are projected to impede the market expansion. Growing awareness resulting in productive consequences of devices or items such as needle-less innovations are also likely to stymie expansion in the safety needle market.
Manufacturers in the safety needle sector are now prioritizing the use of eco-friendly materials in the production process. There is a move toward utilizing materials that are renewable, recyclable, and have a reduced environmental impact throughout their lifecycle. Moreover, the emergence of the home healthcare segment as a lucrative market for safety needles represents a notable shift in healthcare delivery.
North America is expected to lead the global safety needles market during the forecast period. A growing population of elderly people more susceptible to age-related disorders and high average annual spending on healthcare in the region are key factors projected to stimulate the market in North America during the forecast period. On the other hand, during the projected period, the Asia Pacific safety needles market is expected to grow at a rapid pace.
While the United States currently dominates the safety needle market, there are several countries with the potential to surpass it in the future. One notable contender is China. China has been actively investing in healthcare infrastructure and reforms. This has resulted in a deeper awareness of healthcare safety guidelines and practices. opines a lead healthcare industry analyst at FMI.
Key Takeaways from the Safety Needles Market:
- In 2022, the United States firmly established itself as a leader in the safety needles industry, commanding a substantial 27.8% share of the global market.
- The safety needles industry in the United Kingdom is positioned for significant expansion, with an estimated CAGR of 7.0% anticipated through 2033.
- The Japan safety needles industry secured a market share of 8.5% in 2022.
- India’s notable progress in the safety needles industry is reflected in its anticipated CAGR of 11.1% over the forecasted period.
- In 2022, Germany possessed a significant 7.9% portion of the global safety needles industry.
- China is poised for swift ascent in the safety needles industry, with an estimated CAGR of 9.7% anticipated over the forecasted period.
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Key Players and Strategies for Success in the Safety Needles Market
In the dynamic landscape of the safety needles industry, success hinges on strategic innovation, compliance, and customer-centricity. Here’s how:
- Continuously invest in research and development to create innovative safety needle products.
- Establish robust quality control measures to ensure compliance with healthcare guidelines.
- Streamline manufacturing processes to achieve cost efficiency without compromising on product quality.
- Establish partnerships or collaborations with distributors to reach a wider customer base.
- Embrace technological advancements like IoT-enabled tracking systems for needle usage.
- Implement eco-friendly manufacturing practices and materials in line with sustainable trends.
Recent Developments in the Safety Needles Market
In February 2023, Zephyrus Innovations disclosed that its Aeroject 3ml safety needle has been granted 510(k) Marketing Approval from the United States Food and Drug Administration.
In June 2021, HMD introduced the Single-use Dispojekt Safety Needle. These one-time-use sterile needles are intended to safeguard healthcare personnel from the danger of NSIs.
Key Companies Profiled in the Safety Needles Market Report:
- Medtronic Public Limited Company
- Boston Scientific Corp
- Becton Dickinson and Company
- Smith Medical, Argon Medical Devices, Inc.
- Novo Nordisk A/S
- Terumo Corporation
- NIPRO Medical Corporation
- B. Braun Melsungen AG.
- Abbott Laboratories
- Eli Lilly and Company
- Retractable Technologies
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Key Segments Covered In Safety Needles Market Report:
By Product:
- Fine Aspiring 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
- Cannula Needles
- Huber Needles
By Application:
- Sample Collection
- Drug Delivery
By Distribution Channel:
- Hospitals Pharmacies
- Private Clinics
- Retail Pharmacies & Drug Stores
- E-commerce
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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