The size of the global Safety Needles Market which was estimated at US$ 5,123 Million in 2021, is anticipated to grow at a 7.6% CAGR from 2022 to 2032. In terms of end users as of 2021, hospital pharmacies will dominate the global market for safety needles, with a total anticipated value of around US$ 2.6 billion. By the end of 2032, the global market is anticipated to reach US$ 11,370 Million.
The healthcare sector and hospital pharmacies are expected to lead the global safety needles market on the basis of end users by estimating a valuation of approximately US$ 2.6 Billion by 2021. According to the historical analysis, the global safety needles market is exhibited to grow at a CAGR of 6.3% from 2015 to 2021.
The global market for safety needles accounted for a share of around 62.5% in 2021. Owing surging concerns regarding the transmission of lethal diseases from needle stick injuries have forced several companies to develop innovative needles with enhanced safety features.
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Safety needles are equipped with several features in order to prevent needle stick injuries while dispensing medications and collecting bodily fluids. There is a variety of needles such as fine aspiration needles, aspiration & biopsy needles, hypodermic needles, suture needles, IV catheter needles, prefilled needles, and many other varieties of safety needles available on the market.
Key Takeaways
- Increasing concerns about needle stick injuries among patients along with healthcare professionals is a prominent factor driving growth in the safety needles market. The rising preference for pain-free needles is expected to create opulent growth opportunities for manufacturers in the global market.
- A regular dosage of insulin is crucial for diabetic patients for their well-being and keeping regular track of diabetes, therefore consumers falling in those categories are set to create high demand for painless or pain-free needles to avoid discomfort or unease of painful needles.
- The injection safety guidelines (2015) introduced by the World Health Organization (WHO), reveal that for medical workers to use safety-engineered syringes with sharp injury protection/prevention (SIP) must be handled with utmost attention and care.
- Rising funding and investments in the surgical instruments department by several hospitals and favorable government initiates have encouraged the use of safe injection practices in order to prevent needle stick injuries & needle re-use, which can further influence the market.
- Technological advancements in the safety needles market have gradually bettered medical practices and safety practices by incorporating features like a one-touch needle retraction mechanism, auto-disable feature, reuse prevention, sharp injury protection (SIP), and safety mechanism in only one product/device.
- Strict regulations have been implemented by various government agencies in numerous countries concerning the usage of safe needles to avoid hospital-acquired infections like HIV, hepatitis C, and B, which will fuel growth in the global safety needles market throughout the projection years.
- Some of the crucial factors propelling growth in the market are due to the prevalence of chronic diseases globally, rising cases of spinal disorders, and the high adoption rate of prefilled syringes. The government is launching new campaigns all over the world to spread awareness about vaccinations among the population. These aforementioned factors are contributing to the expansion of the safety needles market in the future.
Competitive Landscape
Major players in the safety needles market are collaborating with government bodies to raise awareness amongst patients concerning the unsafe use of reusable needles. Mergers and acquisitions in the safety needles market are expected to enhance the product portfolios of various key players during the forecast period.
Key Companies Profiled: –
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, and Retractable Technologies
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Key Segments Covered In Safety Needles Market Report
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
Application:
- Sample Collection
- Drug Delivery
Distribution Channel:
- Hospitals Pharmacies
- Private Clinics
- Retail Pharmacies & Drug Stores
- E-Commerce
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More Insights into the Safety Needles Market
The U.S. is predicted to dominate the global safety needles market as it garnered a total revenue of about US$ 1.4 Bn in 2021. The market is set to lead the North American region by exhibiting growth at a robust CAGR of 7.5% over the assessment period. The presence of plenty of well-known manufacturers and the surging prevalence of life-threatening diseases in the U.S. are expected to boost growth in the market.
Japan is expected to account for about 8.5% of the global safety needles market. The manufacturing of medical equipment such as biopsy and anesthesia needles have a strong foothold in Japan. With high volumes of production, the country is set to create new growth opportunities for key players in the market for safety needles.
In 2021, Germany possessed 7.6% of the total safety needles market share. The global safety needles market is anticipated to expand over the estimation period at an impressive CAGR of 10.6% due to the emergence of established guidelines on infection prevention within a hospital setting.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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