Wilmington, Delaware, United States, June 05, 2023 (GLOBE NEWSWIRE) -- According to TMR estimates, the global retractable needles market is likely to garner a steadily expanding CAGR of 7.3% from 2022 to 2031. In 2021, the market for Retractable Needles was estimated at US$ 177.7 million, and by the end of 2031, it is anticipated to reach US$ 355.7 million.
The price of retractable needles is reasonable. The World Health Organization (WHO) is promoting the use of auto-disable syringes in many nations because they assist stop the spread of infections and illnesses. Retractable needle usage is increasing as a result of needlestick injuries. The market for retractable needles offers significant prospects for market participants as a result of the rise in healthcare professionals' worries about needlestick injuries.
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Retractable needle market is also driven by rising prevalence of chronic illnesses like diabetes and TB. The marketplace for retractable needles is being fueled by rising illness rates caused by reusing traditional needles. The World Health Organization anticipates that almost 16 billion injections are given every year. Additionally, improper use of conventional needles has been noted, which is leading to a widespread infection.
Retractable needles are used, which reduces needle stick injuries. These needles save time, minimize waste, and are regarded as safe. Using traditional syringes might spread infections like HIV and blood-borne illnesses, which will eventually lead to a greater acceptance of retractable needles.
Key Findings of Market Report
- The automated retractable needles segment dominated the retractable needles market globally in terms of revenue in 2021.
- By 2031, the hospital sector is projected to hold a 50% share of the worldwide market. From 2022 to 2031, it is projected to expand at a CAGR of 8.1%.
- North America led the retractable needles market globally in 2021, and it is predicted that the region would expand at a CAGR of 9.0% between 2022 and 2031.
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Global Market for Retractable Needles: Key Trends
- In medical settings, intravenous, intramuscular, and subcutaneous injections are all performed with a one-inch needle. It is a long, somewhat fine needle. Given that the femoral vein is quite near the surface, it could be advantageous for injections into that vein. The needle avoids the possibility of injury or scarring.
- In comparison to clinics and ambulatory surgical centers, hospitals in 2021 generated a higher percentage of income. During the projected period, the sector is anticipated to hold the bulk of the market share. This can be explained by the increased foot traffic, patient admissions, as well as patient treatments at hospitals compared to other institutions.
Global Retractable Needles Market: Regional Outlook
- North America had a significant portion of the worldwide market in 2021 due to the region's adoption of different safety and operational rules and policies, as well as the existence of high standards for medical treatment and care. The market in North America is growing as a result of ongoing technological developments, health care research activities, and the creation of more effective & secure medical goods & technologies.
- Europe had a significant portion of the worldwide market in terms of revenue in 2021, driven by growing technology breakthroughs, increased health care expenditure, and growing elderly populations in the region's nations. The need for safe & retractable needle solutions is increasing as more people are in need of medical attention and treatment for a range of age-related ailments and disorders.
Global Retractable Needles Market: Key Players
Some of the key players in the global retractable needles market are:
- Retractable Technologies, Inc.
- Becton, Dickinson and Company
- Numedico Technologies Pty Ltd.
- Retrago
- DMC Medical Limited
- RayMed
- Other prominent players
Some developments by the key players in the global market for retractable needles are:
- Retractable Technologies Inc. reported a total net revenue of US$ 11.0 million for the first quarter of 2023 with an operating loss of $2.7 million, as opposed to total net sales of $44.7 million with an operating gain of $9.7 million for the identical period in 2018.
- Retrago created the first automated retractable needle syringe that is effective and addresses every safety concern associated with improper injections, which endanger the lives of millions of people. It features a built-in safety feature that activates automatically without needing to take the needle out of the patient.
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Global Retractable Needles Market Segmentation
- By Type
- Manually Retractable Needle
- Automatic Retractable Needle
- By End-user
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
- By Needle Length
- 1 inch
- 1.5 inch
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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