SEATTLE, June 28, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the U.S. retractable needle safety syringes market is estimated to be valued at US$ 148.8 million in 2020 and is expected to exhibit a CAGR of 4.7% during the forecast period (2020-2027).
Key Trends and Analysis of the U.S. Retractable Needle Safety Syringes Market:
Key trends in the market include increasing incidence of chronic diseases and needle stick injuries that are expected to drive growth of the U.S. retractable needle safety syringes market over the forecast period. For instance, according to the Centers for Disease Control and Prevention, heart disease is the leading cause of death in the U.S. According to the same source, around 647,000 people living in the U.S. die due to heart disease every year.
Moreover, needle stick injuries are uncommon but still pose a potential problem, which can prove to be serious and are also responsible for viral diseases such as blood-borne diseases. For instance, according to the Centers for Disease Control and Prevention, around 385,000 needle stick injuries occur annually among healthcare workers in the U.S.
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Key Market Takeaways:
The U.S. retractable needle safety syringes market is expected to exhibit a CAGR of 4.7% during the forecast period due to key players in the market are focusing on growth strategy such as collaboration is expected to drive the market growth over the forecast period. For instance, In October, Becton, Dickinson and Companycollaborated with Gov. Pete Ricketts and other state and local leaders to start a US$ 60 million upgrade of its Columbus-East facility. The new facility of around 69,000 sq. ft. expansion will transform the Columbus- East facility into the flagship plastic injection molding manufacturing facility for Becton, Dickson and Company, and it will become one of the largest and most sophisticated plastic molding plants in the world.
On the basis of product type, automated segment is expected to exhibit higher CAGR in the U.S. retractable needle safety syringes market over the forecast period. The increasing product launches is expected to drive the segment growth over the forecast period. For instance, in September 2020, DMC Medical Limited launched New SureSafe fully automatic retractable syringe in the U.S.
Among distribution channel, hospital pharmacies segment is estimated to hold a dominant position in the U.S. retractable needle safety syringes market over the forecast period. The increasing healthcare spending in the U.S. is a key factor contributing to high spending on healthcare facilities and medical devices. The increasing healthcare spending is expected to drive growth of the hospital pharmacies segment in the U.S. retractable needle safety syringes market over the forecast period. For instance, according to the Federal government of the U.S. data, the U.S. healthcare expenditure is expected to reach from US$ 3.5 trillion in 2017 to US$ 6.0 trillion in 2027. It is increasing at an average annual growth rate of 5.5%.
Competitive Landscape:
Key players operating in the U.S. retractable needle safety syringes market include Becton, Dickinson and Company, Smiths Medical, Revolutions Medical Corporation, Retractable Technologies Inc., SOL-MILLENNIUM, Axel Bio Corporation, Inc., DMC Medical Limited, Medicina, Duopross Meditech Corp., and MHC Medical Products, LLC.
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Market Segmentation:
- U.S. retractable needle safety syringes market, By Product Type :
- Fine Aspirating Needle
- Biopsy Needle
- Hypodermic Needle
- Pen Needle
- Suture Needle
- IV Catheter Needle
- Huber Needle
- Blood Collection Needle
- Spinal Anesthesia and Epidural Needle
- Prefilled Syringe Needle
- A.V. Fistula Needle
- Cannula Needle
- Retractable Syringes
- U.S. retractable needle safety syringes market, By Application:
- Sample Collection
- Drug Delivery
- U.S. retractable needle safety syringes market, By End User:
- Hospitals
- Physician Offices
- Nursing Home
- Dental Laboratories
- Diagnostic Centers
- Ambulatory Surgical Centers
- Homecare Settings
- Others
- U.S. retractable needle safety syringes market, By Distribution Channel
- Hospital Pharmacies
- Private Clinics
- Retail Pharmacies and Drug Store
- E-commerce
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