Pune, India, Aug. 02, 2021 (GLOBE NEWSWIRE) -- The global safety needles market is expected to value at USD 1,721.4 million in 2021 and is estimated to grow at a CAGR of 9.2% during the forecast period. Safety needles are designed to deliver drugs and collect fluids from the body by maintaining safety features for avoiding needlestick injuries. The factors driving the market growth include increasing cases of needlestick injuries, increasing cases of chronic ailments and infections, government initiatives to incorporate the use of safety needles in the legislation and advanced safety mechanisms for the needles. Various countries have introduced regulations to ensure the compulsory use of safe needles to reduce needlestick injuries and avoid the reuse of needles. The growing global demand for safety needles is mainly due rising adoption of safety needles in different applications like blood specimen collection, drug delivery and vaccinations.
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Increasing cost of the safety needles and the increasing availability of the safety needle alternative like needle-free injection in the market are the prime factors that are expected to hamper the global safety needle market growth. The increasing manufacturing and development of needle-free injection technology is also expected to restrain the global safety needle market growth. Additionally, the high prevalence of trypanophobia is another restraining factor for market growth. The growing preference for the painless needle is expected to offer lucrative growth opportunities for the market participants. Moreover, the government needle disposal programs are also expected to help in the development of businesses.
Some Significant Market Developments Considered in The Report:
- February 2020 - Abbott Laboratories collaborated with Insulet Corporation to integrate Abbott’s glucose-sensing technology with Insulet’s next-generation tubeless systems which are known as the Omnipod Horizon Automated Insulin Delivery System.
- January 2020 - Eli Lilly and Company launched lower proceed versions of Humalog Mix 75/25 KwikPem and Humalog Junior KwikPen. These lower-priced insulins may reduce out-of-pocket costs.
COVID-19 Impact on the Global Safety Needles Market
The QMI team is closely monitoring the impact of COVID-19 on the global safety needles industry, and it has been observed that the demand for a safety needles program is normal during the pandemic time. It is expected to grow sharply during the analysis period. To control the spread of the pandemic, many countries across the globe have enforced strict lockdown norms, which is hampering all kinds of business activities. Due to the COVID-19, there has been a significant rise in the advancements in the COVID 19 vaccines which leads to the increasing demand for the vaccines and the need for the needles has been significantly grown.
Global Safety Needles Market, by Product Type
Based on product type, the global safety needles market is segmented into fine aspirating needles, biopsy needle, hypodermic needle, pen needle, suture needle, IV catheter needle, Huber needle, others. The other segment includes blood collection needle, spinal anesthesia and epidural needle, prefilled syringe needle, A.V. fistula needle, and cannula needle.
Among these, the suture needle is one of the major segments owing to increasing adoption and rising cases of surgeries. Suture needles are low priced compared to other types of needles thus, most pharmaceutical companies are producing them to increase their sales.
Global Safety Needles Market, by Application
Based on the application, the global safety needles market is segmented into sample collection and drug delivery. Among these, drug delivery segment is expected to be the fastest growing segment during the forecast period. The segment growth can be owing to various advantages such as the ability to deliver drugs selectively to a specific site with less frequent dosing. Thus, increasing number of surgeries is expected to contribute to segment growth during the forecast period.
Global Safety Needles Market, by Distribution Channel
Based on distribution channel, the global safety needles market is segmented into hospital pharmacies, private clinics, retail pharmacies and drug stores, and e-commerce. Among these, the e-commerce segment is expected to be the fastest-growing segment during the forecast period. With the onset of COVID-19, people are strictly maintaining the social distancing norms, due to which they are preferring to order safety needles online.
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Global Safety Needles Market, by Region
Based on the region, the global safety needles market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America is expected to hold the largest market share during the forecast period. The regional market growth can be attributed to increasing prevalence of needlestick injuries in this region. Other factors like the easy availability of the safety needles and the presence of the leading market players are also the are also expected to contribute to North American market during the forecast period.
Some Major Findings of the Safety Needle Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global safety needle market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global safety needle market, which include B. Braun Melsungen AG, Becton, Dickinson and Company, Cardinal Health, Johnson & Johnson (Ethicon Inc.), Nipro Corporation, Novo Nordisk A/S, Retractable Technologies, Inc., Smiths Group Plc., Terumo Corporation, and Vygon SA
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global safety needle market
- Impact of COVID-19 on the global safety needle market.
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Safety Needles Market, By Product (Active Safety Needles, Passive Safety Needles), By End User (Hospitals & Ambulatory Surgery Centers, Diabetic Patients, Family Practices, Psychiatry, Others), By Region (North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, Rest of the World) – Market Size & Forecasting (2016-2028)” in-depth analysis along with the table of contents (ToC).
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