According to a new report published by Allied Market Research, titled, "Safety needles Market by Product, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2026," The safety needles market accounted for $1,609 million in 2018, and is expected to reach $3,009 million by 2026, registering a CAGR of 8.1% from 2019 to 2026.
Safety needles are hollow, cylindrical metal rods with a puncture point at the pointed tip. These needles are utilized to inject solutions through subcutaneous, intravenous, and intramuscular modes for rapid uptake of substances such as insulin, drugs, and others. Safety needles are equipped with a sheath that is placed over the needle. In some devices, the needle retracts into the barrel of the syringe post injection. These devices are designed in this manner to prevent needlestick injuries in healthcare workers. Moreover, safety needles are used to extract body fluids for diagnosis.
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The global safety needles market witness's significant growth, owing to factors such as increase in cases of chronic diseases & infections and surge in prevalence of needlestick injuries. Favorable government initiatives related to the use of safety needles boosts the growth of market. However, high price of safety needles and availability of alternative modes of drug delivery hamper the growth of the market. Conversely, high growth potential in emerging economies is expected to create lucrative opportunities for market expansion during the forecast period.
The global safety needles market is segmented based on product, end user, and region, both in terms of both value and volume. Depending on product, the market is bifurcated into active safety needles and passive safety needles. By end user, it is fragmented into hospitals and surgery centers, diabetic patients, family practice, psychiatry, and others. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, Italy, Spain, France, Czech Republic, Republic of Moldova, Poland, Hungary, Romania, Russia, Slovakia, Ukraine, Greece, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, Taiwan, and rest of Asia-Pacific) and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Qatar, Lebanon, Jordan, and rest of LAMEA).
Key Findings of the Safety needles Market:
Active safety needles occupied 70.90% share of the global safety needles market in 2018
The psychiatry segment is anticipated to grow with the highest CAGR throughout the forecast period
The hospitals & ambulatory surgery centers segment accounted for 31.78% share of the market in 2018
Asia-Pacific is anticipated to grow at the highest rate during the analysis period, followed by LAMEA
Key Market Segments
By Product
Active Safety Needles
Passive Safety Needles
By End User
Hospitals & ambulatory surgery centers
Psychiatry
Family Practice
Others
In 2018, North America accounted for the major share of safety needles market, and is expected to continue this trend during the forecast period, owing to rise in cases of needlestick injuries in the region. Moreover, other factors such as easy availability of safety needles, presence of key players, and surge in adoption of safety needles boost the market growth. However, Asia-Pacific is expected to exhibit fastest growth rate, owing to surge in awareness related to harmful outcomes of needlestick injuries. Furthermore, upsurge in prevalence of fatal infections that can be transmitted through needlestick injuries and rise in healthcare expenditure in the region are the key factors that significantly contribute toward the growth of the market. The constantly evolving life science industry drives the growth of the market in the developing economies such as India, China, Malaysia, and others, thus providing lucrative opportunities to the safety needles providers for expansion for their businesses.
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Key Market Players
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
VYGON SA