Safety Needles Market To Surpass US$ 7,765.7 Million By 2027 - Coherent Market Insights


Posted June 4, 2021 by SANJAYCMI

Safety Needles Market Report- 2026 Analyses competitive environment such as key players, future trends, growths, challenges and acquisitions in the market.
 
Safety needles are used for different drug deliveries and sample collections. Fine aspirating needles (FANs) are fine needles used for aspiration of cells in organs and lumps in tissue. These needles are primarily used for biopsy procedures to access difficult-to-reach tissues and organs. Biopsy needles are used to obtain soft tissue samples from the body and for extraction of kidney, liver, skin, and bone marrow samples.

Statistics:

The global Safety Needles Market is estimated to account for US$ 7,765.7 Mn in terms of value by the end of 2027.

Global Safety Needles Market: Drivers

Increasing prevalence of chronic non-communicable diseases in geriatric population is expected to boost growth of the global safety needles market over the forecast period. For instance, according to the study, ‘Cancer statistics for adults aged 85 years and older, 2019’, published in ACS CA: A Cancer Journal for Clinicians, in August 2019, in 2019, the projected number of cancer cases and deaths was 140,690 and 103,250 respectively, among adults aged 85 years and older in the U.S.

Global Safety Needles Market: Opportunities

Concerns regarding disposal of contaminated needles and other medical waste is continuously increasing owing to possible hazards from needlestick and other injuries such as infections during encounters with such materials. The Needlestick Safety and Prevention Act and implementation of OSHA Bloodborne Pathogens Standard in the U.S have increased the awareness regarding injuries caused by contaminated needles. This has also prompted companies to focus on developing biodegradable needles with all the necessary features that alleviate concerns related to injuries and possible infections from contaminated medical waste and needles.

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Global Safety Needles Market: Restraints

Risks associated with injections are expected to hamper growth of the global safety needles market. The injection procedure sometimes leads to multiple temporary or permanent side effects. Epidural and spinal needles injections sometimes result in multiple side effects as thin needles need to pass through ligaments, bone in spine, to extract fluid from the spinal cord. Risks associated with these procedures include, itchy skin, backache, nausea, loss of bladder control, abscess formation, and nerve damage.

Key Takeaways:

The Hypodermic Needle segment in the global safety needles market was valued at US$ 760.3 Mn in 2019 and is expected to reach US$ 1,406.8 Mn by 2027 at a CAGR of 8.0% during the forecast period. Increasing number of dermatologic procedures in developed and developing economies is expected to assist the growth of the segment during the forecasted period.

The Drug Delivery segment held dominant position in the global safety needles market in 2019, accounting for 54.0% share in terms of value in 2019. The growth of the segment is attributed to increasing prevalence of chronic non-communicable diseases during the forecasted period.

Market Trends

The demand for needle incineration device is high to avoid needle injury. For instance, in January 2020, RedHawk Holdings Corp. launched The SANDD mini -First Responders, a needle incineration device for first responders.

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Several governments are adopting needle exchange program that allows injecting drug users to obtain hypodermic needles and associated paraphernalia at little or no cost. For instance, in February 2020, Hillsborough County (FL, U.S.) passed the Syringe Service Program, which allows for the exchange of used needles and hypodermic syringes for unused ones.

Global Safety Needles Market: Competitive Landscape

Major players operating in the global safety needles market include, Medtronic PLC, Becton, Dickinson and Company, Boston Scientific Corporation, Smith Medical, Abbott Laboratories, Argon Medical Devices, Inc., Novo Nordisk A/S, Terumo Corporation, Eli Lilly and Company, NIPRO Medical Corporation, and B. Braun Melsungen AG.

Global Safety Needles Market: Key Developments

January 2020: Eli Lilly and Company announced to donate around 200,000 KwikPens to three relief organizations – Americares, Direct Relief, and Dispensary of Hope to support lower-income people living with diabetes who qualify for free clinic services

January 2020: Ipsen Biopharmaceuticals Canada Inc. launched a new pre-filled syringe with needle shield removal system for Somatuline Autogel 60, 90, and 120 mg

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Contact Email [email protected]
Issued By Coherent Market Insights
Phone +1-206-701-6702
Business Address 1001 4th Ave
# 3200 Seattle, WA 98154, U.S.
Country United States
Categories Health , Marketing , Research
Tags Safety Needles Market Share , Safety Needles Market Size , Safety Needles Market
Last Updated June 4, 2021