According to the report, the global safety needles market was pegged at $1.61 billion and is projected to reach $3.92 billion by 2025, registering a CAGR of 12.1% from 2018 to 2025.
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Rise in number of needlestick injuries, increase in chronic conditions, and favorable government initiatives are the major drivers of the global safety needles market. However, the high cost of safety needles and alternative modes of drug delivery hamper market growth. On the contrary, untapped markets in the emerging economies, rise in application of injection and infusion therapies, and high prevalence of blood-borne diseases are expected to create lucrative opportunities in the near future.
The global safety needles market is divided based on product, end user, and region. On the basis of product, the market is segmented into active safety needles and passive safety needles. The passive safety needles segment is projected to manifest the fastest growth through 2025. However, the active safety needle segment held the largest share in 2017, owing to its high adoption rate as a safety-engineered device for administration of vaccines and medications.
Based on end user, the market is divided into hospitals, diabetic patients, family practices, psychiatrists, and others. The hospital segment held the largest share in 2017 and is expected to maintain its dominance through 2025.
The market is analyzed in various regions such as Asia-Pacific, Europe, North America, and Latin America, Middle East and Africa (LAMEA). The market in North America accounted for the largest share in 2017 and is estimated to manifest the fastest CAGR of 12.2% through 2025. However, the market in Asia-Pacific is expected to portray remarkable growth, registering a CAGR of 13.8% during the forecast period.
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The global safety needles market report includes in-depth analysis of the major market players such as Becton, Medtronic plc, Retractable Technologies, Inc., Dickinson and Company (BD), Smiths Group Plc., Terumo Medical Corporation, MedPro Safety Products, Inc., B. Braun Melsungen AG, Johnson & Johnson (Ethicon Inc.), Nipro Corporation, and Novo Nordisk. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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