Safety Needles Market – Insights
Safety needles are designed for delivering drugs and collecting fluids from the body with safety features to avoid needlestick injuries. There are various types of safety needles such as fine aspirating needles, biopsy needles, hypodermic needles, pen needles, suture needles, IV catheter needles, Huber needles, blood collection needles, spinal anesthesia and epidural needles, prefilled needles, A.V. fistula needles, and cannula needles.
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 gynecologic cancer and spine disorders is expected to boost growth of the global safety needles market over the forecast period. For instance, according to Foundation for Women’s Cancer, around 5,170 new cases of vaginal cancer are diagnosed each year in the U.S.
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Moreover, high adoption of prefilled syringes is also expected to aid in growth of the market. Prefilled syringes are widely used for product differentiation for drugs that require parenteral injections. The growing awareness in risk associated with filling syringe from a vial is expected to act as a value-driver for demand for prefilled safety needles.
North America region held dominant position in the global safety needles market in 2019, accounting for 31.8% share in terms of value, followed by 2027.
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.
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.
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.
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.
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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
- Safety Needles 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
- Safety Needles Market, By Application
- Sample Collection
- Drug Delivery
- Safety Needles Market, By Distribution Channel:
- Hospital Pharmacies
- Private Clinics
- Retail Pharmacies and Drug Store
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