Global Safety Needles market analysis
Protection needles are equipped with safety measures to prevent needle-stick accidents when delivering medications and removing fluids from the body. Fine aspirating needles, IV catheter needles, biopsy needles, hypodermic needles, Huber needles, pen needles, suture needles, blood collecting needles, spinal anesthesia and epidural needles, cannula needles, prefilled needles, and A.V. fistula needles are but a few examples of protection needles.
By 2027, the global safety needles market is expected to attain a valuation of US$ 7,765.7 million.
During the forecast period, the global safety needles market is expected to rise due to the rising prevalence of gynecologic cancer and spine disorders. According to the Foundation for Women’s Cancer, about 5,170 new cases of vaginal cancer are diagnosed in the United States each year.
Furthermore, the market’s growth is projected to be supported by the widespread use of prefilled syringes. For medications that need parenteral injections, prefilled syringes are commonly used to differentiate products. If people become more mindful of the dangers of filling a syringe from a vial, demand for prefilled safety needles is expected to rise.
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In 2019, the North American region held a leading position in the global safety needles market, contributing about 31.8% of market share, and was followed by European region.
The global safety needles demand is projected to be hampered by the growing production and understanding of needle-free injection technologies. Nephron Pharmaceuticals Corporation partnered with National Medical Products Inc., a developer of the J-Tip Needle Free Injector, in December 2019 to provide patients with quality treatment through practically pain-free anesthetics.
Furthermore, the high prevalence of trypanophobia (fear of needles) is expected to hinder market expansion. According to a survey released in the Journal of Advanced Nursing in January 2019, the prevalence of needle aversion ranged from 20-50 percent in teens and 20-30 percent in young adults, according to the study “The fear of needles: A systematic overview and meta-analysis.”
Rising demand for painless needles is projected to provide attractive growth prospects for industry players. Patients with diabetes rely on a steady supply of insulin. As a result, this patient population enjoys needles with little to no pain, ease of use, and high dose precision.
Furthermore, government programmes for needle disposal are expected to help the market expand. The city of Bloomington (USA) announced plans to instal needle disposal boxes in public parks in February 2020.
In 2019, the fine Aspirating Needle segment of the global safety needles market was worth US$ 543.9 million and is projected to grow at a CAGR of 7.0 percent to US$ 931.9 million by 2027.
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Companies have developed and introduced needles with improved safety features in the market as a result of rising fears about needlestick infections and the high incidence of HIV and blood-borne diseases. Advanced features including self-retracting needles and needles with a safety locking mechanism are gaining popularity among healthcare providers and patients.
Initiatives by the government to encourage vaccination are also projected to help the market expand. In February 2020, the state government of Colorado, United States, announced plans to pass a bill to raise Colorado children’s vaccine rates to 95 percent, in accordance with the Centers for Disease Control and Prevention’s goals.
Key companies contributing in the global safety needles market are Smith Medical, Boston Scientific Corporation, Novo Nordisk A/S, Medtronic PLC, Braun Melsungen AG, NIPRO Medical Corporation, Dickinson and Company, Eli Lilly and Company, Becton, Terumo Corporation, Argon Medical Devices, Inc., and Abbott Laboratories.
To broaden their product range, major players in the market are focusing on cooperation and alliance initiatives. Abbott Laboratories and Insulet Corporation announced a partnership in February 2020 to combine Abbott’s glucose sensor technologies with Insulet’s next-generation tubeless system, the Omnipod Horizon Automated Insulin Delivery System (Omnipod Horizon System), to provide customised automated insulin delivery and treatment to people with diabetes.
Various companies in the market are now concentrating on introducing low-cost offerings in order to increase their market share. Eli Lilly and Company announced in January 2020 that by mid-April, lower-cost versions of Humalog Mix75/25 KwikPen and Humalog Junior KwikPen will be available.
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