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SAN FRANCISCO , March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Safety Needles - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE What's New for 2022?
Edition: 7; Released: March 2022 Executive Pool: 1214 Companies: 101 - Players covered include B. Braun Melsungen AG; Becton; Cardinal Health; Dickinson and Company; Johnson & Johnson (Ethicon Inc.); Nipro Corporation; Novo Nordisk A/S; Retractable Technologies, Inc.; Smiths Group Plc.; Terumo Corporation; Vygon SA and Others. Coverage: All major geographies and key segments Segments: Product Type (Active, Passive, Other Product Types); End-Use (Hospitals & Ambulatory Surgery Centers, Diabetic Patients, Family Practice, Psychiatry, Other End-Uses) Geographies: World; United States ; Canada ; Japan ; China ; Europe (France ; Germany ; Italy ; United Kingdom ; Spain ; Russia ; and Rest of Europe ); Asia-Pacific (Australia ; India ; South Korea ; and Rest of Asia-Pacific ); Latin America (Argentina ; Brazil ; Mexico ; and Rest of Latin America ); Middle East (Iran ; Israel ; Saudi Arabia ; United Arab Emirates ; and Rest of Middle East ); and Africa .
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Global Safety Needles Market to Reach US$3.6 Billion by the Year 2026 Safety needles refer to injection needles that have been specifically designed to ensure safety of healthcare workers, support staff and patients from needlestick injuries or even infections that they might get exposed to during the course of needle use. They are widely used for administering drugs and collecting blood samples (even other body fluids), and provide protection against bloodborne pathogens and detrimental drug exposure. The global safety needles market is expected to continue to grow at a healthy rate, led mainly by implementation of rigorous laws promoting safe injection practices, amid the escalating cases of needle stick injuries worldwide. Safety needles help decrease the cost burden, minimize the occurrence of iatrogenic infection, and prevent the risk of transmission of bloodborne viruses while protecting patients from needlestick injuries (as evident when administering Covid-19 vaccines), all of which also contribute to market growth. Other factor driving demand for safety needles include the expanding patient population with chronic diseases, growing awareness of the risk posed by filled syringes, and increased global usage of prefilled syringes. Further, innovation is driving medical device manufacturers to develop and launch needle-based safety devices (both passive and active safety systems), which can be attached manually to a conventional syringe or to commercially available pre-filled syringe. Advancements in technology and quality upgrades are expected to enable companies manufacture safety needles with the highest of safety standards.
Amid the COVID-19 crisis, the global market for Safety Needles estimated at US$2.6 Billion in the year 2022, is projected to reach a revised size of US$3.6 Billion by 2026, growing at a CAGR of 8.2% over the analysis period. Active, one of the segments analyzed in the report, is projected to grow at a 9.5% CAGR to reach US$2.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Passive segment is readjusted to a revised 5.2% CAGR for the next 7-year period. This segment currently accounts for a 21.3% share of the global Safety Needles market. Among active and passive safety needles, active safety needles represent the most selling safety needles in the global market. The increase in global needlestick injury numbers, and low-cost of active needles have led to widespread adoption of active safety needles in almost all countries.
The U.S. Market is Estimated at $871.8 Million in 2022, While China is Forecast to Reach $286.3 Million by 2026 The Safety Needles market in the U.S. is estimated at US$871.8 Million in the year 2022. The country currently accounts for a 33.87% share in the global market. China , the world's second largest economy, is forecast to reach an estimated market size of US$286.3 Million in the year 2026 trailing a CAGR of 10.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada , each forecast to grow at 6.8% and 7.9% respectively over the analysis period. Within Europe , Germany is forecast to grow at approximately 7.4% CAGR while Rest of European market (as defined in the study) will reach US$277.3 Million by the end of the analysis period. North America represents the largest regional market for safety needles, where demand is driven by increasing cases of needlestick injury, escalating incidence and prevalence of chronic disorders, and an expanding geriatric population who stand greater risk of developing age-related disorders. Additional growth drivers include easy product availability, higher adoption rates, higher per capita healthcare spending and presence of major manufacturers in the region. Meanwhile, Asia-Pacific is witnessing demand grow for safety needles owing to increase in number of people suffering from chronic diseases such as diabetes, a huge patient base suffering from infectious diseases, greater availability and adoption of safety needle systems, and rise in awareness of the detrimental effect of needlestick injuries.
Passive Safety Needles Segment to Reach $642.7 Million by 2026 Passive needles are automatic, eliminating requirement for manual intervention for activating its safety feature, and hence expensive. The adoption of passive needles is taking place at much faster pace than that of active needles, as users are benefiting from the additional features such as absence of extra assembly parts, which eases disposal for users and lesser packaging space, which benefits manufacturers. In the global Passive Safety Needles segment, USA , Canada , Japan , China and Europe will drive the 5.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$381 Million will reach a projected size of US$534 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia , India , and South Korea , the market in Asia-Pacific is forecast to reach US$54.1 Million by the year 2026, while Latin America will expand at a 6.3% CAGR through the analysis period. More
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