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Safety Needles Market To Surpass US$ 7,765.7 Million By 2027 - Coherent Market Insights
Safety Needles Market To Surpass US$ 7,765.7 Million By 2027 - Coherent Market Insights
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 fordifferent drug deliveries and sample collections. Fine aspirating needles(FANs) are fine needles used for aspiration of cells in organs and lumps intissue. These needles are primarily used for biopsy procedures to access difficult-to-reachtissues and organs. Biopsy needles are used to obtain soft tissue samples fromthe body and for extraction of kidney, liver, skin, and bone marrow samples.

Statistics:

The global SafetyNeedles Market is estimated to account for US$ 7,765.7 Mn in terms of valueby the end of 2027.

Global Safety Needles Market:Drivers

Increasing prevalence of chronicnon-communicable diseases in geriatric population is expected to boost growthof 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, in2019, the projected number of cancer cases and deaths was 140,690 and 103,250respectively, among adults aged 85 years and older in the U.S.

Global Safety Needles Market:Opportunities

Concerns regarding disposal ofcontaminated needles and other medical waste is continuously increasing owingto possible hazards from needlestick and other injuries such as infectionsduring encounters with such materials. The Needlestick Safety and PreventionAct and implementation of OSHA Bloodborne Pathogens Standard in the U.S haveincreased the awareness regarding injuries caused by contaminated needles. Thishas also prompted companies to focus on developing biodegradable needles withall the necessary features that alleviate concerns related to injuries andpossible infections from contaminated medical waste and needles.

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Global Safety Needles Market:Restraints

Risks associated with injectionsare expected to hamper growth of the global safety needles market. Theinjection procedure sometimes leads to multiple temporary or permanent sideeffects. Epidural and spinal needles injections sometimes result in multipleside effects as thin needles need to pass through ligaments, bone in spine, toextract fluid from the spinal cord. Risks associated with these proceduresinclude, itchy skin, backache, nausea, loss of bladder control, abscessformation, and nerve damage.

Key Takeaways:

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

The Drug Delivery segment helddominant position in the global safety needles market in 2019, accounting for54.0% share in terms of value in 2019. The growth of the segment is attributedto increasing prevalence of chronic non-communicable diseases during theforecasted period.

Market Trends

The demand for needleincineration device is high to avoid needle injury. For instance, in January2020, RedHawk Holdings Corp. launched The SANDD mini -First Responders, aneedle incineration device for first responders.

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Several governments are adoptingneedle exchange program that allows injecting drug users to obtain hypodermicneedles and associated paraphernalia at little or no cost. For instance, inFebruary 2020, Hillsborough County (FL, U.S.) passed the Syringe ServiceProgram, which allows for the exchange of used needles and hypodermic syringesfor unused ones.

Global Safety Needles Market:Competitive Landscape

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

Global Safety Needles Market: KeyDevelopments  

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

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

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