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Retractable Needle Market is Expected to Reach USD 3.1 Billion By 2028 at a CAGR of 7.9% – Reports and Data

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Retractable Needle Market is Expected to Reach USD 3.1 Billion By 2028 at a CAGR of 7.9% – Reports and Data

September 22
18:58 2022
Retractable Needle Market is Expected to Reach USD 3.1 Billion By 2028 at a CAGR of 7.9% - Reports and Data
Retractable Needle Market
According to the current analysis of Reports and Data, the global retractable syringe market was valued at USD 1.97 Billion in 2020 and is expected to reach USD 3.63 Billion by year 2028, at a CAGR of 7.9%

According to the current analysis of Reports and Data, the global retractable syringe market was valued at USD 1.97 Billion in 2020 and is expected to reach USD 3.63 Billion by year 2028, at a CAGR of 7.9%. The market for retractable needle is growing out of critical healthcare-worker needs for safety. The safety needles industry that has grown from its nascent to the advanced stages very rapidly. The sector sees burgeoning demand from the sub-Saharan African and Asia Pacific region. The market can be divided into several segments and sub-segments today. It includes services ranging from unskilled care to skilled nursing. The product range is also very wide, and so is the scope and need for specializations. Many large pharmaceutical players have lately started investing in the market.

Needle-stick injuries are a predominant sharps-related hazard in many countries. According to the World Health Organisation (WHO), each year, two million injuries from syringes and other sharp objects occur to 35 million health care workers in the world. The Centres for Disease Control and Prevention (CDC), estimated approximately 385,000 needle-sticks and other sharps injuries occur annually in U.S. hospitals. In Singapore, a study on sharps injury reported 22.2 incidents per 1000 health-care workers at a regional hospital for the year 1997. Numerous studies have found nurses to be the most common group of health-care workers experiencing needle-stick injuries. Canadian Centre for Occupational Health and Safety (CCOHS) data indicated that some hospitals reported one-third of nursing and laboratory staff suffer needle stick injury annually.

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Increasing number of syringe injuries and greater incidences of chronic diseases across the world, along with high levels of medical development especially in developing regions will drive the market at a high CAGR during the forecast period – Our Research Expert

 

Although nurses appeared to be the professional group most prone to sharps injuries, several studies have emphasized that sharps injuries are under reported by healthcare workers, making available incidence rates a less accurate reflection of the sharp injury occurrences. In fact, there is a tendency to under-report among various professional groups, with rates ranging from 30 to 60% for nurses, 13 to 15% for laboratory personnel, and 70–95% for physicians. Needle stick injury carries the possibility of exposure to any of more than 20 blood borne illnesses. The most clinically significant of these illnesses are hepatitis caused by the hepatitis B virus (HBV) or the hepatitis C virus (HCV) and acquired immunodeficiency syndrome (AIDS) due to the human immunodeficiency virus (HIV). Safer needle devices are designed to reduce the incidence of needle-stick injuries particularly in clinical setting, to prevent the risk of disease transmission from the patients to health care workers. In Retractable Needles, after the administration of the syringe contents, the hypodermic needle retracts to the inside of the barrel of the syringe. This can be triggered automatically through normal use of the syringe, or through an active input from the user.

 

Further key findings from the report suggest:

  • The Hospital sub-segment occupied the greatest market share for use of retractable needles in 2020. The sector is characterized by holistic and palliative care being provided to patients, and an emphasis on maintain hygiene and safety. This sector accounted for almost 50% of the End Use segment in 2020 of retractable needle industry.
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  • North America has the leading share in the retractable needle stick industry, chiefly because of the converging trends of their ageing population, rise in the number and cases of chronic diseases and technological advancements
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  • Asia Pacific region is anticipated to witness the highest CAGR during the forecast period on account of cost advantages, rise in the numbers of the ailing population and an increased need of safe healthcare. 10% of healthcare investment in R&D is expected by 2019 from many countries in the region which will positively affect the Retractable Needle sector.
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  • Governmental initiatives in many African countries is also expected to drive the growth of retractable needle sector. The countries in Africa present a new and potentially high-revenue generating region for most manufacturers.
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  • China and India are expected to witness a huge surge in retractable needle industry, as the market value is expected to double itself in India shortly. As high number of elderly populations is expected to be residing in China and Asia Pacific region by 2050, along with increased healthcare spending and the government of India planning to increase public health spending 2.5% of GDP by 2025, the industry is expected to see substantial growth in the Asia-Pacific.
  • By Product, automatic segment occupies the largest share of 68.4% of retractable needle market.
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  • Latin America and Middle East and Africa will be showing an average growth of around 11.2% and 13.7% respectively till 2028. In Africa, the growth will be markedly higher than in many developed countries.
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  • Improved trainings, better delivery systems and a broader product differentiation are some strategies recommended to establish a firm footing in retractable needle industry.
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  • A rise in government investments, increasing awareness about retractable needles, improved sources of funding and greater technological and scientific innovations will boost the industry.

 

Competitive Landscape:

The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Retractable Needle market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.

Leading companies operating in the market are:

Axel Bio Corporation, Becton Dickinson and Company, DMC Medical Limited, Medtronic Plc, Medigard Limited, Retractable Technologies, Inc., Smith’s Medical Corp, Sol-Millennium Inc., UltiMed, Inc., and Retractable Technologies, Inc.

The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:

Retractable Needle Market Segmentation:

Product (Revenue, USD Million; 2018–2028)

  • Manual Retractable Needles
  • Automatic Retractable Needles

 

Type (Revenue, USD Million; 2018–2028)

  • Active retraction
  • Passive retraction

 

End Use (Revenue, USD Million; 2018–2028)

  • Clinics
  • Hospitals
  • Ambulatory Surgery Centres
  • Others

 

Regional Outlook:

  • North America (U.S., Canada, Mexico)
  • Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
  • Latin America (Brazil, Rest of LATAM)
  • Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)

 

Some essential purposes of the Retractable Needle market research report:

  • Vital Developments: Custom investigation provides critical improvements to the Retractable Needle market, including R&D, new item shipment, coordinated efforts, development rate, partnerships, joint efforts, and local development of rivals working in the market on a global scale and regional.
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  • Market Characteristics: The report contains Retractable Needle market highlights, income, limit, limit utilization rate, value, net, creation rate, generation, utilization, import, trade, supply, demand, cost, part of the industry in general, CAGR, and gross margin. Likewise, the market report offers an exhaustive investigation of the elements and their most recent patterns, along with Service market fragments and subsections.
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  • Investigative Tools: This market report incorporates the accurately considered and evaluated information of the major established players and their extension into the Retractable Needle market by methods. Systematic tools and methodologies, for example, Porter’s Five Powers Investigation, Possibilities Study, and numerous other statistical investigation methods have been used to analyze the development of the key players working in the Retractable Needle market.
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  • Convincingly, the Retractable Needle report will give you an unmistakable perspective on every single market reality without the need to allude to some other research report or source of information. This report will provide all of you with the realities about the past, present, and eventual fate of the Retractable Needle market.

 

Thank you for reading the report. Kindly note that we also offer customized reports according to the client’s requirements. Contact us to know more about the customization feature and our team will provide you with the best-customized report. 

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