Michael Barbella, Managing Editor03.19.21
America's safety needles market is primed for robust growth over the next seven years.
The market was valued at $2.44 billion last year and is forecast to grow 4.8 percent annually to reach $3.4 billion by the end of 2027, according to Coherent Market Insights.
Increasing government initiatives for blood collection and blood donation is expected to drive the market growth over the forecast period. In May 2020, the U.S. Defense Department begun an effort to collect 8,000 donated units of plasma from patients who have recovered from COVID-19 to support the development of an effective treatment against the disease in the United States. Donations will be accepted at 15 Armed Services Blood Program centers across the United States, and in Hawaii, Guam, and Germany.
Furthermore, favorable government reimbursement for pen needles is expected to drive the market over the forecast period. According to the American Diabetes Association 2018 report, 34.2 million Americans, or 10.5 percent of the population in 2018, had diabetes. Favorable polices by Medicare regarding reimbursement for pen needles and increasing prevalence of diabetes are the major factors expected to fuel overall revenue growth of safety needles in the United States over the forecast period
The high incidence of spinal injuries and the rising geriatric population susceptible to pain and neurological disorders are factors expected to drive the market growth in the near future. For instance, according to the report published by the National Spinal Cord Injury Statistical Center in 2018, the incidence of spinal cord injury is approximately 54 cases per 1 million people in the United States and around 17,700 new cases of spinal cord injury are diagnosed each year in the United States.
Key players operating in the U.S. 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 Corporation, B.Braun Melsungen AG, Revolutions Medical Corporation, Retractable Technologies Inc., SOL-MILLENNUM, UltiMed Inc., Axel Bio Corporation Inc., Cardinal Health Inc., Vygon S.A., and Gerresheimer AG.
The market was valued at $2.44 billion last year and is forecast to grow 4.8 percent annually to reach $3.4 billion by the end of 2027, according to Coherent Market Insights.
Increasing government initiatives for blood collection and blood donation is expected to drive the market growth over the forecast period. In May 2020, the U.S. Defense Department begun an effort to collect 8,000 donated units of plasma from patients who have recovered from COVID-19 to support the development of an effective treatment against the disease in the United States. Donations will be accepted at 15 Armed Services Blood Program centers across the United States, and in Hawaii, Guam, and Germany.
Furthermore, favorable government reimbursement for pen needles is expected to drive the market over the forecast period. According to the American Diabetes Association 2018 report, 34.2 million Americans, or 10.5 percent of the population in 2018, had diabetes. Favorable polices by Medicare regarding reimbursement for pen needles and increasing prevalence of diabetes are the major factors expected to fuel overall revenue growth of safety needles in the United States over the forecast period
The high incidence of spinal injuries and the rising geriatric population susceptible to pain and neurological disorders are factors expected to drive the market growth in the near future. For instance, according to the report published by the National Spinal Cord Injury Statistical Center in 2018, the incidence of spinal cord injury is approximately 54 cases per 1 million people in the United States and around 17,700 new cases of spinal cord injury are diagnosed each year in the United States.
Key players operating in the U.S. 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 Corporation, B.Braun Melsungen AG, Revolutions Medical Corporation, Retractable Technologies Inc., SOL-MILLENNUM, UltiMed Inc., Axel Bio Corporation Inc., Cardinal Health Inc., Vygon S.A., and Gerresheimer AG.
