Globe Newswire11.01.21
The global safety needles market is expected to be worth $1.72 billion this year and is estimated to grow 9.2 percent annually during the forecast period, according to Quince Market Insights data. Safety needles are designed to deliver drugs and collect fluids from the body by maintaining safety features for avoiding needlestick injuries. The factors driving the market growth include increasing cases of needlestick injuries, increasing cases of chronic ailments and infections, government initiatives to incorporate the use of safety needles in the legislation and advanced safety mechanisms for the needles. Various countries have introduced regulations to ensure the compulsory use of safe needles to reduce needlestick injuries and avoid the reuse of needles. The growing global demand for safety needles is mainly due rising adoption of safety needles in different applications like blood specimen collection, drug delivery and vaccinations.
Increasing cost of the safety needles and the increasing availability of the safety needle alternative like needle-free injection in the market are the prime factors that are expected to hamper the global safety needle market growth. The increasing manufacturing and development of needle-free injection technology is also expected to restrain the global safety needle market growth. Additionally, the high prevalence of trypanophobia is another restraining factor for market growth. The growing preference for the painless needle is expected to offer lucrative growth opportunities for the market participants. Moreover, the government needle disposal programs are also expected to help in the development of businesses.
Significant Market Developments
Based on product type, the global safety needles market is segmented into fine aspirating needles, biopsy needle, hypodermic needle, pen needle, suture needle, IV catheter needle, Huber needle, others. The other segment includes blood collection needle, spinal anesthesia and epidural needle, prefilled syringe needle, A.V. fistula needle, and cannula needle. Among these, the suture needle is one of the major segments owing to increasing adoption and rising cases of surgeries. Suture needles are low priced compared to other types of needles thus, most pharmaceutical companies are producing them to increase their sales.
Based on the application, the global safety needles market is segmented into sample collection and drug delivery. Among these, drug delivery segment is expected to be the fastest growing segment during the forecast period. The segment growth can be owing to various advantages such as the ability to deliver drugs selectively to a specific site with less frequent dosing. Thus, increasing number of surgeries is expected to contribute to segment growth during the forecast period.
Based on distribution channel, the global safety needles market is segmented into hospital pharmacies, private clinics, retail pharmacies and drug stores, and e-commerce. Among these, the e-commerce segment is expected to be the fastest-growing segment during the forecast period. With the onset of COVID-19, people are strictly maintaining the social distancing norms, due to which they are preferring to order safety needles online.
Based on the region, the global safety needles market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America is expected to hold the largest market share during the forecast period. The regional market growth can be attributed to increasing prevalence of needlestick injuries in this region. Other factors like the easy availability of the safety needles and the presence of the leading market players are also the are also expected to contribute to North American market during the forecast period.
Increasing cost of the safety needles and the increasing availability of the safety needle alternative like needle-free injection in the market are the prime factors that are expected to hamper the global safety needle market growth. The increasing manufacturing and development of needle-free injection technology is also expected to restrain the global safety needle market growth. Additionally, the high prevalence of trypanophobia is another restraining factor for market growth. The growing preference for the painless needle is expected to offer lucrative growth opportunities for the market participants. Moreover, the government needle disposal programs are also expected to help in the development of businesses.
Significant Market Developments
- February 2020: Abbott Laboratories collaborated with Insulet Corporation to integrate Abbott’s glucose-sensing technology with Insulet’s next-generation tubeless systems which are known as the Omnipod Horizon Automated Insulin Delivery System.
- January 2020: Eli Lilly and Company launched lower proceed versions of Humalog Mix 75/25 KwikPem and Humalog Junior KwikPen. These lower-priced insulins may reduce out-of-pocket costs.
Based on product type, the global safety needles market is segmented into fine aspirating needles, biopsy needle, hypodermic needle, pen needle, suture needle, IV catheter needle, Huber needle, others. The other segment includes blood collection needle, spinal anesthesia and epidural needle, prefilled syringe needle, A.V. fistula needle, and cannula needle. Among these, the suture needle is one of the major segments owing to increasing adoption and rising cases of surgeries. Suture needles are low priced compared to other types of needles thus, most pharmaceutical companies are producing them to increase their sales.
Based on the application, the global safety needles market is segmented into sample collection and drug delivery. Among these, drug delivery segment is expected to be the fastest growing segment during the forecast period. The segment growth can be owing to various advantages such as the ability to deliver drugs selectively to a specific site with less frequent dosing. Thus, increasing number of surgeries is expected to contribute to segment growth during the forecast period.
Based on distribution channel, the global safety needles market is segmented into hospital pharmacies, private clinics, retail pharmacies and drug stores, and e-commerce. Among these, the e-commerce segment is expected to be the fastest-growing segment during the forecast period. With the onset of COVID-19, people are strictly maintaining the social distancing norms, due to which they are preferring to order safety needles online.
Based on the region, the global safety needles market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and South America. North America is expected to hold the largest market share during the forecast period. The regional market growth can be attributed to increasing prevalence of needlestick injuries in this region. Other factors like the easy availability of the safety needles and the presence of the leading market players are also the are also expected to contribute to North American market during the forecast period.