Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Safety Needles Market – Insights
Safety needles are designed for delivering drugs and collecting fluids from the body with safety features to avoid needlestick injuries. There are various types of safety needles such as fine aspirating needles, biopsy needles, hypodermic needles, pen needles, suture needles, IV catheter needles, Huber needles, blood collection needles, spinal anesthesia and epidural needles, prefilled needles, A.V. fistula needles, and cannula needles.
The global safety needles market is estimated to account for US$ 7,765.7 Mn in terms of value by the end of 2027.
Global Safety Needles Market: Drivers
Increasing prevalence of gynecologic cancer and spine disorders is expected to boost growth of the global safety needles market over the forecast period. For instance, according to Foundation for Women’s Cancer, around 5,170 new cases of vaginal cancer are diagnosed each year in the U.S.
Moreover, high adoption of prefilled syringes is also expected to aid in growth of the market. Prefilled syringes are widely used for product differentiation for drugs that require parenteral injections. The growing awareness in risk associated with filling syringe from a vial is expected to act as a value-driver for demand for prefilled safety needles.
North America region held dominant position in the global safety needles market in 2019, accounting for 31.8% share in terms of value, followed by 2027.
Figure 1. Global Safety Needles Market Share (%), by Region, 2019
Global Safety Needles Market: Restraints
Increasing development and awareness of needle-free injection technology is expected to hinder growth of the global safety needles market. For instance, in December 2019, Nephron Pharmaceuticals Corporation partnered with National Medical Products Inc., a developer of J-Tip Needle Free Injector, to provide patients quality care through virtually pain-free anesthetic
Moreover, high incidence of trypanophobia (fear of needles) is also expected to limit growth of the market. For instance, according to the study, ‘The fear of needles: A systematic review and meta-analysis,’ published in the Journal of Advanced Nursing in January 2019, the prevalence for needle fear ranged from 20-50% in adolescents and 20-30% in young adults.
Global Safety Needles Market: Opportunities
Growing preference for pain-free needles is expected to offer lucrative growth opportunities for players in the market. Diabetes patients rely on regular dose of insulin. Therefore, such patient group prefers needles that offer less or no discomfort, ease of use, and high accuracy of dosage.
Moreover, government initiatives for needle disposal is also expected to aid in growth of the market. For instance, in February 2020, the city of Bloomington (U.S.) announced its plans to provide needle disposal boxes in public parks.
Fine Aspirating Needle segment in the global safety needles market was valued at US$ 543.9 Mn in 2019 and is expected to reach US$ 931.9 Mn by 2027 at a CAGR of 7.0% during the forecast period.
Market Trends/Key Takeaways
Increasing concerns on needlestick injuries and high prevalence of HIV and blood borne diseases have prompted companies to develop and introduce needles with enhanced safety features in the market. Products with advanced features such as self-retracting needles and needles with safety locking system are gaining traction among healthcare professionals and patients.
Government initiatives to promote vaccination is also expected to aid in growth of the market. For instance, in February 2020, the state Government of Colorado, U.S., announced its plans to pass bill for increasing the vaccination rates of Colorado children to 95% in line with the targets of the Centers for Disease Control and Prevention.
Value Chain Analysis -
Global Safety Needles Market: Competitive Landscape
Major players operating in the global 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 Medical Corporation, and B. Braun Melsungen AG.
Global Safety Needles Market: Key Developments
Major players in the market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in February 2020, Abbott Laboratories partnered with Insulet Corporation to integrate Abbott's glucose sensing technology with Insulet's next-generation tubeless system, the Omnipod Horizon Automated Insulin Delivery System (Omnipod Horizon System), to offer personalized automated insulin delivery and care for people living with diabetes.
Players in the market are also focused on launching affordable products to enhance their market share. For instance, in January 2020, Eli Lilly and Company announced its plan to launch lower-priced versions of Humalog Mix75/25 KwikPen and Humalog Junior KwikPen, by mid-April.