SAFETY NEEDLES MARKET ANALYSIS

The global Safety Needles market is estimated to be valued at US$ 5.63 billion in 2023 and is expected to exhibit a CAGR of 8.5% during the forecast period (2023-2030).

Analysts’ Views on Global Safety Needles Market:

The rising incidence of chronic diseases such as cancer, cardiovascular diseases, and diabetes is expected to drive the demand for safety needles in the healthcare industry. Additionally, the increasing awareness about the risks associated with needlestick injuries and the need for safe injection practices is also expected to contribute to the growth of the safety needle market For instance, in December 2021, Olympus Medical Systems India Pvt. Ltd, a manufacturer of medical devices, launched its 510(k)-cleared BF-UC190F endobronchial ultrasound (EBUS) bronchoscope, the newest addition to its EBUS portfolio of devices for minimally invasive lung cancer diagnosis and staging via needle biopsy. From December 2020 more than 1,600 clinical cases using the Olympus EBUS solution prove that EBUS-TBNA (transbronchial needle aspiration) is an effective biopsy solution, providing higher diagnostic yield with greater sensitivity and specificity in lymph nodes ≥5 mm.

Figure 1. Global Safety Needles Market Share (%), by Product Type, 2023

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Global Safety Needles Market – Driver

Product launch by the key players, and rising number of diabetic patients

To prevent the needlesticks injuries, the needs of safety needles conducting both prenatal and postnatal research, key market players are focused on launching new products to expand their product portfolio. For instance on January 10 2023, Sharps Technology, Inc., an medical device and drug delivery company offering patented, best-in-class syringe products, announced the advancement of the company's specialized prefillable syringe ("PFS") system product line, which will be manufactured in collaboration with Nephron Pharmaceuticals at the Inject EZ facility in West Columbia, South Carolina, U.S.

Figure 2. Global Safety Needles Market Value (US$ Billion), by Region, 2023

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Global Safety Needles Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global safety needles market over the forecast period. North America is estimated to hold 44.3% of the market share in 2022. The growing prevalence of chronic diseases and spine disorders directly impacts the increased demand for the safety needles market. For instance, in July 2022, according to an article published by StatPearls publishing, in North America, millions of healthcare workers use needles in their daily work, and hence, the risk of needlestick injuries is always a concern. While the introduction of universal precautions and safety conscious needle designs has led to a decline in needlestick injuries. However, the major concern after a needlestick injury is not HIV but hepatitis B or hepatitis C.

Global Safety Needles Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global Safety Needles market. The COVID-19 pandemic has affected every country in the world, and states in America are taking a variety of measures to stop its spread. For instance, in May 2020, the Centers for Disease Control and Prevention (CDC) began collaborating with the all-of-government and all-of-America strategy to strengthen case detection, contact tracing, and testing capabilities across all U.S. states and reopen the nation.

Global Safety Needles Market Segmentation:

The global Safety Needles market report is segmented into by Product Type, by Application, by Distribution channel and Region.

By Product Type, the safety needles market is segmented into Fine Aspirating Needle, Biopsy Needle, Hypodermic Needle, Pen Needle, Suture Needle, IV Catheter Needle, Huber Needle, Blood Collection Needle, Spinal Anesthesia and Epidural Needle, Prefilled Syringe Needle, A.V. Fistula Needle, and Cannula Needle. Out of which, the hypodermic needle segment is expected to dominate the safety needle market during the forecast period owing to large volume of hypodermic needle market that are being used in healthcare industries for diverse medical conditions.

By Application, the market is segmented into Sample collection and drug delivery. Out of which, the drug delivery segment is expected to hold a dominant position in the safety needles market during the forecast period and this is attributed to the increasing usage in growing clinical applications.

By Distribution channel, the market is segmented into Hospital Pharmacies, Private Clinics, Retail Pharmacies, and E-Commerce. Out of which, the hospital segment is expected to dominate the market over the forecast period and this is attributed to the increasing prevalence of chronic diseases such as HIV, cancer and spine disorders.

Among all the segmentations, the distribution channel has the highest potential due to the increasing prevalence of chronic diseases over the forecast period. For instance, on January 17 2023, the Coalition for Epidemic Preparedness Innovations, and Vaxxas, a clinical-stage biotechnology company commercializing a novel vaccination platform, had signed a partnership agreement to advance the development of Vaxxas’ needle-free vaccine-patch delivery technology in a project that could end the need for frozen storage of mRNA vaccines. CEPI will provide up to USD 4.3 million (AUD6.4 million) for preclinical testing of Vaxxas’ platform—a needle- free, high-density microarray patch (HD-MAP) to assess its stability, safety and immunogenicity and to evaluate its potential as a rapid-response technology for heat-stable, dried-formulation mRNA vaccines.

Global Safety Needles Market Cross Sectional Analysis:

Rising incidence of chronic diseases like HIV, cancer, hepatitis and spine disorders in emerging economies is also expected to boost demand for safety needles. For instance, on January 25 KORU Medical Systems, Inc., a medical technology company focused on the development, manufacturing, and commercialization of innovative and easy-to-use subcutaneous drug delivery systems that improve quality of life for patients, announced a development agreement with a pharmaceutical manufacturer of subcutaneous immunoglobulin therapy (SCIg) to develop and seek regulatory approval of the Freedom Infusion System with an SCIg prefilled syringe.

Global Safety Needles Market: Key Developments

On January 12 2023, Milestone Scientific Inc. a developer of computerized drug delivery instruments that provides painless and precise injections, announced it had entered into a distribution agreement with Sweden & Martina, a leading European dental distributor and manufacturer. Under the agreement, Sweden & Martina has been awarded the exclusive rights to market Milestone’s STA Single Tooth Anesthesia System (STA) in the new markets of Spain, Portugal and France. In addition, Sweden & Martina will replace the Company’s current distributor in Italy and become its exclusive STA distributor in this market.

In March 2022, NuGen Medical Devices Inc., a needle-free drug delivery technologies, had announced that it had signed a 5-year distribution agreement with Harrington Consultants Limited and its joint venture partner Al Mufid Pharmaceuticals (the “Kuwait Joint Venture” or the “Distributor”).

In November 2022, Neogen Corporation, an international food safety company announced that it had released an upgraded version of its best-selling Ideal D3 detectable needles, designed to be six times more detectable than the conventional and stainless-steel needles. D3X needle offers producers increased visibility and quick removal, increasing efficiency, ensuring food safety, and preventing broken needles from reaching consumers.

On April 13 2023, Delta Med Group, a manufacturer of medical devices, announced a partnership with DBM, a manufacturer of pre-filled syringes. Delta Med Group and DBM will expand their portfolio profiting from highly complementary products and R&D capabilities, improving their ability to serve customers. The partnership will generate significant synergies and boost the growth trajectory of the combined entity.

Global Safety Needles Market: Key Trends

Better healthcare infrastructure

Due to improved healthcare infrastructure, effective government policies, and a sizable base of multinational corporations, the safety needles market is expected to experience considerable expansion in the North American region. Products with advanced features such as self-retracting needles and needles with safety locking system are gaining traction among healthcare professionals and patients. In October 2021, West Pharmaceutical Services, a designer and manufacturer of injectable pharmaceutical packaging and delivery systems announced its latest offering for the Indian domestic market – NovaGuard SA Pro Safety System, a single-use accessory for prefilled ISO standard 0.5mL staked needle syringes.

Effective government policies

Effective government policy such as awareness about the proper usage of needles, running campaigns for the safety measures, and so on is expected to drive the global safety needle market. For instance, in April 2022, American Medical Association (AMA) urges states to adopt new Maine needle, syringe exchange policy to modify restrictive laws and regulations concerning the sale and possession of needles and syringes to maximize the availability of sterile syringes and needle.

Global Safety Needles Market: Restraint

Product recalls from regulatory authorities

The market for safety needles may have growth restrictions due to the rising frequency of needlestick injuries, contamination, and delays in care. Fear among patients as a result of infection and pain from the needles had slowed the market's expansion for safety needles. For instance, in August 2022, U.S. FDA announced a Class 1 recall of devices used to access blood vessels through a patient’s bone because the devices may malfunction, which could cause serious injury or death. Becton Dickinson and company recalled the over 36,000 intraosseous needle set and driver kits in June, and recommended customers quarantine the devices. U.S. FDA said 37 complaints have been associated with the recall, but no serious injuries or deaths of cytogenetic laboratories conducting both prenatal and postnatal research.

Increasing cases of trypanophobia

People with fears and phobias need support as they work to manage their feelings during procedures involving needles. Increasing fear among the patients arising due to vaccination, surgical procedure, and others. For instance, in June 2021, according to an article published in the journal of Plos one, estimated the increasing prevalence of needle fear including the healthcare professionals and pateints.

Global Safety Needles Market - Key Players

Major players operating in the global safety needles market include Medtronic, Plc. Becton Dickinson Company, Boston Scientific Corporation, Smith Medical, Inc., Abbott Laboratories, Argon Medical Devices, Inc., Novo Nordisk A/S, Terumo Corporation, Eli Lily and Company, Nipro Medical Corporation, and B. Braun Melsungen AG.

*Definition: - Safety needles are created to stop needlestick wounds and lessen the chance of infection and contamination in medical environments. They exist in several varieties, such as blunt-tip, sheathed, and retractable needles. The prevalence of needlestick injuries, which can result in the spread of bloodborne infections like hepatitis B, hepatitis C, and HIV, has been demonstrated to decrease with the use of safety needles. The rise in chronic diseases such as cancer, HIV, and spine problems, as well as the rising older population, are both credited with driving the market's expansion. Additionally, the increasing awareness about the risks associated with needlestick injuries and the need for safe injection practices is also expected to contribute to the growth of the safety needle market.