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Press Release: U.S. Safety Needles Market to Surpass US$ 3,408.0 Million by 2027
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 are designed for delivering drugs and collecting fluids from the human body with safety features to avoid needlestick injuries. It is used across medical settings in various applications such as drug delivery, vaccination, and blood specimen collection for examination and research purpose. 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, cannula needles, and retractable syringes. These safety needles are equipped with sheaths used to cover the needle to prevent needlestick injuries, which can cause lethal infections.
The U.S. safety needles market is estimated to be valued at US$ 2,447.3 million in 2020 and is expected to exhibit a CAGR of 4.8% during the forecast period (2020-2027).
Figure 1. U.S. Safety Needles Market Share (%) in Terms of Value, By Product Type, 2020
The rising prevalence of gynecologic cancer and spine disorder is expected to drive the market growth during the forecast period
Increasing incidence of chronic diseases such as cancer, diabetes, and others is expected to drive the U.S. safety needles market growth during the forecast period. For instance, according to the American Cancer Society 2020 report, estimated 1.8 million new cancer cases were diagnosed and 606,520 cancer deaths were reported in the U.S. in 2020.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2020: | US$ 2,447.3 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.8% | 2027 Value Projection: | US$ 3,408.0 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Figure 2. U.S. Safety Needles Market Share (%), by End user, 2020
Increasing government initiatives to spread awareness about safety needles is expected to drive the market growth during the forecast period
Increasing government initiatives for blood collection and blood donation is expected to drive the market growth over the forecast period.
For instance, in May 2020, The 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 U.S. Donations will be accepted at 15 Armed Services Blood Program centers across the U.S., and in Hawaii, Guam, and Germany.
U.S. Safety Needles Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus (COVID-19) has resulted in more than 166 million infected individuals worldwide as of May 24 2021.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Moreover, from March 2020 to June 2020, the health system in the U.S. experienced a significant decline in surgical volumes compared with the same period during the previous year. The pandemic had a major impact on the U.S., Japan, China, as well as many major European countries. Due to the increasing prevalence of COVID-19, key players operating in the U.S. safety needles market are focusing on research and development of novel products to support and combat the effect of COVID-19. COVID-19 pandemic has impacted the global economy and in turn, the U.S. safety needles market. Quarantines, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending until the end of the third quarter of 2020.
U.S. Safety Needles Market: Restraint
The major factors that hinder growth of the U.S. safety needles market include increasing development and awareness of needle-free injection technology and product recall due to low quality and loss of function of the products.
Key Players
Major 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.
A needle is a solid and slender instrument, which is pointed at the end and is designed for puncturing of tissues. Safety needles have a safety mechanism built into the needles to protect healthcare workers and others from accidental needle-stick injuries. Safety needles reduce the incidence of infection, cost as well as offer better convenience and practicality in use. Factors such as accuracy, operation time, and prompt use design were favorable with the majority of health care personnel preferring safety needle technology as compared to conventional devices. Various types of safety needles are available in the market that work on different mechanisms.
Market Dynamics
Rising prevalence of gynecologic cancer and spine disorders, government initiatives for blood collection and favorable reimbursement for pen needles are some of the major factors responsible for the growth of the U.S. safety needles market. For instance, according to the 2018 report published by the Centers for Disease Control and Prevention, in 2018, 883.7 million individuals including adults and children visited physician offices for the treatment of various conditions such as diabetes, cold and flu, and viral infection in the U.S. Furthermore, increasing number of geriatric population patients is expected to drive demand for homecare settings, which boost growth of the U.S. safety needles market over the forecast period. For instance, according to the report published in 2019 by the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034. Moreover, as per the American Diabetes Association 2018 report, in 2018, 34.2 million Americans, or 10.5% of the population, had diabetes. Favorable polices by U.S. Medicare regarding reimbursement for pen needles and increasing prevalence of diabetes are major factors expected to fuel overall revenue growth of safety needles in the U.S. over the forecast period.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 12 market data tables and 35 figures on "U.S. Safety Needles Market” - Global forecast to 2027
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