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Press Release: U.S. Safety Needles Drugs 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 and safety syringes, as there is protective mechanism for the needle in safety needles rather than syringe. The needles are called safety needles as they have features such as easy to use, and safety anti-needlestick mechanism due to which healthcare professionals and patients are protected from needlestick injuries in hospitals. Safety needles are used for various purposes such as delivery of drugs to the patients and also used in collection of blood from individuals.
Figure 1. U.S. Safety Needles Market Value (US$ Mn), 2016-2027
The U.S. safety needles market size is estimated to be valued at US$ 2,447.3 million in 2020 and is expected to exhibit a CAGR of 4.8% over the forecast period (2020-2027).
The U.S. safety needles market growth is primarily driven by the increasing incidence of chronic diseases such as cancer, diabetes, and others in the U.S. 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.
Moreover, various strategies adopted by market players include new product launches, acquisitions, and agreements, in order to retain their market position, and this is expected to drive the market growth over the forecast period. For instance, in February 2018, B. Braun Medical Inc, a medical device company focusing on manufacturing of medical devices such as syringes, safety needles and others, introduced its Surecan Safety II Port Access Needles with the safety mechanism, which is designed to reduce the risk of accidental needlestick injuries by shielding the needle tips.
| 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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U.S. Safety Needles Market- Impact of Coronavirus (Covid-19) Pandemic
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency. According to the World Health Organization’s report, manifestation of coronavirus (COVID-19) has resulted in more than 110 million infected individuals worldwide as of February 19th, 2021.
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.
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. In the U.S., according to the latest update by Economic Times, a business daily newspaper and journal, stated that there has been a huge plunge in consumer spending as people stayed at home and avoided shopping, traveling, or gathering in crowds and caused the economy to sink at an estimated annual rate of 32% in the April-June 2020 quarter.
Players operating in the U.S. safety needles market are facing major challenges on various fronts due to the COVID-19 pandemic. The major challenges include supply of raw materials for manufacturing safety needles due to irregularities in transportation facility
Figure 2. U.S. Safety Needles Market Share (%), by Product Type, 2020
The increasing product launches of safety needles in the U.S. used for sample collection is expected to drive growth of the sample collection segment in the forecast period. For instance, in 2016, Nipro Medical Corporation, manufacturer of Renal, Medical-Surgical and Interventional Radiology products, launched SafeTouch Safety Needle, in the U.S. The device has features such as easy to use, and safety anti-needlestick mechanism
Major players operating in the U.S. safety needles market are 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
U.S. Safety Needles Market- Restraints
Increasing development and awareness of needle-free injection technology is expected to hinder growth of the U.S safety needles market. For instance, in December 2019, Nephron Pharmaceuticals Corporation, company focusing on manufacturing of pharmaceutical products and medical devices, partnered with National Medical Products Inc., a developer of J-Tip Needle Free Injector, to provide patients quality care through virtually pain-free anaesthetic.
Moreover, high incidence of trypanophobia (fear of needles) is also expected to limit the 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 of needle fear ranged from 20-50% in adolescents and 20-30% in young adults in U.S.
Safety needles are designed for delivering drugs and collecting fluids from the body with safety features to avoid needle stick 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.
Market Dynamics
Key companies are focusing on inorganic strategies such as merger and acquisitions, is expected to drive the U.S. safety needles market. For instance, in July 2017, Cardinal Health, Inc, American multinational health care services company, acquired Patient Recovery Business from Medtronic for US$ 6.1 billion. Patient Recovery Business manufactures 23 medical product categories and sells into multiple healthcare channels. The acquisition increased the medical segment's portfolio of self-manufactured products for Cardinal Health.
Moreover, key companies are focusing on investment in expanding their medical devices product portfolio to strengthen their positioning in the market. For instance, in 2019, Nipro Corporation, a medical equipment manufacturing company, announced plans to invest US$ 21 million in JMI Syringes & Medical Devices Ltd., a medical devices manufacturing company, in order to expand its disposable medical devices such as syringes and needles portfolio mainly in North America and Asia Pacific
Key players are focusing on product launches and product approvals to strengthen their presence in the U.S. safety needles market. For instance, in May 2016, Retractable Technologies Inc, a company designs, develops, manufactures, and markets safety needle devices for the healthcare industry, announced the launch of Easy point needles. The safety Easy point needles are developed through automated retraction technology and can be used with luer lock technology, and started marketing and selling of the product mainly in the U.S.
Furthermore, in May 2017, Gerresheimer AG, a medical device company, announced the launch of Gx InnoSafe. The Gx InnoSafe is a syringe with an integrated and passive safety system that prevents unintentional needle stick injuries and also eliminates the possibility of accidental reuse.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 10 market data tables and 31 figures on ‘U.S. Safety Needles Market– Regional forecast to 2027’.
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