Safety Needles Market to Surpass US$ 9,949.7 Mn by 2030 - Coherent Market Insights

Global Safety Needles Market, by Product Type (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), By Application (Sample Collection, and Drug Delivery), By Distribution Channel (Hospital Pharmacies, Private Clinics, Retail Pharmacies and Drug Store, and E-Commerce), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) is estimated to be valued at US$  5,633.0 Million in 2023 and is expected to exhibit a CAGR of 8.5% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.

For healthcare staff who often handle used syringes and needles, protection against unexpected pricks using sharp objects is critical. That's why there's been a considerable emphasis on manufacturing safe-needle devices, whose design prevents any post-use exposure of the sharp pointy end. This increased production is due to greater awareness of hazardous consequences associated with accidental pricks through previous usage and consequently greater demand for safer medical tools. For example, in July 2020, ASPR's (Assistant Secretary for Preparedness and Response) Biomedical Advanced Research and Development Authority (BARDA), a U.S. Department of Health and Human Services office responsible for the procurement and development of medical countermeasures, invested approximately US$ 42 million into a US$ 70 million capital project to further expand BD's operations and manufacturing lines in Holdrege, Neb. The expansion builds on the company's deep commitment and legacy in supporting U.S. vaccination efforts through the domestic manufacturing of needles and syringes.

Global safety needles Market– Impact of Coronavirus (COVID-19) Pandemic

The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.

COVID-19 affected 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. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.

COVID-19 had a positive impact on the Global safety needles Market. For instance, in July 2020, BARDA (Biomedical Advanced Research and Development Authority) and JPEO-CBRND (Joint Program Executive Office for Chemical, Biological, Radiological, and Nuclear Defense) established a partnership with BD (Becton Dickinson Co.), a multinational medical technology company, to expand domestic manufacturing capacity for needles and syringes. With this agreement, BARDA, JPEO-CBRND, and BD had taken steps to improve the capacity to produce safety syringes and needles, reducing reliance on foreign nations to supply these vital supplies. As existing supplies are consumed in ordinary healthcare and to treat the influx of COVID-19 patients, this expansion is even more crucial during the COVID-19 pandemic.  BARDA, a U.S. Department of Health and Human Services office responsible for the procurement and development of medical countermeasures, whereas JPEO-CBRND investments in chemical, biological, radiological, and nuclear (CBRN) defense equipment and medical countermeasures.

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, a multinational medical devices and health care company, partnered with Insulet Corporation, medical device company, 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, a pharmaceutical company, announced its plan to launch lower-priced versions of Humalog Mix75/25 KwikPen and Humalog Junior KwikPen, by mid-April. These were used to improve blood sugar control in people with type 1 and type 2 diabetes mellitus.

Browse 30 Market Data Tables and 27 Figures spread through 143 Pages and in-depth TOC on “Global Safety Needles Market”- Forecast to 2030, Global Safety Needles Market, by Product Type (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), By Application (Sample Collection, and Drug Delivery), By Distribution Channel (Hospital Pharmacies, Private Clinics, Retail Pharmacies and Drug Store, and E-Commerce), By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

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https://www.coherentmarketinsights.com/market-insight/safety-needles-market-3555

Key Takeaways of the Global Safety Needles Market:

• The global safety needles market is expected to exhibit a CAGR of 8.5% during the forecast period. The countries with emerging economies offers lucrative growth opportunities for players in the global safety needles market. Rising incidence of chronic diseases such as cancer, diabetes, and cardiovascular diseases are driving the demand for safety needles. 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.
• Among application, the drug delivery segment is expected to hold a dominant position in the global safety needles market, owing to increasing launches of safety needle used for drug delivery. For instance, in October 2021, West Pharmaceutical Services, a global leader in innovative solutions for injectable drug and healthcare products, announced its latest offering for the Indian domestic market with the launch of NovaGuard SA Pro Safety System, a single-use accessory for prefilled ISO standard 0.5mL staked needle syringes.
• Among region, North America is expected to be the dominant region in the global safety needles market, owing to the increasing launch of products. For instance, in June 2021, HMD (Hindustan Syringes & Medical Devices), a manufacturer and distributor of high-quality medical devices launched Single-Use Dispojekt safety needle to prevent injuries. Single-Use Dispojekt safety needle reduces the chances of accidental needlestick injury and after use, healthcare workers can push the Dispojekt SIP shield back by pressing it against a flat surface.
• Major players operating in the global safety needles market include Medtronic, Plc. Becton, Dickinson and 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.