U.S. Retractable Needle Safety Syringes Market, by Product Type (Manual and Automated), by End User (Hospitals, Physician Offices, Nursing Home, Dental Laboratories, Diagnostic Centers, Ambulatory Surgical Centers, Homecare Settings, and Others (Clinics, Research Laboratories, Etc.)), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Drug Store, and E-Commerce) is estimated to be valued at US$ 148.8 Mn in 2020 and is expected to exhibit a CAGR of 4.7% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.
The increasing technological advancements and novel product launches in retractable needle safety syringes are expected to boost growth of the U.S. Retractable safety needles market over the forecast period. For instance, in March 2016, Retractable Technologies Inc. introduced a new approach to design retractable needle technology which include VanishPoint safety syringe and the technical advancement of EasyPoint needle that offer real safety for healthcare workers.
Moreover, increasing adoption of inorganic growth strategies such as acquisition by key players is expected to drive the U.S. Retractable safety needles market over the forecast period. For instance, in April 2017, the Becton, Dickson and Company signed a definitive agreement to acquire U.S.-based CR Bard, a company focusing on developing, manufacturing, and marketing of medical technologies in the fields of vascular, urology, oncology, and surgical specialties for US$ 24 Bn. Under the agreement, CR Bard portfolio of safety needles will complement Becton, Dickson and Company (BD’s) safety needle product portfolio.
U.S. Retractable Needle Safety Syringes Market– Impact of Coronavirus (COVID-19) Pandemic
Supply chain and manufacturing activities in the U.S. have been disrupted due to lockdown implemented by the government in the past few months, while some states of the U.S. are facing problems with regards to transportation of products. The coronavirus or COVID-19 outbreak that started from Wuhan, China has spread across continents, affecting various industries globally. Supply of key materials for manufacturing retractable needles safety syringes market has been severely disrupted due to forced quarantine, lack of labor, and raw materials. As the link between regional warehouses is not smooth, the transportation of raw materials between regions cannot be carried out successfully. This shortage of raw materials have affected the supply chain of the U.S. retractable needle safety syringes market. Due to severe shortage of medical resources at the front line, only patients diagnosed with serious conditions can be hospitalized. Respiratory support devices such as life-support machines, atomizer, oxygen generators, and monitors are primary clinical treatment medical devices. Thus, from diagnosis to cure, the need for instruments for measuring temperature, nucleic acid diagnostic kit, antiviral medical products, and life-support machine have increased consistently. Furthermore, key players operating in the market are focusing on the development and launch of the novel retractable needle safety syringes for vaccination purpose in the U.S. For instance, in September 2020, DMC Medical Limited launched New SureSafe fully automatic retractable syringe in the U.S.
Browse 9 Market Data Tables and 21 Figures spread through 117 Pages and in-depth TOC on “U.S. Retractable Needle Safety Syringes Market”- Forecast to 2027, U.S. Retractable Needle Safety Syringes Market, by Product Type (Manual and Automated), by End User (Hospitals, Physician Offices, Nursing Home, Dental Laboratories, Diagnostic Centers, Ambulatory Surgical Centers, Homecare Settings, and Others (Clinics, Research Laboratories, Etc.)), and by Distribution Channel (Hospital Pharmacies, Retail Pharmacies and Drug Store, and E-Commerce)
Moreover, increasing research activities for the development of novel products is expected to boost growth of the U.S. retractable needle safety syringes market. For instance, in July 2020, Biomedical Advanced Research and Development Authority (BARDA) and the U.S. Department of Defense (DoD) signed a deal to work with Smiths Medical to expand the domestic manufacturing capacity for safety needles and syringes in the U.S.
Key Takeaways of the U.S. Retractable Needle Safety Syringes Market:
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