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U.S. 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, Cannula Needle, and Retractable Syringes), by Application (Sample Collection and Drug Delivery), by End User (Hospitals, Physician Offices, Nursing Home, Dental Laboratories, Diagnostic Centers, Ambulatory Surgical Centers, Homecare Settings, and Others), by Distribution Channel (Hospital Pharmacies, Private Clinics, Retail Pharmacies and Drug Store, and E-Commerce) is estimated to be valued at US$ 2,447.3 Mn in 2020 and is expected to exhibit a CAGR of 4.8% during the forecast period (2020-2027), as highlighted in a new report published by Coherent Market Insights.

Increasing prevalence of gynecologic cancer and spine disorders is expected to boost growth of the U.S. safety needles market over the forecast period. For instance, according to Foundation for Women’s Cancer in 2019, around 5,170 new cases of vaginal cancer are diagnosed each year in the U.S.

Moreover, high adoption of prefilled syringes is also expected to aid in growth of the market. Prefilled syringes are widely used for product differentiation for drugs that require parenteral injections. The growing awareness about risk associated with filling syringe from a vial is expected to act as a driver for demand for prefilled safety needles.

Furthermore, high incidence of spinal injuries and the rising geriatric population susceptible to pain and neurological disorders are factors expected to drive the market growth in the near future. For instance, according to the report published by the National Spinal Cord Injury Statistical Center in 2018, the incidence of spinal cord injury is approximately 54 cases per one million people in the U.S. and around 17,700 new cases of spinal cord injury are diagnosed each year in the U.S.

U.S. Safety Needles 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 safety needle 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. safety needles market. In the U.S., according to the latest update of Economic Times, 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..

Browse 12 Market Data Tables and 35 Figures spread through 186 Pages and in-depth TOC on “U.S. Safety Needles Market”-  Forecast to 2027, U.S. 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, Cannula Needle, and Retractable Syringes), by Application (Sample Collection and Drug Delivery), by End User (Hospitals, Physician Offices, Nursing Home, Dental Laboratories, Diagnostic Centers, Ambulatory Surgical Centers, Homecare Settings, and Others), by Distribution Channel (Hospital Pharmacies, Private Clinics, Retail Pharmacies and Drug Store, and E-Commerce)

https://www.coherentmarketinsights.com/market-insight/us-safety-needles-market-4403

Moreover, availability of favorable reimbursement for pen needles is a factor expected to drive the market growth over the forecast period. For instance, as per the American Diabetes Association 2018 report, 34.2 million Americans, or 10.5% of the population, had diabetes in 2018. Favorable polices by the 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 Takeaways of the U.S. Safety Needles Market:

  • The U.S. safety needles market is expected to exhibit a CAGR of 4.8% during the forecast period, due to the key players in the market focusing on inorganic growth strategies such as acquisition expected to drive the market growth over the forecast period. For instance, in April 2017, the Becton, Dickson and Company signed a definitive agreement to acquire the U.S.-based CR Bard for US$ 24 Bn. Under the agreement, CR Bard portfolio of safety needles will complement BD’s safety needle product portfolio.
  • Among product type, A.V. Fistula Needle segment is estimated to exhibit higher CAGR in the U.S. safety needles market over the forecast period. The increasing research for the development of novel A.V. fistula needle is expected to drive the segment growth over the forecast period. For instance, in January, 2018, Israel-based privately held medical start up, announced the introduction of its pivotal study in the U.S for its VasQ device. The device is external support system for the patients with AV fistula for hemodialysis purpose. The study will involve 129 subjects in 13 centers to check effectiveness of the created AV fistula after 6 months.
  • Among application, drug delivery segment is accounted for the largest market share over the forecast period owing to increase in launches of safety needle used for drug delivery. For instance, in September 2019, Owen Mumford launched Ateria Safe Control, the next generation safety pen needles used for administering medicines to patients with diabetes. This product is specially designed to protect healthcare professionals from needlestick injuries (NSIs) while enabling them to keep control of the overall injection process.
  • On the basis of end user segment, hospitals segment is estimated to hold a dominant position in the U.S. safety needles market in 2020. Increasing number of surgeries carried out in the hospitals is expected to drive the hospitals segment growth in the U.S. safety needles market over the forecast period. For instance, according to the 2019 report published by the American Society of Plastic Surgeons, in the U.S., around 3,592,576 reconstructive procedures and 4,553,896 cosmetic procedures were performed in hospitals, in 2019.
  • 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.
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