According to the current analysis of Reports and Data, the global Retractable Syringe Market was valued at USD 1.97 Billion in 2020 and is expected to reach USD 3.63 Billion by year 2028, at a CAGR of 7.9%. The market for retractable needle is growing out of critical healthcare-worker needs for safety. The safety needles industry that has grown from its nascent to the advanced stages very rapidly. The sector sees burgeoning demand from the sub-Saharan African and Asia Pacific region. The market can be divided into several segments and sub-segments today. It includes services ranging from unskilled care to skilled nursing. The product range is also very wide, and so is the scope and need for specializations. Many large pharmaceutical players have lately started investing in the market.
Needle-stick injuries are a predominant sharps-related hazard in many countries. According to the World Health Organisation (WHO), each year, two million injuries from syringes and other sharp objects occur to 35 million health care workers in the world. The Centres for Disease Control and Prevention (CDC), estimated approximately 385,000 needle-sticks and other sharps injuries occur annually in U.S. hospitals. In Singapore, a study on sharps injury reported 22.2 incidents per 1000 health-care workers at a regional hospital for the year 1997. Numerous studies have found nurses to be the most common group of health-care workers experiencing needle-stick injuries. Canadian Centre for Occupational Health and Safety (CCOHS) data indicated that some hospitals reported one-third of nursing and laboratory staff suffer needle stick injury annually.
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Further key findings from the report suggest-
- The Hospital sub-segment occupied the greatest market share for use of retractable needles in 2020. The sector is characterized by holistic and palliative care being provided to patients, and an emphasis on maintain hygiene and safety. This sector accounted for almost 50% of the End Use segment in 2020 of retractable needle industry.
- North America has the leading share in the retractable needle stick industry, chiefly because of the converging trends of their ageing population, rise in the number and cases of chronic diseases and technological advancements
- Asia Pacific region is anticipated to witness the highest CAGR during the forecast period on account of cost advantages, rise in the numbers of the ailing population and an increased need of safe healthcare. 10% of healthcare investment in RD is expected by 2019 from many countries in the region which will positively affect the Retractable Needle sector.
- Governmental initiatives in many African countries is also expected to drive the growth of retractable needle sector. The countries in Africa present a new and potentially high-revenue generating region for most manufacturers.
- China and India are expected to witness a huge surge in retractable needle industry, as the market value is expected to double itself in India shortly. As high number of elderly populations is expected to be residing in China and Asia Pacific region by 2050, along with increased healthcare spending and the government of India planning to increase public health spending 2.5% of GDP by 2025, the industry is expected to see substantial growth in the Asia-Pacific.
- By Product, automatic segment occupies the largest share of 68.4% of retractable needle market.
- Latin America and Middle East and Africa will be showing an average growth of around 11.2% and 13.7% respectively till 2028. In Africa, the growth will be markedly higher than in many developed countries.
- Improved trainings, better delivery systems and a broader product differentiation are some strategies recommended to establish a firm footing in retractable needle industry.
- A rise in government investments, increasing awareness about retractable needles, improved sources of funding and greater technological and scientific innovations will boost the industry.
Key Players covered in this report are
Axel Bio Corporation, Becton Dickinson and Company, DMC Medical Limited, Medtronic Plc, Medigard Limited, Retractable Technologies, Inc., Smith’s Medical Corp, Sol-Millennium Inc., UltiMed, Inc., and Retractable Technologies, Inc.
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Product (Revenue, USD Million; 2018–2028)
- Manual Retractable Needles
- Automatic Retractable Needles
Type (Revenue, USD Million; 2018–2028)
- Active retraction
- Passive retraction
End Use (Revenue, USD Million; 2018–2028)
- Clinics
- Hospitals
- Ambulatory Surgery Centres
- Others
Geographic Segment Covered in the Report:
The Retractable Needle report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
Major Points covered in this report are as below:
• The Retractable Needle industry development trends and marketing channels are analyzed. The feasibility of new investment projects are assessed and overall research conclusions offered.
• With the tables and figures, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
• Development policies and plans, manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand figures, cost, price, revenue and gross margins.
• The Retractable Needle Market report provides key statistics on the market status of the Retractable Needle manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central South America, Brazil, Argentina, Rest of South America, Middle East Africa, Saudi Arabia, Turkey, Rest of Middle East Africa
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