Amid the COVID-19 crisis, the global market for safety needles estimated at US$2.6bn in the year 2022, is projected to reach a revised size of US$3.6bn by 2026, growing at a CAGR of 8.2% over the analysis period, said the report, "Global Safety Needles Industry"
Safety needles refer to injection needles that have been specifically designed to ensure safety of healthcare workers, support staff and patients from needlestick injuries or even infections that they might get exposed to during the course of needle use. They are widely used for administering drugs and collecting blood samples (even other body fluids), and provide protection against bloodborne pathogens and detrimental drug exposure. The global safety needles market is expected to continue to grow at a healthy rate, led mainly by implementation of rigorous laws promoting safe injection practices, amid the escalating cases of needle stick injuries worldwide. Safety needles help decrease the cost burden, minimise the occurrence of iatrogenic infection, and prevent the risk of transmission of bloodborne viruses while protecting patients from needlestick injuries (as evident when administering Covid-19 vaccines), all of which also contribute to market growth.
Active, one of the segments analysed in the report, is projected to grow at a 9.5% CAGR to reach US$2.8bn by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Passive segment is readjusted to a revised 5.2% CAGR for the next seven year period. This segment currently accounts for a 21.3% share of the global safety needles market. Among active and passive safety needles, active safety needles represent the most selling safety needles in the global market. The increase in global needlestick injury numbers, and low-cost of active needles have led to widespread adoption of active safety needles in almost all countries. The U.S. market is estimated at US$871.8mn in 2022, While China is forecast to reach US$286.3mn by 2026
The Safety Needles market in the U.S. is estimated at US$871.8mn in the year 2022. The country currently accounts for a 33.87% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$286.3mn in the year 2026 trailing a CAGR of 10.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.8% and 7.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.4% CAGR while rest of European market (as defined in the study) will reach US$277.3mn by the end of the analysis period. North America represents the largest regional market for safety needles, where demand is driven by increasing cases of needlestick injury, escalating incidence and prevalence of chronic disorders, and an expanding geriatric population who stand greater risk of developing age-related disorders.
Passive Safety Needles Segment to Reach US$642.7mn by 2026
Passive needles are automatic, eliminating requirement for manual intervention for activating its safety feature, and hence expensive. The adoption of passive needles is taking place at much faster pace than that of active needles, as users are benefiting from the additional features such as absence of extra assembly parts, which eases disposal for users and lesser packaging space, which benefits manufacturers. In the global Passive Safety Needles segment, USA, Canada, Japan, China and Europe will drive the 5.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$381 Million will reach a projected size of US$534 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$54.1mn by the year 2026, while Latin America will expand at a 6.3% CAGR through the analysis period.