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Analysts’ Viewpoint on Retractable Needles Market Scenario
The COVID-19 pandemic is compelling health care stakeholders to invest in high-quality products, such as retractable needles for injections, to improve patient outcomes. Retractable needles are cost-effective. The World Health Organization (WHO) is campaigning in many countries to promote the usage of auto-disable syringes, as they help reduce the spread of infection and diseases. Increase in needlestick injuries is boosting the demand for retractable needles. Significant opportunities exist for stakeholders in the retractable needles market due to the increase in concerns about needlestick injuries among health care professionals.
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Overview of Retractable Needles Market
Retractable needles are available in a variety of sizes (0.5, 1, 3, 5, and 10mL), needle gauges, and needle lengths. The needle is automatically retracted directly from the patient into the barrel of the syringe when the plunger handle is fully depressed. Pre-removal and automated retraction virtually eliminate exposure to the contaminated needle, thus effectively reducing the risk of a needlestick injury.
Retractable needle syringes are easy to use and enable single-handed activation. After activation, these syringes require less disposal space than most other safety needles/syringes. Hence, they prevent disposal-related needlestick injuries. Retractable safety needle has a sheath of protection over it. The needle retracts into the barrel-shaped protection to protect the health care professional along with the patient from accidental needlestick injuries. Conventional needles tend to increase the risk of diseases. Thus, demand for retractable needles is expected to rise significantly in the near future. Retractable butterfly needles are uniquely designed to reduce the risk of bloodstream infections arising from catheter hub contamination. They protect the patient and clinician; and are available in various sizes.
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Rise in Incidence of Chronic Diseases Fueling Demand for Retractable Needles
Incidence of chronic diseases and conditions is increasing across the globe. Aging population is contributing to a steady rise in long-term health issues. These trends are anticipated to drive the adoption of retractable needles throughout the assessment tenure.
As per the American Diabetes Association, around 30.3 million people in the U.S., i.e. 9.4% of the total population, had diabetes in 2015. According to the World Health Organization (WHO), approximately 8.8 million people suffered from cancer worldwide in 2015. Approximately, 70% of total cancer deaths are recorded in low and middle-income economies.
Rise in number of patients suffering from cancer and circulatory diseases is a key factor boosting the global retractable needles market. As per the WHO, cancer, heart disease, and other chronic conditions account for around 24 million deaths in the world. The number of cancer cases is expected to double in most countries over the next 25 years. This is likely to propel the global retractable needles market.
Growth in cases of chronic diseases has also created awareness about the risks associated with retractable needles. Hence, med-tech companies are diversifying their production of prefilled syringes. Increase in adoption of prefilled syringes across the globe is fueling the global market.
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Advantages of Automatic Retractable Needles Augmenting Market
Based on type, the global retractable needles market has been bifurcated into manually retractable needles and automatic retractable needles.
In terms of revenue, the automatic retractable needles segment led the global retractable needles market in 2021. The automatic retractable needles segment includes a retractable needle assembly comprising needle seat, hypodermic needle, and barrel. A hollow plunger is slidably mounted within the barrel. A seal is provided between the plunger and barrel to prevent air from passing into or out of the barrel. A piston is slidably mounted within the plunger such that movement of the plunger into the fill position locks the piston in place. Automatic retractable needles are easy to use and enable single-handed activation. Thus, advantages offered by automatic retractable needles are driving the retractable needles market.
1 Inch Needle Length Preferred over Other Sizes to Reduce Scarring
In terms of needle length, the global retractable needles market has been divided into 1 inch, 1.5 inch, and others.
The 1 inch needle has a 24G/0.55mm diameter, meaning it ‘sits between’ the thickness of orange and blue needles. This makes it suitable for intramuscular and deep intravenous injections. Stronger and slightly thicker than an orange needle, the purple or violet needle is also used for the injection of oil-based steroids.
The 1 inch needle is used in medical settings for intramuscular, intravenous, and subcutaneous injections. It is a fairly fine, long needle. It may be useful for injecting into the femoral vein, where the vein is relatively close to the surface. The needle eliminates the chances of scarring or damage.
Hospitals Create Stable Revenue Streams for Retractable Needle Manufacturers
Based on end-user, the global retractable needles market has been divided into hospitals, clinics, ambulatory surgical centers, and others. In terms of value, the hospitals segment led the global retractable needles market in 2021. The segment is anticipated to account for around 50% share of the global market by 2031. It is expected to grow at a CAGR of 8.1% from 2022 to 2031.
The hospitals segment accounted for a comparatively larger share of the revenue than clinics and ambulatory surgery centers segments in 2021. The segment is expected to account for a majority share during the forecast period. This can be attributed to higher volume of footfalls and patient admissions & treatments at hospitals than at other facilities. Hospital costs account for a large share of the total health costs and their number has been increasing exponentially since the last few years. Manufacturers are also increasing the availability of retractable needles at ambulatory surgical centersand small- & medium-scale clinics to broaden their revenue streams.
Regional Outlook of Global Retractable Needles Market
North America dominated the global retractable needles market in 2021. The market in the region is anticipated to grow at a CAGR of 9.0% from 2022 to 2031. In terms of revenue, North America accounted for prominent share of the global market in 2021, owing to the availability of robust standards for medical care and treatment, and enactment of various safety and operational regulations & policies in the region. Continuous advancements in technology, health care research initiatives, and development of more efficient & safe medical products & devices are boosting the market in North America.
In terms of revenue, Europe accounted for a large share of the global market in 2021, driven by increasing technological advancements, rising health care spending, and surging geriatric population in countries in the region. Increase in need for health care and treatment for various age-related diseases and conditions is propelling the demand for safe & retractable needle products.
In terms of revenue, China and India account for significant share of the market in Asia Pacific. This trend is expected to continue during the forecast period. Rapidly expanding economies, increasing spending capacity, changing lifestyles, rising focus on health & wellness, and surging awareness about early detection of diseases are key factors that are expected to propel the market in Asia Pacific in the near future.
Analysis of Key Players in Retractable Needles Market
The retractable needles market report concludes with the company profiles section, which includes important information about key players in the global retractable needles market. Leading players analyzed in the report include Becton, Dickinson and Company, Retractable Technologies, Inc., Retrago, RayMed, DMC Medical Limited & Numedico Technologies Pty Ltd.
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