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Potential disease transmission due to needle-stick and accidental injuries during injection administration are some key factors driving focus on safer medical devices
NEW YORK , Aug. 25, 2021 /PRNewswire/ -- Reports and Data has published its latest report in the medical devices domain titled "The Global Retractable Needle Market Analysis, By Product (Manual and Automatic), By Type (Active and Passive retraction), By End Use (Hospitals, Clinics, Ambulatory Surgery Centers, and Others), Forecast to 2028'.
According to most recent analysis by Reports and Data, the global retractable needle market size was USD 1.97 Billion in 2020 and is expected to reach USD 3.63 Billion in 2028 and register a revenue CAGR of 7.9% over the forecast period, 2021–2028.
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Demand for safer medical devices and equipment has been witnessing a rapid surge in the past two decades. Syringes are used for a variety of purposes including drug delivery, vaccination, blood specimen collection, among others. Safety needles reduce potential risk of pricks or needle stick injury and reduce chances of cross infection. In addition, these products offer enhanced convenience and are cost effective. Demand is especially high in regions such as Asia Pacific and Sub-Saharan Africa. Auto-Disable (AD) syringes are mostly used in countries in Africa and are designed to prevent re-use. However, needle stick can still occur if proper sharps disposal procedure is not followed. Preference of retractable needle syringes has also been increasing in the recent past due to rising focus on healthcare personnel safety and favorable healthcare policies in various countries across the globe. Key factors such as increasing prevalence of chronic diseases, rapidly increasing geriatric population, and rising need to be administer treatment and medicines via various routes, including injections, to treat various diseases and conditions are expected to continue to drive revenue growth of the global retractable needle market over the forecast period.
The chances of contracting a disease in the event of a single needle stick is ideally very low, but the potential risks and subsequent dangers are something that no one in the medical field are willing to chance. Around one out of 300 healthcare workers who accidentally get stuck with a needle from someone with HIV actually get infected. However, for diseases such as Hepatitis B Virus (HBV), the potential of contraction is one in three if injured person is not vaccinated against the virus. Healthcare professionals and people who work with hypodermic syringes and other equipment with a needle and that which is used to administer drugs or saline etc., via invasive route are highly prone to needle sticks. Even gloves cannot stop potential needle stick injuries, and even a person disassembling or disposing off used equipment can be exposed to potential risk.
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Retractable needle syringes are durable and an increasingly preferred alternative as well as a more efficient and safer product for managing sharps waste. The needle can be retracted after the injection is administered, the syringe serves to totally isolate the needle, and the plunger can be snapped off, thereby preventing needle contact or syringe reuse. Once retracted, the needles are no longer considered sharps waste and can be collected either in a sharps container or with other infectious waste in plastic bags, and then disposed of by autoclaving and shredding, incineration, or through plastics reprocessing.
Over 16 billion injections are administered worldwide each year, of which, 95% are curative in nature and 5% are administered in immunization settings. According to the World Health Organization (WHO), it is estimated that over 50% of injections administered in developing countries are unsafe. Ideally, any drug, vaccine, or fluid administered safely via injection or intravenously can be done with the appropriate equipment.
Reusable syringes are rather common in many developing countries, and where reuse is most common, and disposal practices of single use syringes are often inadequate or slack. According to assessment, in health workers often mix sharps waste into other waste streams, dispose of waste haphazardly in and around their clinics, and do not maintain regulated systems for safe disposal of sharps waste for all injections in countries such as China , India , and many African countries.
Rising demand for retractable syringes in various developed and developing countries is expected to continue to support market revenue growth going ahead. Rising focus on ensuring healthcare worker safety as well as safety of personnel disposing off medical and hazardous waste are some other key factors supporting market revenue growth.
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Manual leads among product type segments:
Manual retractable syringes are more widely used due to ease of use and cost-effectiveness, especially in various developing economies. The manual segment accounted for a significantly large revenue share in 2020 and is expected to register a revenue CAGR of 11.7% during the forecast period.
Active retraction preferred over passive retraction:
Among the type segments, the active retraction segment accounted for significantly larger revenue share than the passive retraction segment. This can be attributed to higher preference for this type of product due to ease of us and other benefits related to sharps disposal practices.
Hospitals segment accounted for comparatively larger revenue share than clinics and ambulatory surgery centers segments in 2020, and is expected to register account for majority revenue share over the forecast period. This can be attributed to higher volume of footfalls and patient admissions and treatment at hospitals than at other facilities.
North America accounts for largest revenue share:
North America accounted to largest revenue share in 2020, attributed to availability of robust standards for medical care and treatment, deployment of various safety and operational regulations and policies, high focus on ensuring safety of healthcare personnel and staff, and favorable reimbursement policies in countries in the region. In addition, continuous advancements in technology, healthcare research initiatives, and development of more efficient and safe medical products and devices etc. are other factors supporting market revenue growth.
Europe accounts for significantly large revenue share:
Europe accounted for a significantly large revenue share in the global market in 2020, driven by increasing technological advancements, rising healthcare spending, increasing geriatric population in countries in the region and need for healthcare and treatment for various age-related diseases and conditions.
Asia Pacific registers fastest CAGR:
Asia Pacific market is expected to continue to dominate other regional markets in terms of revenue CAGR over the forecast period. China and India are the major revenue contributing countries to the Asia Pacific market and the trend is expected to continue over the forecast period. Rapidly developing economy, increasing spending capacity, changing lifestyle, rising focus on health and wellness, and increasing awareness regarding early detection of diseases are factors expected to continue to support Asia Pacific market revenue growth going ahead.
Sales of retractable syringes have increased significantly in the recent past and the trend remains robust even currently owing to increasing number of individuals requiring vaccination and treatment as a result of the COVID-19 pandemic.
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Major Companies in the Market:
For the purpose of this report, Reports and Data has segmented the retractable needle market on the basis of product, type, end use, and region:
Product (Revenue, USD Billion; 2018-2028)
Type (Revenue, USD Billion; 2018-2028)
End Use (Revenue, USD Billion; 2018-2028)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
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