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Market Overview of Global Needlestick Safety Injection Devices market:
According to our latest research, the global Needlestick Safety Injection Devices market looks promising in the next 5 years. As of 2022, the global Needlestick Safety Injection Devices market was estimated at USD 2286.35 million, and it's anticipated to reach USD 2853.13 million in 2028, with a CAGR of 3.76% during the forecast years.
Needlestick Safety Injection Devices are an essential tool for protecting healthcare workers from injuries that could result in exposure to bloodborne pathogens. Needlestick Safety injection devices, such as safety syringes and safety needles are designed to eliminate needlestick injuries while also increasing the safety of drug administration.
The need for mass vaccination campaigns has driven the demand for needlestick safety injection devices. the syringes and safety needles are critical to the each nation's COVID-19 vaccination strategy. For instance, on August 4, the Department of Defense's (DOD) Joint Acquisition Task Force (JATF), in support of the Department of Health and Human Services' (HHS) Strategic National Stockpile (SNS), awarded $104 million in contracts to procure syringes and safety needles, enabling the nationwide administration of a U.S. Food and Drug Administration (FDA)-approved COVID-19 vaccine, once one is available.
In addition, the COVID-19 pandemic has put a spotlight on syringes. That surge in injections increases the likelihood of more needlestick injuries. As mass COVID-19 vaccination programs roll out across the country, Healthcare workers are potentially faced with compromising workers' health for the sake of the broader public health, as it relates to occupational exposure to contaminated needles and syringes. Healthcare workers (HCWs) are at risk of needlestick injuries (NIs) from contaminated needles and sharps. HCWs may perform job tasks such as vaccination and mass vaccination, blood and specimen collection, skin injections, and intravenous administration of therapies, among other situations that can cause needlesticks. This drives the demand for needlestick safety injection devices.
Stiff competition
With major manufacturers and suppliers in the needlestick safety injection devices industry competing globally, the intensity of competition within the needlestick safety injection devices industry has increased. The vendors adopt strategies like price competitions to stay competitive in the market. Meanwhile, the local vendors in developing nations are providing tough competition to the global players based on product pricing. The fierce competition is not conducive to the sustainable development of the industry. At the same time, small companies or small retailers enter the business consequently as venturing into a needlestick safety injection devices business does not require immense capital or investment. However, this leads to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established needlestick safety injection devices manufacturers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes. The fierce competition is not conducive to the sustainable development of the industry.
Higher cost and availability of other substitutes
One of the biggest challenges in the market is the higher cost associated with the needlestick safety injection devices. It is one of the reasons for the slow rate of adoption in some healthcare units. Simultaneous development of alternative drug delivery devices such as infusion sets, auto-injectors and blunt fill needles also pose a credible threat to the future growth. Other challenges, which can be easily mitigated, include overcoming patients'/medical practitioners' reluctance to switch from conventional to safety syringes and lack of general awareness about healthcare safety. Despite these challenges, the overall future outlook indeed remains promising; the price sensitive market will continue to seek improvements for the benefit of the end-users and the wider pharmaceutical industry.
Region Overview:
Geographically, US held the largest market share - 59.93% in 2021.
Company Overview:
BD is one of the major players operating in the Needlestick Safety Injection Devices market, holding a share of 26.84% in 2021.
BD
Becton, Dickinson and Company, also known as BD, is an American multinational medical technology company that manufactures and sells medical devices, instrument systems, and reagents. BD also provides consulting and analytics services in certain geographies.
Cardinal Health
Cardinal Health, Inc. provides complementary products and services to healthcare providers and manufacturers. The Company's services include pharmaceutical distribution, health-care product manufacturing, distribution and consulting services, drug delivery systems development, pharmaceutical packaging, automated dispensing systems manufacturing, and retail pharmacy franchising.
Segmentation Overview:
By type, Safety Syringes segment accounted for the largest share of market in 2021.
Safety Syringes
A safety syringe is a syringe with a built-in safety mechanism to reduce the risk of needlestick injuries to healthcare workers and others. The needle on a safety syringe can be detachable or permanently attached. On some models, a sheath is placed over the needle, whereas in others the needle retracts into the barrel. Safety needles serve the same functions as safety syringes, but the protective mechanism is a part of the needle rather than the syringe. Legislation requiring safety syringes or equivalents has been introduced in many nations since needlestick injuries and re-use prevention became the focus of governments and safety bodies.
Safety Needles
There are active and passive Safety Needles to meet clinician preferences. Safety needles are engineered to keep patients and clinicians safe at every step, from use to disposal.
Application Overview:
The market's largest segment by application is the segment Hospitals, with a market share of 58.39% in 2021.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Needlestick Safety Injection Devices market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Needlestick Safety Injection Devices Market Report:
Market Size Estimates: Needlestick Safety Injection Devices market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Needlestick Safety Injection Devices market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Needlestick Safety Injection Devices market
Segment Market Analysis: Needlestick Safety Injection Devices market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Needlestick Safety Injection Devices market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Needlestick Safety Injection Devices Market: Revenue and sales volume of major countries in each region
Needlestick Safety Injection Devices Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Needlestick Safety Injection Devices market in major regions.
Needlestick Safety Injection Devices Industry Value Chain: Needlestick Safety Injection Devices market raw materials & suppliers, manufacturing process, distributors, downstream customers
Needlestick Safety Injection Devices Industry News, Policies & Regulations
Key players in the global Needlestick Safety Injection Devices market are covered in Chapter 12:
Terumo
Berpu Medical Technology
Smiths Group
Retractable Technologies
BD
B. Braun
Cardinal Health
West Pharmaceuticals
Nipro
Duopross Meditech
Vogt Medical
In Chapter 2 and Chapter 15.1, based on types, the Needlestick Safety Injection Devices market from 2018 to 2028 is primarily split into:
Safety Syringes
Safety Needles
Combo
In Chapter 3 and Chapter 15.2, based on applications, the Needlestick Safety Injection Devices market from 2018 to 2028 covers:
Hospitals
Clinic
Retail
Pharmacy
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Needlestick Safety Injection Devices market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028