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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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. Combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription have significantly contributed to the revenue growth of the market.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register highest market growth over the forecast period attributed to increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
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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.
- Companies such as 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. are included in the analysis.
- Axel Bio Corporation sells manual retractable needle, under a strategic alliance agreement with UniqSafe Biomedtech Co, Ltd, whose manufacturing facilities are located in China and Taiwan.
For the purpose of this study, Reports and Data have segmented the Retractable Needle market by Type, by Product, by End Use and by Region:
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
Region (Revenue, USD Million; 2018–2028)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
- Brazil
Growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper market growth
Imposition of strict government regulations and shortage of funds have put a halt on the product launches and RD activities and are expected to restrain market growth over the forecast period. In addition, launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering market growth.
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