PORTLAND, Oregon, October 29, 2018 /PRNewswire/ --
need for accurate dosage administration and
increasing government focus on
mandating the use of safety
are expected to
propel the growth of the global safety needles
Allied Market Research recently published a report, titled, "Safety Needles Market by Product (Active Safety Needles and Passive Safety Needles) and End User (Hospitals, Diabetic Patients, Family Practices, Psychiatrics, and Others): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report offers extensive analyses of the market share & forecast, industry trends, drivers & opportunities, strategic developments, and competitive landscape. According to the report, the global safety needles market garnered $1.61 million and is expected to reach $3.92 billion, registering a CAGR of 12.1% from 2018 to 2025.
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Growing need for accurate dosage administration and associated benefits of safety needles such as preventing pH changes, and enzymatic activities drive the growth of the global safety needles market. However, increase in preference of needle-free injection and surge in demand for microneedles hamper the market growth. On the contrary, increasing focus of government for mandating the use of safety needles across medical set-ups is expected to create lucrative opportunities for the market players in the coming future.
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Active safety needle segment to manifest highest demand by 2025
The active safety needle segment contributed more than two-thirds share of the market in 2017, owing to its increased adoption as a safety-engineered device for administrating vaccines and medications. However, the passive safety needle segment is projected to manifest the fastest CAGR of 15.3% during the forecast period, owing to the associated benefits such as automated mechanism and ease of use over conventional needles.
Psychiatrics segment to witness fastest CAGR by 2025
The psychiatrics segment is expected to witness the fastest CAGR of 14.7% during the study period, owing to the surge in adoption of safety engineered needles in psychiatry. However, the hospital segment held about one-third market share in 2017, owing to the global campaign to encourage injection safety as well as adoption of WHO guidelines for safe, proactive usage of needle. In addition, end users such as diabetic patients, family practices, and others are analyzed in the report.
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North America holds largest market share
North America held the largest market share in 2017, contributing about 42% of the total revenue, owing to the increased demand for safety needles and enforcement of legislation for healthcare facility by the U.S. government to adopt safety needles in healthcare facilities. However, the Asia-Pacific region is expected to grow at 13.8% CAGR during the forecast period, owing to the growing geriatric population and increasing incidence of chronic diseases coupled with growing awareness among physicians to adopt safety needles in healthcare practices. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
Major market players
The key market players analyzed in the report include Medtronic PLC, Retractable Technologies, Inc., Smiths Group PLC, Medpro Safety Products, Inc., Johnson & Johnson (Ethicon, Inc.), Becton, Dickinson And Company, Terumo Medical Corporation, B. Braun Melsungen AG, Nipro Corporation, and Novo Nordisk. These market players have opted for various marketing strategies such as partnerships, collaborations, mergers & acquisitions, and product launch to maintain its foothold in the industry.
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