Global $3Bn+ Safety Needles Market Outlook, 2019-2026 | High Growth Potential in Emerging Economies - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Oct 23, 2019--
The “Safety Needles Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026” report has been added to ResearchAndMarkets.com’s offering.
According to this report, the safety needles market accounted for $1,609 million in 2018, and is expected to reach $3,009 million by 2026, registering a CAGR of 8.1% from 2019 to 2026.
The global safety needles market witness’s significant growth, owing to factors such as increase in cases of chronic diseases & infections and surge in prevalence of needlestick injuries. Favorable government initiatives related to the use of safety needles boosts the growth of market. However, high price of safety needles and availability of alternative modes of drug delivery hamper the growth of the market. Conversely, high growth potential in emerging economies is expected to create lucrative opportunities for market expansion during the forecast period.
Based on product, the active safety needles segment acquired the major share, as these devices experience higher adoption as compared to passive safety needles. Moreover, comparatively lower price of active safety needles boosts the growth of this segment. However, the passive safety needles is anticipated to growth at the highest rate during the forecast period, owing to ease of use these devices offer, as the safety feature is automatic. In addition, passive needles are equipped with non-removable integral safety system and require less disposable space, which fuel their adoption across the globe. These features serve as an advantage to the pharmaceutical manufacturers by eliminating extra assembly steps.
Based on end user, the hospitals & ambulatory surgery centers segment dominated the safety needles market, as these devices are majorly used in drug administration and blood sample collection, which are majorly performed by highly trained medical staff in hospitals and surgery centers. However, the psychiatry segment is expected to grow at a significant rate during the forecast period, owing to rise in awareness related to need of safety needles in psychiatry. This is attributed to the elevated risk of needlestick injuries to healthcare workers in psychiatry.
In 2018, North America accounted for the major share of safety needles market, and is expected to continue this trend during the forecast period, owing to rise in cases of needlestick injuries in the region. Moreover, other factors such as easy availability of safety needles, presence of key players, and surge in adoption of safety needles boost the market growth. However, Asia-Pacific is expected to exhibit fastest growth rate, owing to surge in awareness related to harmful outcomes of needlestick injuries.
Furthermore, upsurge in prevalence of fatal infections that can be transmitted through needlestick injuries and rise in healthcare expenditure in the region are the key factors that significantly contribute toward the growth of the market. The constantly evolving life science industry drives the growth of the market in the developing economies such as India, China, Malaysia, and others, thus providing lucrative opportunities to the safety needles providers for expansion for their businesses.
Key Findings of the Safety needles Market
For more information about this report visit https://www.researchandmarkets.com/r/m5h9s9
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INDUSTRY KEYWORD: MEDICAL SUPPLIES HEALTH
SOURCE: Research and Markets
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PUB: 10/23/2019 05:16 AM/DISC: 10/23/2019 05:16 AM