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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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Increasing number of syringe injuries and greater incidences of chronic diseases across the world, along with high levels of medical development especially in developing regions will drive the market at a high CAGR during the forecast period – Our Research Expert
Although nurses appeared to be the professional group most prone to sharps injuries, several studies have emphasized that sharps injuries are under reported by healthcare workers, making available incidence rates a less accurate reflection of the sharp injury occurrences. In fact, there is a tendency to under-report among various professional groups, with rates ranging from 30 to 60% for nurses, 13 to 15% for laboratory personnel, and 70–95% for physicians. Needle stick injury carries the possibility of exposure to any of more than 20 blood borne illnesses. The most clinically significant of these illnesses are hepatitis caused by the hepatitis B virus (HBV) or the hepatitis C virus (HCV) and acquired immunodeficiency syndrome (AIDS) due to the human immunodeficiency virus (HIV). Safer needle devices are designed to reduce the incidence of needle-stick injuries particularly in clinical setting, to prevent the risk of disease transmission from the patients to health care workers. In Retractable Needles, after the administration of the syringe contents, the hypodermic needle retracts to the inside of the barrel of the syringe. This can be triggered automatically through normal use of the syringe, or through an active input from the user.
Further key findings from the report suggest :
The report also focuses on details of each market player including its global position, financial standing, revenue generation, company overview, and product & service portfolio. The Retractable Needle market is extremely competitive and consists of several key players at the regional and global levels. Key players are focused on adopting various strategies such as new product launches, mergers and acquisitions, investments in R&D, partnerships, joint ventures, and collaborations to strengthen their market position and enhance their product portfolio.
Leading companies operating in the market are:
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.
The report also offers detailed insights about market segmentation based on type, application and regional bifurcation:
Product (Revenue, USD Million; 2018–2028)
Type (Revenue, USD Million; 2018–2028)
End Use (Revenue, USD Million; 2018–2028)
Some essential purposes of the Retractable Needle market research report:
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