The Global Retractable Needle Safety Syringes Industry is on the brink of remarkable expansion, poised to reach a projected valuation of US$ 5,846.6 million by the end of 2023. According to industry experts, this upward trajectory is expected to persist, with a steady Compound Annual Growth Rate (CAGR) of 4.1% anticipated from 2023 to 2033. By the conclusion of this decade-long journey, the market is forecasted to soar to an impressive US$ 8,770 million.
This projected growth highlights the pivotal role that Retractable Needle Safety Syringes are playing in the evolving landscape of healthcare. The innovative design of these syringes features an immediate needle retraction mechanism, triggered as soon as the plunger handle is fully depressed. This revolutionary pre-removal automatic retraction virtually eliminates the risk of exposure to a contaminated needle, thereby significantly reducing the likelihood of needle stick injuries.
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Major technological developments related to needles and syringes, such as the introduction of retractable needle safety syringes, lubrication technology and needle-stick safety-equipped devices, have increased the demand for retractable needle safety syringes in the market.
In addition to this, development of various safety devices, such as a passive needle guard with an advanced retractable needle system and plastic shield is largely addressing the issue of needle-stick injuries. Thus, technological advancement will continue to play a key role in spurring growth of the Global Retractable Needle Safety Syringes Industry.
Furthermore, organizations and manufacturers with advanced procurement functions have the opportunity to grow and expand their business to purchasers and traders. Together they work to develop innovative products to boost revenues and profits for both parties. They are using different key strategies, such as new product launches, expansion, and collaborations, among others to expand their footprint.
For instance, in June 2021, the space Medtech start-up ResearchSat partnered with the subsidiary of Numedico Technologies Pty Ltd. (Numedico Science Pty Ltd.), to work together for developing innovative therapies and drugs delivery based systems.
Key Takeaways from Global Retractable Needle Safety Syringes Industry Study
- By product, manual retractable safety syringes are expected to hold around 1% market value share by the end of 2032.
- By application, intravenous segment holds a market share value of around 0%.
- By end-user, hospitals segment accounted for the highest market share value of 7% in 2021.
- North America accounted for around 4% revenue share of the Global Retractable Needle Safety Syringes Industry in 2021.
- The retractable needle safety syringes market in Germany is set to expand at 1% CAGR during the forecast period.
- Demand for retractable needle safety syringes in China to increase at a CAGR of 2% over the next ten years.
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“With increasing advancement in retractable needle safety syringes and surge in needle stick injury cases, growth in the Global Retractable Needle Safety Syringes Industry is on the cards,” as per the Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Who is Winning?
Acquisition among the companies or brands is the key strategy of retractable needle safety syringe manufacturers such as Becton, Dickinson and Company, Cardinal Health, and Nipro Corporation to grow their presence in the market and compete with other competitors during the coming years. Following are a few examples of acquisitions made by them to be at the top position:
- In November 2020, BD acquired the medical business assets of CUBEX LLC, broadening its automated dispensing portfolio across the care continuum.
- In January 2019, Cardinal Health announced the acquisition of Mirixa Corporation, a leading organization in developing solutions for medication therapy management.
- In February 2021, Terumo Corporation announced the acquisition of Health Outcomes Sciences, Inc.
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Future Market Insights brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2012 to 2032. The Global Retractable Needle Safety Syringes Industry is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on retractable needle safety syringes market segment based on Product – (Manual Retractable Safety Syringe and Auto-retractable Safety Syringe), By Application (Subcutaneous, Intramuscular, and Intravenous) By End User – (Hospitals, Clinics, Ambulatory Surgical Centres and Others), By Distribution Channel (Direct to Customer, Retail (Retail Pharmacies and Drug Stores) and Online Pharmacies) across seven major regions.
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Global Retractable Needle Safety Syringes Industry Key Players:
- Axel Bio Corporation, Inc
- Becton, Dickinson and Company
- Numedico
- Lifelong Group
- DMC Medical Ltd.
- Retractable Technologies, Inc.
- Smiths Medical
- Sol-Millennium Medical Group
- UltiMed, Inc. (Ulticare)
- Revolutions Medical Corporation
- Medicine (HMC Group)
- Haiou Medical
- Mediprim
- Cardinal Health
- Medline Industries
- Duopross Meditech Corp.
- Nipro Corporation
- Terumo Corporation
Key Market Segments Covered in Global Retractable Needle Safety Syringes Industry Research
By Product:
- Manual Retractable Safety Syringe
- Auto-retractable Safety Syringe
By Application:
- Subcutaneous
- Intramuscular
- Intravenous
By End-User:
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Others
By Distribution Channel:
- Direct to Customer
- Retail
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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