Global Safety Needles Market Recent Development and Major Market Players
The global safety needles market was valued USD 1,508 million in 2019 and is expected to value USD 4,009 million by 2028 at a CAGR of 8.1% during the forecast period, as per recent study by Quince Market Insights. A needle is basically a sturdy and slender device along with a pointed end that is used to puncture tissues. They are also used for different purposes, which includes drawing blood from the body to collect the sample, administrating drug in the body, among others. However, healthcare professionals are likely to advertently puncture the skin, which results in needle stick injury. The safety needles are mostly used for removing fluid and administering the medicines from the body. There are two types of safety needles namely passive safety needles and active safety needles. The active safety needles need manual activation of the safety features whereas passive safety needles are automatic.
Initiatives by the government to promote immunization are also expected to drive the market growth. For instance, the state government of Colorado, United States, announced plans in February 2020 to enact a bill to raise Colorado children's immunization rates to 95 percent, in line with the Centers for Disease Control and Prevention's targets.
To expand their product portfolio, major competitors in the market are focusing on collaboration and partnership methods. For instance, Abbott Laboratories and Insulet Corporation announced a partnership in February 2020 to combine Abbott's glucose sensing technology with Insulet's next-generation tubeless system, the Omnipod Horizon Automated Insulin Delivery System (Omnipod Horizon System), to provide personalized automated insulin delivery and care to people with diabetes.
The global safety needles market is extremely fragmented with various local, global, and regional vendors providing a broad range of safety needles to the end-users. Though these companies have strong positions as compared to Tier II and III vendors and they are losing their importance owing to the increased competition from regional as well as local players.
With the regional vendors posing stiff competition for the global market players in the developing economies, the companies are making efforts on developing innovative products like new generation micro-needles and fully automatic safety needles to retain positions in the market. Now we will take a closer look at the global companies, which are playing actives roles in the development of the safety needles market.
Major Producers of Safety Needles -
Medtronic is one of the major producers of medical devices and the company is into medical technology, services, and solutions. The company has a wide range of product portfolio, which are categorized into cardiac rhythm, advanced surgical technology, digestive and gastrointestinal, diabetes, cardiovascular, general surgery, ENT, patient care, neurological, respiratory, patient monitoring, urological and urogynecological, spinal, and orthopaedic.
Terumo initially started its business by selling the Japanese made thermometer and later started manufacturing and marketing medical products and medical disposables as well as equipment across the world. The company mainly operates its business through three companies namely Blood Management Company, General Hospital Company and Cardiac and Vascular Company.
Retractable Technologies (U.S.)
Retractable Technologies designs, develops, manufactures, and markets the safety needles for the healthcare industry. The company also markets its products all across the United States. Some of its well-known products are Patient Safe syringes, VanishPoint syringes, and EastPoint syringes. The VanishPoint syringes are designed for preventing NSIs and promoting single use.
BD is basically a medical technology company that produces and sells a wide range of medical supplies, laboratory devices, equipment, devices and diagnostic products. The company’s diverse products portfolio is divided into biosciences, diagnostics, and a wide range of medical devices.
Smiths Medical (U.S.)
Smiths Medical is basically a medical devices manufacturer, which offers innovative solutions to the healthcare market. Its products are used mainly in post-operative care during recovery, in surgery in intensive and critical care and in-home infusion therapies. The company is a subsidiary of Smiths Group.
To know more about Safety Needles Market, find our Report on Quince Market Insights -https://www.quincemarketinsights.com/industry-analysis/safety-needles-market
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