The global safety needles market was valued at US$429.215 million in 2022 and is forecasted to reach US$1,002.348 million by 2029, growing at a CAGR of 12.88%.
Safety needles are advanced needs having the feature of an inbuilt safety mechanism that can avoid needle-linked injuries to the patients. The prime reason that is expected to drive the market growth during the forecasted period is the growing advent of diseases and rising vaccination in an attempt to avoid chronic diseases. With rising complexities in lifestyle and the growing prevalence of chronic diseases, expenditure on diagnosis, treatments, and vaccinations has surged significantly, which has increased the market for safe needles.
Furthermore, the demand for single-use safety needles for better prevention against potential infection of unwanted pathogens entering the body has provided a new opportunity for the industry’s expansion. Moreover, an increase in the geriatric population and demand for safe needles for better body suitability also drive the market growth. Robust investment by the government in the healthcare sector is also projected to provide stable growth.
Geographically, the global safety needles are divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific regions for the study. The Asia Pacific and North American regions are expected to hold a significant market share. The Asia Pacific region has been emerging as a medical hub. Compared to their countries, Americans and the European population find medical treatment in this region more cost-effective and cheaper. An average American can save up to 90% of the expenditure on healthcare if the patient gets treatment from the Asia Pacific region. Furthermore, rising healthcare infrastructure and facilities in the region will further expand the medical tourism market and provide substantial growth for safety needles.
The European region has observed a high rise in the proportion of the geriatric population and a significant increase in chronic, especially cardiovascular disease, which is projected to create the demand for safe syringes for diagnosis, treatment, and medicine intake.
Market Drivers:
One of the prime reasons driving the market growth of safety needles is rising healthcare expenditure and instances of diseases. With growing complexities in lifestyle, a surge in cases of cardiovascular diseases has increased. Diagnosis, treatment, and medicine intake have increased significantly, which has raised safety needle adaption. Data from the World Health Organization (WHO) shows that in 2019, 17.9 patients lost their lives owing to cardiovascular illnesses, which accounted for 32% of deaths in the year. 6.460 million deaths among patients under 65 years of age were caused by CVDs.
Rising instances of chronic diseases have significantly increased health expenditure for better healthcare. Data from the World Bank shows that per capita health expenditure has increased globally from US$999.104 in 2015 to US$1,111.082 in 2018. Increasing health expenditure and treatment are expected to surge the market for safety needles.
Furthermore, international organizations have also taken the initiative to reduce the burden of chronic diseases through awareness programs, medication, and treatments. WHO aims to reduce the global prevalence of blood pressure issues by 25% from 2010 to 2025. WHO declared that 50% of the beneficiaries under this program will receive continuous drug therapy and other treatments to prevent CVD-linked death by 2025. Promising prevention and treatment prospects are expected to increase market opportunities.
Market Restraint:
A major problem faced by the safety needle industry is the disposal of needles. Safety syringes are predominantly single-use syringes, and their improper disposal creates syringes and needles pollution. With the rising usage of needles and syringes, a surge in syringe pollution has been observed worldwide. In March 2021, San Francisco collected more than 13,000 syringes and needles waste, an increase of 10 times than a decade ago. Furthermore, improper disposal of needles raises the chances of spreading diseases such as HIV and hepatitis. The surging needles market is expected to increase further pollution, which degrades the environment and hence has raised concerns.
Key Developments:
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2022 | US$429.215 million |
| Market Size Value in 2029 | US$1,002.348 million |
| Growth Rate | CAGR of 12.88% |
| Study Period | 2019 to 2029 |
| Historical Data | 2019 to 2022 |
| Base Year | 2023 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Million |
| Segments Covered |
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| Companies Covered | |
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Key Market Segments: