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.
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Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.
Significantly, China’s adoption of health insurance and broader healthcare reforms last year effectively created a market of one billion people overnight. However, generic medications account for 76% of the Chinese market, making it difficult for European and American multinationals to capitalize on market prospects.
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Further key findings from the report suggest-
- The Hospital sub-segment occupied the greatest market share for use of retractable needles in 2020. The sector is characterized by holistic and palliative care being provided to patients, and an emphasis on maintain hygiene and safety. This sector accounted for almost 50% of the End Use segment in 2020 of retractable needle industry.
- North America has the leading share in the retractable needle stick industry, chiefly because of the converging trends of their ageing population, rise in the number and cases of chronic diseases and technological advancements
- Asia Pacific region is anticipated to witness the highest CAGR during the forecast period on account of cost advantages, rise in the numbers of the ailing population and an increased need of safe healthcare. 10% of healthcare investment in R&D is expected by 2019 from many countries in the region which will positively affect the Retractable Needle sector.
- Governmental initiatives in many African countries is also expected to drive the growth of retractable needle sector. The countries in Africa present a new and potentially high-revenue generating region for most manufacturers.
- China and India are expected to witness a huge surge in retractable needle industry, as the market value is expected to double itself in India shortly. As high number of elderly populations is expected to be residing in China and Asia Pacific region by 2050, along with increased healthcare spending and the government of India planning to increase public health spending 2.5% of GDP by 2025, the industry is expected to see substantial growth in the Asia-Pacific.
- By Product, automatic segment occupies the largest share of 68.4% of retractable needle market.
- Latin America and Middle East and Africa will be showing an average growth of around 11.2% and 13.7% respectively till 2028. In Africa, the growth will be markedly higher than in many developed countries.
- Improved trainings, better delivery systems and a broader product differentiation are some strategies recommended to establish a firm footing in retractable needle industry.
- A rise in government investments, increasing awareness about retractable needles, improved sources of funding and greater technological and scientific innovations will boost the industry.
- Companies such as 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. are included in the analysis.
- Axel Bio Corporation sells manual retractable needle, under a strategic alliance agreement with UniqSafe Biomedtech Co, Ltd, whose manufacturing facilities are located in China and Taiwan.
For the purpose of this study, Reports and Data have segmented the Retractable Needle market by Type, by Product, by End Use and by Region:
Product (Revenue, USD Million; 2018–2028)
- Manual Retractable Needles
- Automatic Retractable Needles
Type (Revenue, USD Million; 2018–2028)
- Active retraction
- Passive retraction
End Use (Revenue, USD Million; 2018–2028)
- Clinics
- Hospitals
- Ambulatory Surgery Centres
- Others
Region (Revenue, USD Million; 2018–2028)
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East and Africa
- Latin America
- Brazil
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The entry of startups and regional players in the recent years and their increasing focus on drug development and research and advancements in therapeutics and medical devices are also expected to contribute to the growth of the market.
Among the product types, the demand for personalized medicine for cancer is expected to dominate other types over the forecast period attributing to growing demand for customized therapies to treat various types of cancer and growing incidence of cancer globally.
Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and lesser affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and awareness regarding advanced treatment approaches and lower adoption of advanced technologies might further hamper market growth over the forecast period.
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