RetractableNeedle Safety Syringes Market, by Product Type (Manual Retractable NeedleSafety Syringe and Automated Retractable Needle Safety Syringe), by End Users(Hospitals, Clinics, and Ambulatory Surgical Units) and by Region (NorthAmerica, Latin America, Europe, Asia Pacific, and Africa) - Global IndustryInsights, Trends, Outlook, and Opportunity Analysis, 2018 – 2026
A retractable needle safetysyringe is a type of safety syringe that comes along with integrated safetymechanism. It is designed in such a way that protruding needle is withdrawninto the barrel of syringe after the delivery of medication/dose. After medicationis expelled, the user has to apply extra pressure to the attached plunger tobreak the seal and to retract the needle into the syringe. The retractableneedles are safe and real-time. These syringes also decrease the waste volumeas compared to other syringes. Retractable needles syringes are used in severalindications such as diabetes, tuberculosis, and cancer.
Major factors driving the growthof global retractable needle safety syringes market are increasing incidencesof chronic diseases, rising geriatric population, and growing awareness amongthe healthcare professionals. According to the American Diabetes Association,in 2015, around 30.3 Americans had diabetes, which is 9.4% of the total U.Spopulation.
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Moreover, according to the WorldHealth Organization (WHO), in 2015, approximately 8.8 million people sufferedfrom cancer worldwide. Approximately, 70% of the cancer deaths are recorded inlow and middle income economies.
According to the World HealthOrganization (WHO), approximately 16 billion injections are used annually outof which almost 90% are given in curative conditions. The unsafe usage ofsyringe is observed worldwide especially in emerging economies, which leads towidespread infection amongst healthcare professionals and patients. Unsafesyringe usage can cause hemorrhagic fevers such as Marburg and Ebola viruses,malaria, and others. According to thestatistics published by WHO, 2012, unsafe syringe usage leads to 1.3 millionearly deaths annually, direct medical costs of US$ 535 million and cumulativeloss of 26 million years of life.
Product innovations andagreements are expected to favor the growth of the global retractable needlesafety syringes market
Regional segmentation of globalretractable needle safety syringe by Coherent Market Insights comprises ofNorth America, Latin America, Europe, Asia Pacific, Africa, and MiddleEast. For instance, in May 2017,Innovative Neurons LLC, a medical device company announced to commercialize itspatented auto retractable multi-needle syringe also known as FAST (fast,accessible, safe and technology). The FAST technology is expected to decreasethe 40,000 needle stick injuries, endangering healthcare professional lives, inthe U.S per year. It also reduces the time required to inject medication withmultiple injections. It is also expected to reduce the cost by 29%, accordingto the company claims.
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Moreover, in December 2017, anAustralia-based company, Numedico Technologies signed an agreement with ManaMedical Services. According to agreement, the latter will distribute ClickZipNeedle Retractable Safety Syringe in New Zealand and Australia. The ClickZip isconventional syringe with additional locking mechanism.
The market is oligopolistic innature with few market players dominating the market. The prominent players inthe global retractable needle safety syringes market include Retractable Technologies,Inc., Becton, Dickinson and Company, Medtronic plc, Axel Bio Corporation, DMCMedical Limited, Sol-Millennium, Medigard Limited, Smiths Medical Inc., GlobeMedical Tech, Inc., and UltiMed, Inc.
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