Hypodermic Needle Market poised to Show Decent Growth Worldwide by 2024

Posted by Jitendra Magar on August 6th, 2018

The global hypodermic needle market to reach USD 4,238.9 billion by 2024. Implementation of stringent legislation to reduce needlestick injury and increasing awareness related to safety needles among the healthcare provider is expected to drive the hypodermic needle market over the forecast period. Furthermore, increasing awareness of the regular immunizations coupled with increasing preference for regular health check-ups will further escalate the demand for hypodermic needles over the forecast period.

Moreover, rising geriatric population, increasing prevalence of diabetes, improving healthcare hygienic sample withdrawal practices in emerging economies such India, China, and Brazil is projected to propel the demand for hypodermic needle over the forecast period. However, the high cost of automated safety needles and the introduction of needleless delivery mechanisms might restrain the market growth in the forecast period.

Factors such as increasing awareness concerning regular vaccination and pathological blood testing followed by rising demand for hormone supplements such as insulin will drive the introduction of safe and effective needles. This, in turn, would increase the acceptance and uptake of hypodermic needles in near future.

Inappropriate disposal of the needle is a primary concern, which in turn is expected to increase the demand for advanced engineered mechanisms rendering efficient and safe disposal. As per the data enumerated by World Health Organization (WHO), worldwide there are more than 16 billion injections administered annually. There are numerous benefits associated with the use of safety needles such as user-friendliness during injection, and efficient transfer of medications are resulting in their increased acceptance among medical practitioners.

Browse Details of Report @ https://www.hexaresearch.com/research-report/hypodermic-needles-market

Key players analyzed:

• Becton, Dickinson, and Company
• Medtronic
• Retractable Technologies
• Terumo Medical Corporation
• Smiths Medical

Worldwide, needlestick injuries are the primary concern for healthcare providers. In the U.S., every year, approximately, 8 to 10 lac needlestick injuries occur to healthcare workers, and about 1000 of them get contacted with infectious diseases, and 500 to 600 die each year due to these type of injuries. The cost of needlestick injury follow-up in the U.S. per incident is approximately USD 3,000, and around USD 3 billion is spent annually in the U.S. on needlestick injuries. Hence, the increasing occurrence of these type of injuries results in the development of improved and effective safety needles.

Safety engineered devices (SEDs) are categorized into passive and active devices. Passive needles are highly preferred over conventional needles owing to its advantages such as user-friendliness and others. Also, with the implementation of the regulations promoting the use of safety hypodermic needles will further enhance the acceptance of these needles over the forecast period. For instance, World Health Organization (WHO) encourages injection safety worldwide through the Safe Injection Global Network (SIGN).