U.S. RETRACTABLE NEEDLE SAFETY SYRINGES MARKET ANALYSIS

The U.S retractable needle safety syringes market is estimated to be valued at US$ 169.3 Mn in 2023 and is expected to exhibit a CAGR of 4.8% during the forecast period (2023-2030).

Analysts’ Views on the U.S. Retractable Needle Safety Syringes Market:

Increasing research and development activities by key players are expected to drive the market growth over the forecast period. For instance, in July 2022, Sharps Technology, a U.S.-based medical device manufacturer, acquired Safeguard Medical’s smart syringe manufacturing facility for US$ 2.5 million. The acquisition aims to expand Sharps Technology’ manufacturing capabilities to address the increasing demand for smart syringes. Safeguard Medical is a U.S.-based manufacturer of smart syringes and emergency medical technologies.

Figure 1. U.S. Retractable Needle Safety Syringes Market Share (%), By Product Type, 2023

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U.S. Retractable Needle Safety Syringes Market - Drivers

• Increasing prevalence of chronic diseases: The increasing prevalence of chronic diseases such as Alzheimer's Disease and other Dementias, Arthritis, Asthma, Cancer, Chronic Obstructive Pulmonary Disease (COPD) has led to an increase in the use of syringes, especially disposable syringes. According to the U.S. Centers for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the U.S. Six in 10 Americans live with at least one chronic disease such as heart disease and stroke, cancer, or diabetes.
• Increased demand for vaccination programs: Increased in demand for vaccination across the globe is expected to boost the growth of the U.S. retractable needle safety syringes market during the forecast period. Vaccines aid in the immune system's ability to fight infections more quickly and successfully. Vaccines are safe and effective at preventing people from getting seriously ill, hospitalized or even dying. The outbreak of COVID-19 (global pandemic) has increased the use of disposable syringes worldwide.

U.S. Retractable Needle Safety Syringes Market - Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdown, U.S. faced problems with the transportation of things from one place to another.

However, the COVID-19 pandemic had a positive impact on the U.S. retractable needle safety syringes market. The pandemic led to an increase in the use of syringes worldwide due to the rising demand for vaccination. For instance, in June 2021, to support global COVID-19 immunization efforts, Becton, Dickinson and Company, a medical technology company received orders for two billion injectable devices in syringes and needles. Moreover, the Biomedical Advanced Research and Development Authority (BARDA) estimated in January 2020 that 650 million to 850 million syringes and needles will be needed to administer vaccines in the U.S. alone.

Figure 2. U.S. Retractable Needle Safety Syringes Market Share (%), By End User, 2023

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U.S. Retractable Needle Safety Syringes Market Segmentation:

The U.S. retractable needle safety syringes market report is segmented based on product type, end user, and distribution channel.

• By product type, the market is segmented into manual  and automated. Out of which, manual is expected to hold a dominant position in the U.S. retractable needle safety syringes market during the forecast period, and this is attributed to the increasing research and development activities by key players and research institutes.
• By end user, the market is segmented hospitals, physician offices, nursing home, dental laboratories, diagnostic centers, ambulatory surgical centers, homecare settings and others. Out of which, hospitals is expected to dominate the market over the forecast period, and this is attributed to increasing organic strategies such as facility expansion by the key players in the market.
• By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies , drug store, and e-commerce. Out of which, hospital pharmacies are expected to dominate the market over the forecast period, and this is attributed to the increasing use of retractable needle safety syringes for the disease treatment.

U.S. Retractable Needle Safety Syringes Market: Key Developments

• Retractable Technologies Inc., a company offers safety syringes featuring automated retraction technology, reported total net sales of US$44.7 million with an operating profit of US$9.7 million for the same time in 2018, compared to total net sales of US$11.0 million with an operating loss of US$ 2.7 million for the first quarter of 2023.
• On February 16, 2023, Zephyrus Innovations (Zephyrus), a medical device company, announced that it has received its first product 510(k) Marketing Approval from the U.S. Food and Drug Administration (FDA) for its Aeroject 3ml safety syringe. Zephyrus Aeroject is a single-use auto-retractable syringe developed for easy one-handed injection.

U.S. Retractable Needle Safety Syringes Market: Key Trends

One-inch needles are typically used for intravenous, intramuscular, and subcutaneous injections in medical settings. It is a long, somewhat thin needle. Injections into the femoral vein, which is somewhat close to the surface, may be beneficial. The needle stops any possible damage or scarring.

In 2021, hospitals generated a bigger percentage of revenue than clinics and ambulatory surgery centers. During the anticipated time frame, the sector is anticipated to own the majority of the market share. This can be explained by pointing to hospitals' higher foot traffic, patient admissions, and patient treatments when compared to other institutions.

U.S. Retractable Needle Safety Syringes Market: Restraint

The high cost of safety syringes: The high cost of safety syringes, growing cases of needle-stick injuries, and the availability of alternate drug delivery methods are major factors expected to hinder growth of the U.S. retractable needle safety syringes market. For instance, there are various alternative drug delivery methods such as oral, nasal, buccal, rectal, vaginal, sublingual, cutaneous, transdermal, ocular, otic, and others. Moreover, needle-stick injuries are known to occur frequently in healthcare settings and can be serious.

Key players are focusing on developing advanced retractable needle safety syringes that are safe and cost-effective, which is expected to drive market growth over the forecast period.

U.S. Retractable Needle Safety Syringes Market - Key Players

The major players operating in the U.S retractable needle safety syringes market include Becton, Dickinson and Company, Smiths Medical, Revolutions Medical Corporation, Retractable Technologies Inc., SOL-MILLENNIUM, Axel Bio Corporation, Inc., DMC Medical Limited, Medicina, Duopross Meditech Corp., and MHC Medical Products, LLC.

U.S. Retractable Needle Safety Syringes Market - Definition: A retractable needle is one that is spring-loaded and retracts into the barrel of the syringe when the plunger is completely depressed after the injection is given. A syringe with a retractable needle works similar to a self re-sheathing needle. After the needle is fully depressed and all fluids are injected into the patient, a spring or gas cell enacts the needle and retracts it fully into the body of the barrel, where it is locked in place.