U.S. SAFETY NEEDLES MARKET ANALYSIS

U.S. Safety Needles MarketSize and Trends

U.S. safety needles market is estimated to be valued at US$ 2.82 Billion in 2023, and is expected to exhibit a CAGR of 4.8% during the forecast period (2023-2030). Increasing product launches by key market players is expected to drive the market growth over the forecast period. Moreover, increasing product approvals and inorganic strategies such as collaborations and partnerships are expected to drive the U.S. safety needles market growth.

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

• Increasing prevalence of diabetes: Increasing prevalence of diabetes in the U.S. is expected to drive the market growth over the forecast period as safety needles are used in the diabetes treatment. For instance, in 2022, according to the National Diabetes Statistics Report by the U.S. Department of Health & Human Services, 11.3% of the U.S. population have diabetes.

Fig. 2 U.S. Safety Needles Market (US$ Bn) & Y-o-Y Growth (%), 2018-2030

Market Trends

• Increasing prevalence of diabetes: Increasing prevalence of diabetes in the U.S. is expected to drive the market growth over the forecast period as safety needles are used in the diabetes treatment. For instance, in 2022, according to the National Diabetes Statistics Report by the U.S. Department of Health & Human Services, 11.3% of the U.S. population have diabetes.
• Increasing number of product approvals: Increasing number of product approvals by the regulatory authorities is expected to boost growth of the U.S safety needles market over the forecast period. For instance, in June 2020, Regeneron Pharmaceuticals, Inc., a U.S.based pharmaceutical company, announced that it had received approval from the U.S. Food and Drug Administration (FDA) for the 300 mg single-dose pre-filled pen for Dupixent (dupilumab) in collaboration with Sanofi, a global healthcare company. The pre-filled pen has visual and audible feedback, a hidden needle, single-press auto-injection, and other administration-assisting features.

U.S. Safety Needles 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 (WHO) declared it a public health emergency on January 30, 2020.

COVID-19 has affected the economy in three main ways: by directly affecting the production and demand for medical devices, by creating disruptions in modality, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, UAE, Egypt, and others faced problems regardingthe transportation of medical devices from one place to another.

Quarantine, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending. Furthermore, healthcare providers faced challenges such as lack of additional manpower, equipment, consumables, and other resources that were required to ensure safety in hospitals and provide treatment to patients with other diseases. Though the impact of COVID-19 on the U.S. safety needle market was positive as government intiatives for the manufacturing of safety needles used in the syringes were increased during the pandemic. For instance, in November 2020, ApiJect Systems, Corp., a U.S.-based healthcare company, announced that it had been granted a US$ 590 Million loan by the U.S. International Development Finance Corporation (DFC). A high-quality needle hub facility wasbuilt with the help of the DFC loan and a sizable amount of private funding that reducedApiJect's dependency on international supply chains significantly.