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