Retractable Needles Market: Outlook
The use of injections has increased phenomenally over the globe. The utilization of injections for inserting vaccines, doses, and other liquid doses for treating various diseases and disorders has gained enormous traction over the years. Thus, based on this aspect, the retractable needles market is prognosticated to evolve at a rapid rate across the forecast period of 2024-2030.
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The process of administering an injection is crucial. The safety of the injections to the human body mostly depends on the type of injections. The World Health Organization (WHO) estimates that more than 3 mn people across the globe die every year due to unsafe injection administration. Thus, these statistics shed light on the rising concerns about safe injection administration. Therefore, based on all these factors, the global retractable needles market is expected to gain promising growth across the assessment period of 2024-2030.
Retractable needles are used for eliminating the dangers of needle injuries and prevent a person from the dangers of exposed needles. Exposed needles can lead to various infections through transmission. In addition, needle-stick injuries are also a grave problem. Retractable needles are retracted back into the syringe by a simple push, thus avoiding the dangers of needle exposure. Hence, this factor will attract enormous demand for the retractable needles market through the assessment period of 2024-2030.
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Retractable needles are available in manual and automatic variants. Based on the type, the retractable needles market can be classified into active and passive retraction. The overwhelming utilization of retractable needles across ambulatory surgical centers, hospitals, clinics, and others may bring tremendous growth opportunities for the retractable needles market.
Retractable Needles Market: Competitive Insights
The retractable needles market is fragmented and has a large number of players in the race for securing a prominent position. Research and development activities are of great importance to the players in the retractable needles market. These activities help them to upgrade and launch new variants of retractable needles that are both convenient and beneficial for the end-user.
The players also indulge in strategic collaborations like mergers, acquisitions, partnerships, and joint ventures. These activities help the players to cement their foothold in the retractable needles market. The support of the government for ramping up the production of retractable needles through acts like the Defense Production Act may further add extra stars of growth.
Some well-entrenched players in the retractable needles market are Medigard Limited, Axel Bio Corporation, Smiths Medical, UltiMed, Inc., DMC Medical Limited, Medtronic Plc, and Becton, Dickinson and Company.
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Retractable Needles Market: Key Trends
The growing need for retractable needles across a plethora of applications is expected to attract immense demand through the assessment period. The novel coronavirus pandemic had a grave effect on the livelihoods of people around the world. To reduce the transmission rate, vaccines are of utmost importance.
As many countries have approved the emergency use of vaccines, mass inoculation drives have started. The demand for retractable needles is expected to surge for administering the vaccines. Thus, this aspect will increase the growth rate of the retractable needles market substantially. For instance, Little-Elm-based Retractable Technologies had bagged a contract with the U.S. government for mass vaccination once a vaccine is developed and put into use. Thus, such contracts strengthen the growth of the retractable needles market to a great extent.
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Retractable Needles Market: Regional Landscape
North America’s retractable needles market is expected to witness dominant growth across the assessment period of 2024-2030. The growing number of research and development activities across the retractable needles market and the overwhelming demand for retractable needles on the back of the mass vaccination drives may magnify the growth prospects.
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