An exponential increase in the annual cost burden due to needlestick injuries, has fueled a corresponding rise in demand for safe and highly advanced safety devices to be developed by the stakeholders engaged in the healthcare industry to generate a stringent regulation for the prevention of needle-stick injuries.
Roots Analysis has announced the addition of “Needlestick Safety Injection Devices Market, 2022-2035” report to its list of offerings.
Given the inherent benefits of needlestick safety injection devices, number of developers have launched their proprietary devices for minimizing the risk of needlestick injuries. Moreover, stringent regulatory requirements have further prompted the stakeholders to improve product design and integrate better safety measures in their products, including needle shielding.
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Key Market Insights
Currently, around 120 needlestick safety injection devices are available in the market
More than 35% of these injection devices are needles having the ability to retract or shield, followed by syringes (30%). It is worth noting that more than 90% of the needlestick safety injection devices are non-reusable (intended for single use) thereby reducing the chances of blood borne pathogen infections.
Over 50 companies claim to develop needlestick safety injection devices, worldwide
Presently, the market is dominated by very small companies (33%) and small companies (25%). It is worth noting that majority (40%) of the firms engaged in this domain are based in Europe, followed by North America (39%).
Partnership activity within this field has grown significantly between 2020 and 2022
Maximum number of partnerships (31%) were established in 2020 indicating a recent rise in the interest of developers engaged in the development of needlestick safety injection devices. It is worth highlighting that majority of the deals were acquisitions.
Over USD 260 million has been invested by both private and public investors, since 2016
Companies involved in the development of needlestick safety injection devices have raised around USD 70 million through venture funding, which represents 25% of the total capital raised in the given time period. Overall, around 20 investors have actively financed various projects / initiatives in this domain.
Close to 20 global events were organized in the past couple of years in this industry
Majority of the events related to needlestick safety injection device were organized in North America (22%). It is worth highlighting that the main agenda of these events was to discuss role of needlestick safety injection devices to prevent the needlestick injuries.
More than 140 patents have been filed / granted related to needlestick safety injection devices, since 2018
Of these, over 60 patents were filed / granted in 2022 (till April). Industry players that have filed maximum number of patents related to needlestick safety injection devices include (in decreasing order of number of patents filed) BD, West Pharmaceutical Services, B. Braun, Retractable Technologies and Safety Syringes.
North America and Europe are anticipated to capture more than 75% of the market by 2035
Growth in this domain is anticipated to be primarily driven by the rising cases of needlestick injuries amongst the healthcare workers. The Asia-Pacific needlestick safety injection devices market currently accounts for more than 20% of the global market.
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