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Needle Destruction Devices Market to Flourish with an Impressive CAGR by 2026

06-19-2018 06:41 PM CET | Health & Medicine

Press release from: Transparency Market Research

Needle Destruction Devices Market to Flourish with

The disposal of sharps waste safely in order to prevent injury, transmission of blood-borne diseases due to needlestick, and to protect waste handlers is necessary. Needle destruction devices are portable devices that destroy the used or unused sharps. They are electrical devices intended for home use and health care facilities for destroying of sharps used for medical purposes by mechanical or incineration means. According to the Food and Drug Administration (FDA), health risks associated with sharps needle destruction devices can be mitigated with special control, making the devices safe and effective. In November 2017, the FDA proposed reclassifying needle destruction devices and renamed as "sharps needle destruction device," from a Class III device into Class II (special controls). The device dissolves non-coated stainless steel needles, leaving a granular powder of oxidized ferrous, chromium, and nickel as a by-product. Self-injection of insulin by diabetic patients is contributing remarkably to the generation of sharps waste across the globe, which in turn has boosted the demand for their safe disposal. Thus, rising prevalence of diabetes is expected to propel the growth of the Needle Destruction Devices Market during the forecast period. However, lack of awareness regarding the novel technology of needle destruction is projected to restrain the expansion of the needle destruction devices market by the end of 2026.

The global needle destruction devices market can be segmented on the basis of product type and end-user. In terms of product type, the global needle destruction devices market can be categorized into needle cutter and needle destroyer. Needle destroyers accounted for the maximum market share in 2018, which can be attributed to the improved government regulations regarding safe disposal of sharps waste and increasing prevalence of blood-borne infections arising out of needlestick injuries. The needle destroyer segment is estimated to retain its dominance throughout the forecast period owing to rising investment made by major companies in the R&D of innovative and multi-featured needle destruction devices and efficient mechanical or electrical mechanism of needle destructors to incinerate the needles.

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Moreover, rise in concern regarding the protection of waste handlers from injuries is projected to boost the needle cutter segment with a significant CAGR by the end of 2026. In terms of end-user, the global needle destruction devices market can be bifurcated into hospitals, ambulatory surgical centers, pharmacies, clinics & physicians’ offices, long-term care & urgent care centers, pharmaceutical companies, and others. The hospitals segment generated the dominant revenue in 2016, owing to the rising number of invasive surgical procedures and increasing cases of hospitalizations across the globe. Government participation in establishing stringent regulatory policies for safe disposal of sharps waste is a major factor behind the estimated dominance of the hospitals segment during 2018-2026.

Geographically, the needle destruction devices market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the dominant share of the needle destruction devices market in 2015, which can be attributed to the increase in investments in the health care-service sector and improved reimbursement policies. The region is anticipated to be the market leader during the forecast period due to the rising awareness regarding needlestick injuries and blood-borne infections. Europe is likely to be the second-leading market for needle destruction devices, in terms of revenue, during 2017-2025. Increasing investments by key players in R&D of technologically advanced needle destruction devices is likely to propel the growth of the needle destruction devices market in Asia Pacific at a significant CAGR during the forecast period.

Major players in needle destruction devices market include GPC Medical Ltd., Safeguard Medical Technologies LLC, Amkay Products Pvt. Ltd., Surgitech, Biomedical Disposal Inc., Stericycle, Inc., and RedHawk Holdings Corp.

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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.

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