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[2021] Safety Needles Market is Depth Survey Favorable Reimbursement for Pen Needles

06-21-2021 01:55 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Coherent Market Insights

U.S. Safety Needles Market

U.S. Safety Needles Market

A needle is a solid and slender instrument, which is pointed at the end and is designed for puncturing of tissues. Safety needles have a safety mechanism built into the needles to protect healthcare workers and others from accidental needle-stick injuries. Safety needles reduce the incidence of infection, cost as well as offer better convenience and practicality in use. Factors such as accuracy, operation time, and prompt use design were favorable with the majority of health care personnel preferring safety needle technology as compared to conventional devices. Various types of safety needles are available in the market that work on different mechanisms.

Supply chain and manufacturing activities in the U.S. have been disrupted due to lockdown implemented by the government in the past few months, while some states of the U.S. are facing problems with regards to transportation of products. The coronavirus or COVID-19 outbreak that started from Wuhan, China has spread across continents, affecting various industries globally.
Supply of key materials for manufacturing safety needle has been severely disrupted due to forced quarantine, lack of labor, and raw materials.

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As the link between regional warehouses is not smooth, the transportation of raw materials between regions cannot be carried out successfully. This shortage of raw materials have affected the supply chain of the U.S. safety needles market. In the U.S., according to the latest update of Economic Times, there has been a huge plunge in consumer spending as people stayed at home and avoided shopping, traveling or gathering in crowds and caused the economy to sink at an estimated annual rate of 32% in the April-June 2020 quarter. Players operating in the U.S. safety needles market are facing major challenges on various fronts due to the COVID-19 pandemic..

According to the 2018 report published by the Centers for Disease Control and Prevention, in 2018, 883.7 million individuals including adults and children visited physician offices for the treatment of various conditions such as diabetes, cold and flu, and viral infection in the U.S. Furthermore, increasing number of geriatric population patients is expected to drive demand for homecare settings, which boost growth of the U.S. safety needles market over the forecast period.

According to the report published in 2019 by the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034. Moreover, as per the American Diabetes Association 2018 report, in 2018, 34.2 million Americans, or 10.5% of the population, had diabetes. Favorable polices by U.S. Medicare regarding reimbursement for pen needles and increasing prevalence of diabetes are major factors expected to fuel overall revenue growth of safety needles in the U.S. over the forecast period.

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Detailed Segmentation:

By Product Type :
Fine Aspirating Needle
Biopsy Needle
Hypodermic Needle
Pen Needle
Suture Needle
IV Catheter Needle
Huber Needle
Blood Collection Needle
Spinal Anesthesia and Epidural Needle
Prefilled Syringe Needle
A.V. Fistula Needle
Cannula Needle
Retractable Syringes

By Application:
Sample Collection
Drug Delivery

By End User:
Hospitals
Physician Offices
Nursing Home
Dental Laboratories
Diagnostic Centers
Ambulatory Surgical Centers
Homecare Settings
Others

By Distribution Channel
Hospital Pharmacies
Private Clinics
Retail Pharmacies and Drug Store
E-commerce

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Coherent Market Insights' market intelligence service provides a comprehensive view of the market, using the existing sources of information. Our market intelligence service addresses key challenges of a market; helps in finding opportunities across various industries, and helps potential investors and partners to support the strategic decision-making process.

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