Governments in various countries are swiftly enforcing the use of safety needles. This step is taken to prevent accidental infection that could lead to attainment of Hepatitis B, Hepatitis C or even HIV. Moreover, healthcare regulatory bodies are introducing laws that are mandatory to follow before administering drugs using Syringes. Needle stick injuries can sometimes lead to severe infections and cause various lethal blood borne diseases. Over the years, a number government regulations such as Needles Exchange Program, Needlestick Safety and Prevention Act and introduction of OSHA’s blood borne pathogens standards are helping to spread awareness among people about harmful consequences caused by using used needles. The aforementioned factors are fueling the demand for high quality safety needles.
According to Future Market Insights’ latest report, North America is currently the largest market for safety needles. By 2017-end, the global market for safety needles is estimated to reach a valuation of around US$ 4,000 Mn, which expected to increase to US$ 8,000 Mn by 2027 end expanding at compound annual growth rate of over 6%. In North America, the market is expected to exceed US$ 1,200 Mn in 2017. Meanwhile, demand for safety needle in Asia Pacific excluding Japan (APEJ) is anticipated to grow rapidly in 2017 and beyond.
The global market for safety needles is expected to favoured by the incessant arrival of more advance technology and product in the market. Companies that manufacture safety needles are actively implementing merger and acquisition strategies in an attempt to increase their market presence and improve their product portfolio. Some of the leading players in the global market for safety needle are emphasizing on further product development in order to increase brand value and efficiency of the their product while meeting the international standards for quality. This is expected to help these market players to improve customer base as well as gain more market share in unexplored territories.
In 2015, Boston Scientific acquired Xlumena, which has expertise in making minimally invasive products that help conduct endoscopic ultrasound (EUS) for enabling transluminal drainage in particular areas in the gastrointestinal tract. As the terms and conditions of the acquisition, apart from a customary upfront payment, Boston Scientific shall also reimburse a specific amount to Xlumena upon the FDA’s approval of Xlumena’s HOT AXIOS device. Further, sales targets based on volume sales that are to be recorded in 2018 were also a part of the deal. This strategies transaction, according some to experts will help Boston Scientific in establishing its throttlehold in the Endoscopic ultrasound (EUS) segment.
Safety legislations that are Currently Followed with Regards to Safety Needles
- Blood Borne Pathogen – established by the US in the year 1991.
- Anti-needlestick legislation – implemented in 1999 by the California state authorities
- The US Federal Anti-Needlestick legislation- the bill was passed in 2005
- Sharp Injury Protection- the law was enforced in Germany in 2008. During the same year, it was also adopted in Canada.
- The Brazilian government passed a law with regards to needle stick injuries in 2010.