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Needle Destroyer Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

A10902
Pages: NA
Jun 2021 | 41 Views
 
Author(s) : Onkar Sumant
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Needle Destroyer Market Outlook - 2027

Needles are one of the most basic medical instruments that is used in wide range of medical procedures. The waste related with the used needles comes under biomedical waste and consists of other sharp objects such as syringes, blades, lancets, glass and other plastic instruments. Proper management of these instruments is essential to reduce the hazards of spread of infections due to these instruments. As a result, needle destroyers are implemented along various healthcare settings to facilitate easy destruction of used needles and cutting down of disposable syringe nozzles, thereby ensuring a safe environment for the medical staff, patients, visitors and minimizing the chances of any blood-borne infection or harm due to physical contact with these sharp objects. The U.S. FDA has taken numerous initiatives for promoting these devices in order to reduce the risk of infections and physical injury. Needle destroyers are electrically operated devices and are used in healthcare facilities such as diagnostic laboratories, surgical centres, speciality clinics, hospitals and other medical facilities.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period

  2021–2027

  Forecast units

  Value (USD)

  Segments covered

  Product Type, End User and Region

  Regions covered

•             North America (U.S., Canada, Mexico)

•             Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•             Asia-Pacific (Japan, China, India, Australia, South Korea, Rest          of Asia-Pacific)

•             LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

  Companies covered

Amkay Products Private Limited, Invitro Biotech ltd., Bornemann Maschinenbau GmbH, Black Smith Surgical, Ambler Surgical, Millennium Surgical Corp and Surgipro Inc.

 

 COVID-19 scenario analysis:

  • The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
  • Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
  • Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
  • Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
  • Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to needle destroyer devices has been reduced and this segment have to face negligence subsequently causing negative impact on needle destroyer market

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The growing rate of utilization of these devices across the globe into various healthcare facilities owing to their capabilities in reducing infection risk and further health complications. Furthermore, successful ventures in development of innovative products and their introduction in the market would further amplify the growth for needle destroyers market. The change in consumer behaviour owing to  demand for these needle destroyer devices for maintaining a safe environment in healthcare facilities would help in expansion of needle destroyers market. Moreover, increasing concerns regarding the spread of infectious diseases and fears of potential pandemic affecting millions of people globally and rise in occupational exposure, especially the medical personnel to blood-borne viruses would augment the demand for these devices, thereby providing new avenues for market growth. Additionally, increase in the number of hospitals and diagnostic laboratories, growing geriatric population resulting in augmenting global disease burden, soaring number of medical procedures pertaining to rise in chronic diseases would propel the needle destroyer market.

On the contrary, some issues associated with the use of these devices such as loss of tangible sensation, and technological impairments including low flashback would potentially hamper the market growth. Additionally, the reusable systems segment in this market dominates the market in terms of market share in comparison with other systems in needle destroyer market. This emphasis on only one product clearly highlights the inadequacies and room for improvement for other systems, which would be challenging for the market expansion in near future.

Increasing prevalence of chronic diseases and rising healthcare expenditure

According to the statistics published by world health organization (WHO), there has been immense increase in chronic diseases worldwide. In 2001, chronic diseases accounted for almost 60% of the 56.5 million reported deaths with approximately 46% of the burden of disease worldwide. Non-communicable diseases (NCDs) are expected to increase upto 57% by 2020. The geriatric population is expected to rise by 22% by the year 2050, according to WHO. This has pushed the government bodies to implement numerous healthcare initiatives and long-term plans for modernization of healthcare facilities to provide advanced healthcare facilities to the patients. World Health Organization studies confirm that there has been significant rise in the overall healthcare expenditure (% of GDP) that rose to 10.02% in 2016 from 9.2% in 2006 with the steepest rise recorded in the U.S., i.e., from 14.66% in 2016 to 17.07% in 2016. These factors, collectively would create immense opportunities for growth of needle destroyers in the global market as there would be surge in the number of surgeries owing to chronic ailments.

The efforts taken to reduce the spread of infectious diseases, blood-borne infections, increasing incidences of chronic diseases and growing adoption of needle destroyer devices in medical field are factors that would facilitate the market growth.

Rising incidences of hospital acquired infection to promote the growth

Owing to rising incidences of infections due to contaminated needles and other surgical instruments, increasing demand for efficient management of bio-hazardous waste and growing acceptance needle destroyers in healthcare settings would foster the market development. As per the Centers for Disease Control and Prevention (CDC), around 385,000 needle stick injuries are reported annually. Hospitals and other healthcare facilities have been observed promoting and innovating their infection control protocol to reduce the cases of infections due to used medical equipment. The demand for maintenance of clean, sanitized, sterilized environment has been gaining popularity in the recent times in order to prevent the spread of infectious diseases. These factors are clinical in fuelling the demand for needle destroyer market in the near future.

Key segments:

Segments

Sub-segments

  Product

  • Electrical Needle Burner
  • Needle Syringe Destroyer

  End users

  • Hospital
  • Ambulatory Surgical Center
  • Diagnostic Laboratories
  • Clinics
  • Others Healthcare Facilities

  Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA


 Key benefits of the report:

  • This study presents the analytical depiction of the global needle destroyer market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global needle destroyer market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global needle destroyer market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global needle destroyer market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Needle destroyer Market research report:

  • What are the leading market players active in the needle destroyer market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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