A retractable needle safety syringe is a type of safety syringe that comes along with integrated safety mechanism. It is designed in such a way that protruding needle is withdrawn into the barrel of syringe after the delivery of medication/dose. After medication is expelled, the user has to apply extra pressure to the attached plunger to break the seal and to retract the needle into the syringe. The retractable needles are safe and real-time. These syringes also decrease the waste volume as compared to other syringes. Retractable needles syringes are used in several indications such as diabetes, tuberculosis, and cancer.
Major factors driving the growth of global retractable needle safety syringes market are increasing incidences of chronic diseases, rising geriatric population, and growing awareness among the healthcare professionals. According to the American Diabetes Association, in 2015, around 30.3 Americans had diabetes, which is 9.4% of the total U.S population. Moreover, according to the World Health Organization (WHO), in 2015, approximately 8.8 million people suffered from cancer worldwide. Approximately, 70% of the cancer deaths are recorded in low and middle income economies.
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According to the World Health Organization (WHO), approximately 16 billion injections are used annually out of which almost 90% are given in curative conditions. The unsafe usage of syringe is observed worldwide especially in emerging economies, which leads to widespread infection amongst healthcare professionals and patients. Unsafe syringe usage can cause hemorrhagic fevers such as Marburg and Ebola viruses, malaria, and others. According to the statistics published by WHO, 2012, unsafe syringe usage leads to 1.3 million early deaths annually, direct medical costs of US$ 535 million and cumulative loss of 26 million years of life.
Product innovations and agreements are expected to favor the growth of the global retractable needle safety syringes market
Regional segmentation of global retractable needle safety syringe by Coherent Market Insights comprises of North America, Latin America, Europe, Asia Pacific, Africa, and Middle East. For instance, in May 2017, Innovative Neurons LLC, a medical device company announced to commercialize its patented auto retractable multi-needle syringe also known as FAST (fast, accessible, safe and technology). The FAST technology is expected to decrease the 40,000 needle stick injuries, endangering healthcare professional lives, in the U.S per year. It also reduces the time required to inject medication with multiple injections. It is also expected to reduce the cost by 29%, according to the company claims.
Moreover, in December 2017, an Australia-based company, Numedico Technologies signed an agreement with Mana Medical Services. According to agreement, the latter will distribute ClickZip Needle Retractable Safety Syringe in New Zealand and Australia. The ClickZip is conventional syringe with additional locking mechanism.
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The market is oligopolistic in nature with few market players dominating the market. The prominent players in the global retractable needle safety syringes market include Retractable Technologies, Inc., Becton, Dickinson and Company, Medtronic plc, Axel Bio Corporation, DMC Medical Limited, Sol-Millennium, Medigard Limited, Smiths Medical Inc., Globe Medical Tech, Inc., and UltiMed, Inc.