Needle Destruction Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2026
- Transparency Market Research
- Medical Equipments
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. 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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
Have query on this report?Make an Enquiry
The team was the biggest help to us. Not only were we provided with customized solutions but also we were guided through the most complicated situations. The information was on-point yet comprehensive. The experience was absolutely satisfying and helped us turn many challenges into opportunities.
Ours is a startup with a unique set of challenges and we were therefore hesitant but the team totally put us at ease with their knowledge and expertise. Our business and its challenges were understood perfectly and help was extended accordingly. The tailor made approach really helped us gain the most informative insights.
The report repository is absolutely impressive –updated and exhaustive in terms of markets covered and information provides. Besides, with the support extended to us by the team, we could reduce costs as well as move to sustainable growth. This really helped us tap into new opportunities. Happy to have gone ahead with ResearchMos.us.
We have had a long term engagement with ResearchMoz.us and never have we felt that the work done and help extended were below flawless. The report repository is one of the best one can hope to tap into. Recently, our partner businesses opted for consultancy services and they are all thrilled with the outcome.
Insights from reports helped us improve our profit margins significantly. Most of the knowledge we needed on the market were provided to us on a granular basis. From trends, and drivers to competitive analysis, the information was not just crisp but also insightful. That helped us chart a robust growth strategy and as of now we are happy to state that we are reaping big benefits.