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Global Needle Destruction Devices Market: Overview
Needle destruction devices are typically electrical devices used to destroy needles and sharps that are used in professional care settings or home settings. These are accomplished usually by incineration or mechanical means. Regulatory norms in the health care industries in various parts of the world make it imperative for patients and clinicians to follow proper disposal of sharps waste. This has propelled a steady evolution of the global needle destruction devices market. In some countries, especially in the U.S., needle destruction devices are considered prescription devices. The U.S. FDA classifies needle destruction devices as Class II device. The rising incidence of needle sticks injuries incurred by clinicians and waste collectors has led to these devices gaining traction in medical device disposal arena.
Most of the needle destruction devices in use fall under the category of needle cutter and needle destroyer. They find applications in hospitals, pharmacies, clinics and physicians’ offices, and ambulatory surgical centers. They are also gaining traction for long-term care and urgent care centers.
The report on the global needle destruction devices market presents in-depth insights into the key demand dynamics, current avenues, key investment pockets, and key application trends. The study takes a closer look at the major changes in regulatory landscape in recent years, and evaluates their impact on the future growth trajectories during the assessment period of 2018–2026.
Global Needle Destruction Devices Market: Trends and Opportunities
Needle stick injuries have caused the medical industries in various countries billions of dollars. Growing incidence of needle stick injuries in developing and developing regions across the globe is bolstering the demand for needle destruction devices. Growing morbidity of blood-borne diseases has also propelled healthcare providers take the application of needle destruction devices seriously. The global needle destruction devices market has been receiving an attractive impetus from the rising use of self-injectable devices, especially among diabetic populations.
There has been rapidly rising use of sharps (needles) in insulin therapy in patient population in developing countries. If these are not disposed of properly, they elevate the risk of public health hazards. This intensifies the demand for needle destruction devices. Governments in these countries have been proactive in educating patients about the underlying risks of inadequate disposal.
Growing research and development activities on bringing technological advancements in needle destruction devices is greatly shaping the growth dynamics of the market. A significant part of the research are focused on developing multi-featured needle destruction devices for the patient population. Furthermore, advances have been witnessed in the electrical mechanism of these devices.
Global Needle Destruction Devices Market: Regional Outlook
Some of the key regional markets for needle destruction devices can be North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, North America is poised to be an increasingly lucrative market. The region is likely to contribute substantial chunks of revenue to the global needle destruction devices market. Sizable investments in the healthcare sector in the region is catalyzing the demand for needle destruction devices in the region. Moreover, the regional market has benefitted from increased awareness about needlestick injuries. Europe is also expected to be a lucrative regional market for manufacturers of needle destruction devices. Meanwhile, regions such as Asia Pacific are likely to hold enormous potential in the global needle destruction devices market.
Global Needle Destruction Devices Market: Companies Mentioned in Report
Some of the companies vying for a prominent position in the global needle destruction devices market are RedHawk Holdings Corp, Stericycle, Inc., Biomedical Disposal Inc., Surgitech, Amkay Products Pvt. Ltd., Safeguard Medical Technologies LLC, and GPC Medical Ltd. The study offers detailed insights into the profile of key players, assessment of their product development initiatives, and analysis into the strategies that can change the status quo of the prevailing competitive landscape.
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 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.
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