Market.biz announces publication of its most recently generated research report titled, “Global Sharp Safety Market by Product Type (Injection Equipment, Blood Collection Equipment, IV Insertion Equipment, Safety Lancets, Safety Scalpels & Safety Suture Products), By Technology (Retractable Safety & Passive Safety), and by Region – Global Forecast to 2029.”, which offers a holistic view of the global Sharp Safety market through systematic segmentation that covers every aspect of the target market.

The global Sharp Safety market is projected to be US$ 22,742.3 Mn in 2019 to reach US$ 40,988.1 Mn by 2029 at a CAGR of 6.1%.

The danger of sharp instrument and needle stick injuries is often underestimated. Many health professionals think that small cuts are harmless and of no consequence. However, they constitute hidden severe health risks for doctors and nurses in hospitals. According to healthcare regulations, sharp instruments are medical objects used to exercise specific healthcare activities such as making cuts and pricks. However, if the sharp is contaminated with infectious blood or body fluid, the healthcare provider, i.e., users of these instruments are under significant risk of injury and susceptible to infections. Sharps safety instruments have engineering controls that are built into the product and prevent sharps injuries. The occupational risk associated with sharps damage in the operating room has encouraged harm reduction through behavior change and the use of safety-engineered sharp instruments. In addition to this, many agencies in developed nations have mandated the use of surgical sharps safety devices, for example, Canadian Regulatory Agencies have instructed the use of “safety scalpels” in the operation room. Sharps injuries are mainly associated with the occupational transmission of Hepatitis C Virus (HCV), Hepatitis B Virus (HBV), and Human Immunodeficiency Virus (HIV), but they are also responsible in the transmission of more than 20 other pathogens.

The rising incidences of sharps injuries across the globe is a leading factor that is driving the growth of target market.  According to the report published by WHO in the year 2014, around 1.7 million people were infected with Hepatitis B Virus, 315 000 people were infected with Hepatitis C Virus, and up to 33 800 with HIV owing to unsafe injection. Not only this, reports suggest that in countries like Germany annually, stab wounds and cuts from contaminated instruments infect around 400 hospital staffs with Hepatitis B, 75 hospital staffs with Hepatitis C, and one hospital staff with HIV.

Global Sharp Safety Market Revenue (US$ Mn), 2019–2029 

However, the European legislative proposal uses a form of wording, such as ‘ensuring that appropriate and demonstrably effective devices with safety features are used.’ Similarly, sharp safety instruments have to undergo various regulations and processes before they can be used, especially in developed nations. These restrictions and policies might hinder the wide adoption of sharps safety devices, which may hamper growth of the market. Nonetheless, growing concern about occupational exposure to blood-borne viruses has augmented the demand for safety sharps. Rising awareness regarding the importance of safety sharps significantly in emerging nations is likely to create opportunities for market growth in these regions. Further stringent government regulations regarding healthcare and safety in developed economies are serving lucrative growth opportunities to major market players in these regions.

Global Sharp Safety market is segmented on the basis of product type, technology, and region. On the basis of product type, the market is segmented into Injection Equipment, Blood Collection Equipment, IV Insertion Equipment, Safety Lancets, Safety Scalpels & Safety Suture Products. The Injection Equipment segment accounts for the majority share and is expected to register highest growth over forecast period, followed by Blood Collection Equipment segment. On the basis of technology, the market is segmented into Retractable Safety & Passive Safety. The Retractable Safety accounts for a majority share in the global Sharp Safety market.

Global Sharp Safety Market by Product Type, 2019

On the basis of region, the market is segmented into North America, Europe, APAC, South America and Middle East Africa. North America accounts for the majority share in the global Sharp Safety market, owing rising incidences of sharps injuries across the globe is a leading factor. APAC is expected to register highest growth rate over forecast period. Regions such as Europe, South America, and MEA are expected to register stable growth over the forecast period.

The research report on the global Sharp Safety market includes profiles of some of major companies such as Cardinal Health, Inc., Ansell Ltd., B. Braun Medical Inc. (Braun), Becton, Dickinson & Co., Terumo Corp. and DeRoyal Industries, Inc., Covidien Ltd., HTL-STREFA, Smith’s Medical, UltiMed, Inc., etc.

Key Market Segments

Type

• Equipment
• Blood Collection Equipment
• IV Insertion Equipment
• Safety Lancets
• Safety Scalpels & Safety Suture Products

Application

• Retractable Safety
• Passive Safety

Key Market Players included in the report:

• Cardinal Health Inc.
• Ansell Ltd.
• B. Braun Medical Inc. (Braun)
• Becton
• Dickinson & Co.
• Terumo Corp. and DeRoyal Industries Inc.
• Covidien Ltd.
• HTL-STREFA
• Smith’s Medical
• UltiMed Inc

For the Sharp Safety Market research study, the following years have been considered to estimate the market size: