Needle Destruction Devices Market Outlook, Opportunity and Demand Analysis, Forecast 2018 and 2026

According to a recent market research report by Transparency Market Research, the global market for needle destruction devices is driven by a massive rise in the generation of sharp waste globally in the recent years, thanks to the vast rise in diabetes patients who self-inject insulin on a regular basis. Over the future years, the significant rise in the global population of diabetics is expected to continue to drive the demand for effective needle destruction devices. The report is titled "Needle Destruction Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018–2026."

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Over the years, there has been a massive rise in sharp waste generated from the healthcare industry, owing to the rise in number of hospital visits, blood transfusion, tests against infections and chronic conditions, and surgeries. As the improper disposal of such waste can lead to wounds and potential transmission of diseases through needlestick injuries but special care in handling and disposing can mitigate these possibilities, effective ways of protecting waste handlers are essential. These factors have and will continue to drive the global market for needle destruction devices in the near future.

Needle destruction devices are portable electrical devices intended for use in healthcare facilities or at home. The devices are used for destroying a variety of sharps used in medical procedures by the means of incineration or mechanical destruction. While the market features promising growth avenues, the overall lack of awareness regarding the vast advancements made in the field of needle destruction and the available products in the market could hamper the growth prospects of the market to a certain extent over the report’s forecast period.

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For a more detailed account of the market, the report segments the market based on categories such as product type, end user, and geography. Based on product type, the market has been segmented into needle destroyer and needle cutter. Of these, the segment of needle destroyer accounted for the dominant share of the market in 2018 and is expected to remain the dominant segment over the forecast period as well.

Based on the key end users of needle destruction devices, the report covers pharmaceutical companies, long-term and urgent care centers, clinics and physicians’ offices, ambulatory surgical centers, and hospitals. Of these, the segment of hospitals accounted for the dominant share in the market in 2016, chiefly due to the vast rise in the numbers of invasive surgeries in the past years and rising cases of hospitalization across the globe. Besides, stringent government regulations pertaining to the proper disposal of sharp medical waste has compelled hospitals to adopt a variety of needle destruction devices in the past few years.

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Geographically, the market in North America held the dominant share in the overall market in 2016 and is likely to remain the top contributor of revenue to the global market over the forecast period owing to the well-established healthcare industry and increased focus on the proper disposal of medical waste.

Some of the leading companies operating in the market are Amkay Products Pvt. Ltd., GPC Medical Ltd., Stericycle, Inc., Safeguard Medical Technologies LLC, RedHawk Holdings Corp., and Surgitech, Biomedical Disposal Inc.

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Transparency Market Research (Tmr) is a U.S.-based provider of syndicated research, customized research, and consulting services.