The size of the Europe Safety Syringes Market was worth USD 1.53 Billion in 2022. It is further predicted to reach USD 2.25 Billion by 2027, growing at a CAGR of 7.97% from 2022 to 2027.
Safety syringes have a built-in safety mechanism designed to protect healthcare workers from accidental needle stick/ prick injuries. There has been tremendous growth in the market for the past several years, owing to their main safety feature, which can be detached or permanently removed. Pre-filled syringes could help ensure that the right medicine is delivered with precision and at the right dosage, dramatically reducing the risk of medical errors. Furthermore, these syringes are very patient-friendly, especially for self-injections for ailments like insulin injections, artificial hormone therapies, other medications, etc. The European Biosafety Network has recently found lowered safety precautions, demonstrating the need for safety syringes for improved safety.
The European safety syringe market is expected to exhibit considerable growth during the forecast period. This growth can be attributed to more cases of needle stick injuries, favorable reimbursement policies, and the high number of hospitals and clinics in the region. In addition, several countries have introduced regulations to ensure the mandatory use of safety syringes to reduce needlestick injuries and avoid needle reuse. These regulations have increased the demand for safety syringes and moved the focus of medical devices manufacturers on safety syringes over conventional syringes. Furthermore, the increase in hospitalization rate and high incidences of acute/chronic diseases is anticipated to drive the European safety syringes market during the forecast period.
Several factors such as the high cost of safety syringes compared to conventional syringes is expensive, availability of alternative drug delivery methods such as patches, vacuum injections, and decreased healthcare expenses in some European regions are limiting the market's growth. In addition, the lack of awareness about products is also anticipated to hamper the European safety syringes market during the forecast period.
This research report on the European Safety Syringes Market has been segmented and sub-segmented into the following categories:
By End Users:
Regionally, European countries hold the second position in revenue and volume in the global safety syringes market.
In 2020, the UK safety syringes market represented the largest share of the European safety syringes market, followed by Germany. A well-established healthcare infrastructure, good disposable income, a high number of needle stick injuries, and increased healthcare awareness are significant drivers of the North American safety syringe market. Public expenditure on health as a percentage of GDP in the United Kingdom has increased with development in the healthcare sector. In 2020, annual public health expenditure in the United Kingdom was 10.53% of GDP. This is a big jump from the previous year and the highest ratio in the period considered.
The safety syringes market in Germany is expected to exhibit the highest CAGR during the forecast period due to the increasing population, increasing prevalence of diabetes, and increased awareness of acute injuries. In 2016, health spending in Germany was 11.6% of GDP, above the EU average of 9.9%. Furthermore, the growing preference for the painless safety needle is drawing attention from many international market players, estimated to provide lucrative growth opportunities. In addition, government syringe disposal programs are also expected to contribute to the regional market growth.
In 2020, the population aged 65 and over in Italy was 23.8%. The Italian population aged 65 and over increased to 23.6% in 2020. Rising cost healthcare and increasing availability of safety needles in the market are the significant factors expected to aid the growth of the Italian safety needles market. In addition, the increase in the manufacture and development of safety syringes technology is also expected to drive the growth of the safety syringe market in the region. Moreover, the high number of hospitals and growing cases of chronic ailments are other factors for developing the Italian safety syringes market.
At the same time, the safety syringes market in Spain is expected to record a promising CAGR during the forecast period. Further, the growing demand for prefilled syringes fortified with safety features in this region also adds to the market growth.
KEY MARKET PLAYERS:
A few prominent companies operating in the European safety syringes market profiled in this report are Covidien plc, Retractable Technologies Inc., Becton, Dickinson & Company, Terumo Corporation, Unilife Revolutions Medical Corporation, Smiths Medical, Sol-Millennium, Ultimed Inc., and Axel Bio Corporation.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: email@example.com