As per our analysis report, the global safety syringes market size is forecasted to value USD 9.17 billion by 2027 from USD 5.97 billion in 2022, growing at a CAGR of 8.96% during the forecast period.
Over the past decade, there has been considerable growth in using safety syringes over conventional syringes. Safety syringes consist of an integrated safety that helps to guard healthcare workers against inadvertent needle stick injuries.
MARKET DRIVERS:
An increase in the incidence of needlestick injuries, a growing injectable market, and rising demand for safety mechanisms in syringes are majorly propelling the growth of the global safety syringe market.
The global safety syringes market is expected to be driven by the proliferation of chronic diseases such as diabetes, increasing incidence of needle stick injuries, growing demand for safety mechanisms in syringes. Also, other factors such as the rising prevalence of blood-borne diseases and increasing preference for the delivery methods further boost the market growth. For example, according to the WHO, 3 million unintentional needlestick injuries were recorded with 37% new hepatitis B cases in healthcare professionals, 39% new hepatitis C cases, and about 5.5% new HIV infections. Furthermore, around 422 million people worldwide developed diabetes in the recent period.
The other factors, such as increasing healthcare spending and initiatives taken by the government and private organizations to create awareness programs about the safety syringes, positively influence market growth. However, the growing awareness among the people about the benefits of safety syringes is expected to increase the market growth during the forecast period.
Favorable reimbursement policies in the developed countries such as the United States and the UK, availability of advanced healthcare infrastructure, and stringent regulations on the compulsory use of safety syringes are projected to fuel the market growth. On the other hand, several countries have enacted legislation mandating the use of safety syringes to reduce needlestick injuries and prevent needle re-use. As a result, safety syringes are expected to be used more frequently than regular syringes due to these regulations.
Most health care personnel prefer safety needle technology over conventional devices due to accuracy, operation time, and rapid usage design. There are several various varieties of safety needles on the market, each with its own mechanism. Technological advancements in the healthcare sector and surging R&D activities are provided lucrative growth opportunities for the market players to introduce advanced safety syringes, which is likely to expand the market growth.
MARKET RESTRAINTS:
The availability of alternative drug delivery methods and the high cost of safety syringes are few factors limiting the growth of the global safety syringes market.
Safety syringes are being ignored in emerging countries due to a lack of awareness about healthcare and safety issues. A rise in government initiatives and healthcare and safety awareness could improve the adaptability of safety syringes. However, the availability of alternative drug delivery methods and the high costs of surgical staplers impede the growth of this market. In addition, the lack of awareness regarding healthcare and safety issues in emerging economies is restraining the market growth.
Impact of COVID-19 on the global safety syringes market:
The sudden outbreak and eruption of the novel coronavirus (COVID-19) crisis have brought the world standstill. Due to COVID-19, there is a significant rise in COVID-19 vaccines leading to the increased demand for vaccines. The need for safety syringes has also significantly grown simultaneously. Many countries across the world have imposed severe lockdown between March 2020 to June 2020. Medical and other non-medical professionals are combating the COVID-19 patients to diminish the virus spread. Upon the announcement of the vaccine, the demand for safety syringes has spiked. To date, more than millions of patients have taken vaccines on safety syringes. Manufacturers have increased their production capacities to meet the growing need and to serve the expectations.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
|
Market Size Available |
2021 to 2027 |
|
Base Year |
2021 |
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Forecast Period |
2022 to 2027 |
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Segments Covered |
By Technology, Therapy, End-User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Covidien plc, Retractable Technologies Inc. Becton, Dickinson & Company, Terumo Corporation, Unilife Corporation, Revolutions Medical Corporation, Smiths Medical, Sol-Millennium, Ultimed Inc. and Axel Bio Corporation. |
This research report on the global safety syringes market has been segmented and sub-segmented based on technology, therapy, end-user, and region.
Safety Syringes Market – By Technology:
The retractable safety syringes segment is expected to register a significant share during the forecast period based on the technology. The segment growth is attributed to the increasing utilization of safety syringes in many applications and the growing preference for automatic retractable safety syringes over manual syringes. They are safer and easy to handle.
Manual retractable syringes and automated retractable syringes are two types of retractable safety syringes. The manual retractable safety syringes sub-segment led to the retractable safety syringes sector due to lower prices than automated retractable syringes during the forecast period.
Safety Syringes Market – By Therapy:
Based on the therapy, Insulin therapy is projected to account for a prominent share of the global safety syringes market in the coming years. The Segment growth is projected to be fuelled by the growing number of patients with diabetes and rising demand to have proper glucose levels management by checking regularly.
On the other hand, the insulin and Tuberculosis segments are projected to witness a prominent share owing to the increasing prevalence of diabetes and Tuberculosis across the globe.
Safety Syringes Market – By End-User:
Based on end-user, the Hospitals sector is anticipated to account for an enormous market share during the forecast period. The geriatric population largely contributes to the segment growth due to the rising prevalence of diabetes and tuberculosis. Also, the growth of the hospital segment is expanded due to the increasing investment in developing hospital sectors and the growing number of hospital admissions.
Safety Syringes Market – By Region:
Geographically, North America, representing the largest share in revenue and volume, is witnessing a paradigm shift in the usage of safety syringes over traditional syringIn addition, The growing demand for prefilled syringes equipped with safety features is also anticipated to drive the market growth in the North American region. In Asia-Pacific, the market is expected to grow due to the ongoing immunization programs supported by the WHO and UNIC and the increased penetration by the U.S.-based companies capitalizing on the growing awareness level regarding the consequences of insecure injection practices.
KEY MARKET PARTICIPANTS:
Notable companies playing a crucial role in the global safety syringes market are Covidien plc, Retractable Technologies Inc., Becton, Dickinson & Company, Terumo Corporation, Unilife Corporation, and Revolutions Medical, Smiths Medical, Sol-Millennium, Ultimed Inc., and Axel Bio Corporation.
RECENT MARKET DEVELOPMENTS:
THIS REPORT OFFERS:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Technology
5.1.1 Retractable safety syringes
5.1.1.1 Automatic retractable safety syringes
5.1.1.2 Manual retractable safety syringes
5.1.2 Non-Retractable safety syringes
5.1.2.1 Sheathing tube syringes
5.1.2.2 Sliding needle cover syringes
5.1.2.3 Hinged needle cover syringes
5.2 By Therapy
5.2.1 Insulin
5.2.2 Glucagon-like peptide-1 (glp-1)
5.2.3 Tuberculosis
5.2.4 Growth hormones
5.3 By End User
5.3.1 Hospitals
5.3.2 Home Care
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 South Korea
6.3.6 Australia
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Argentina
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Saudi Arabia
6.5.3 UAE
6.5.4 Qatar
6.5.6 South Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Becton, Dickinson & Company
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Covidien plc
8.3 Revolutions Medical Corporation
8.4 Retractable Technologies, Inc.
8.5 Smiths Medical
8.6 Unilife Corporation
8.7 Terumo Corporation
8.8 Sol-Millennum
8.9 Ultimed, Inc.
8.10 Axel Bio Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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