As per our analysis report, the global safety syringes market size was estimated at USD 5.48 Billion in 2020. It is predicted to reach USD 8.42 Billion by 2025, growing at a CAGR of 8.96%.
Over the past decade, there has been considerable growth in the usage of 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 propelling the growth of the global safety syringe market.
Recently, many governments have issued legislation to ensure the compulsory use of safety syringes to reduce needlestick injuries and prevent needle re-use. With the introduction of these legislations, there has been an increased use of safety syringes than conventional syringes in recent times. Growth opportunities for the market lie in adopting advanced technology and the launch of various devices in favor of the end-users. Increasing investments in the hospitals by the government is also likely to bolster the demand of the market. Furthermore, the increasing need to promote awareness over the use of disposable devices and prevent needle stick injuries accidentally prompts the demand for the safety syringes market.
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 market.
In emerging countries, safety syringes are being ignored 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.
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 to a standstill. Due to COVID-19, there is a significant rise in the advancements in the COVID-19 vaccines leading to the increased demand for vaccines, and 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 with the COVID 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:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
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 |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
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:
Based on the technology, the Retractable safety syringes segment leads with the highest shares of the market. The rise in the utilization of safety syringes in many applications is likely to outshine the market demand.
Safety Syringes Market – By Therapy:
By therapy, the Insulin therapy segment is holding prominent shares of the market. An increasing number of patients with diabetes and demand to have proper glucose levels management by checking regularly is anticipated to fuel this segment's growth rate.
Safety Syringes Market – By End-User:
Based on end-user, the Hospital sector is growing tremendously from the past decade and is also to have the same growth rate in foreseen years. The increasing geriatric population and rise in the patients' flow to hospitals boost the growth of the market.
Safety Syringes Market – By Region:
Geographically, North America representing the largest share in terms of revenue and volume is witnessing a paradigm shift in the usage of safety syringes over traditional syringes. 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 UNICEF, along with 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, Revolutions Medical Corporation, Smiths Medical, Sol-Millennium, Ultimed Inc., and Axel Bio Corporation.
KEY HAPPENINGS IN THIS MARKET IN THE RECENT PAST:
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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