According to our report, the size of the Global safety syringes market is estimated to be USD 5.48 Billion in 2019 and predicted to rise to USD 8.42 Billion by 2024 with a CAGR of 8.96%.
The “Global Safety Syringes Market Analysis - By Technology (Retractable and Non-Retractable Safety Syringes), By Therapy (Insulin, GLP-1, Tuberculosis and Growth Hormones), By End Users (Hospitals and Home Care) and By Region - Global Industry Analysis on Size, Share, Trends, Growth and Forecast | 2019 – 2024” report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc.
With the rise in incidence of needlestick injuries, favourable reimbursement policies, new initiatives and legislations by governments to incorporate the practice of safety syringes and upgraded safety mechanisms for syringes are advancing the growth of global safety syringes market. At present, quite a few countries have enforced regulations to warrant the compulsory use of safety syringes with an intention of averting needle stick injuries and confine needle re-use. These regulations are expected to increase the common usage of safety syringes as compared to conventional syringes.
Non-retractable safety syringes hold the largest share of the global market, while the retractable safety syringes market are expected to nurture at a higher CAGR during forecast period due to growing use in developed nations.
North America which represents the largest share in terms of revenue as well as volume, is witnessing a paradigm shift in usage of safety syringes over traditional syringes. Added to this, the growing demand for prefilled syringes equipped with safety features is also anticipated to drive the market growth in 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.
Some of the major companies operating in the global safety syringes market are Smiths Medical, Covidien plc, Retractable Technologies, Becton, Dickinson & Company, Terumo Corporation, Unilife Corporation, Revolutions Medical Corporation, Sol-Millennum, Ultimed, Inc., and Axel Bio Corporation