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The safety syringe market is expected to grow at a CAGR of 8.96%
Market Data Forecast
A safety syringe is a type of syringe with built-in safety to reduce the harm or risk of needlestick injuries to healthcare workers and other people. In safety syringes, a sheath is placed over the needle. It also has other advantages, such as reducing pain and avoiding contamination.
Increasing needle stick injuries and the high adoption of prefilled syringes are the factors that drive the safety syringe market forward.
In recent years most healthcare providers and workers have been facing needle stick injuries while treating patients. This injury may lead to the spread of the patient's disease to the healthcare provider. This may result in the focus on increasing safety syringes, reducing these types of injuries between the healthcare provider and the patients.
The increasingly older population demands prefilled syringes, and most people who take insulin use prefilled syringes with perfect dosages given by doctors without any errors daily. Also, prefilled syringes are used for people living far from hospitals, etc. The government has increased its investment in manufacturing different types of safety syringes. Key players are manufacturing syringes to reduce the spread of infection while using them. All these factors demand the growth of the market.
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The availability of different types of syringes for diseases demands the technology segment.
The technology segment is divided into retractable safety syringes and non-retractable safety syringes. The retractable safety segment has the highest market share. These syringes are designed to take the needle after the use from the patient's body. These are single-time used syringes and allow to reduce the risk of needlestick injuries. Manufacturers are focusing on manufacturing different styles of syringes released in the market.
Using safety syringes for different types of diseases supports the therapy segment.
The therapy segment is divided into insulin, glucagon-like peptide-1, tuberculosis, and growth hormones. The insulin segment has the highest market share due to the increasing number of diabetes patients taking insulin to level glucose levels in the body.
The availability of safety syringes for both home care use and hospital use supports the end-user segment.
The end-user segment is divided into home care and hospitals. The hospital segment has the highest market share due to the increasingly different types of surprising and treatment.
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Regional Outlook of the Safety Syringes Market
North America has the largest market share due to increasing awareness about the safety of syringes and increased home-based treatment. The North American safety syringes market was valued at USD 2.24 billion in 2022 and is expected to reach USD 3.27 billion by 2027 with a CAGR of 7.81 %. Canada holds the maximum share. Health Canada takes several measures for the safety of patients by providing advanced infrastructure to the hospital for patient benefit.
The Asia Pacific safety syringes market was valued at USD 976.10 million in 2022 and is predicted to rise to USD 1638.86 million by 2027 with a CAGR of 10.92%. India and China have the largest market share due to increasing numbers of diseases like HIV, AIDS, hepatitis C, etc.
The European safety syringes market was expected to rise with a CAGR of 7.97 % during the forecast period. Europe region also has a significant share in the market growth. Nearly 1,000,000 cases are estimated annually in the EU region. For this reduction, the United Kingdom has started training and education centers to know the use of safety syringes which was done through Research by the UK's Health and Safety Executive.
Middle east Africa and Latin America are in the developing stage with increasing awareness campaigns about the use of safety syringes and increasing Research and development.
Key Players in the Safety Syringes Market
BD, Boston Scientific Corporation, B. Braun Melsungen AG, Nipro Medical Corporation, Medtronic, Terumo Corporation, JMI Syringes & Medical Devices Limited, Baxter., Retractable Technologies, Inc., Smiths Medical, Revolutions Medical Corporation, Verdict Media Limited, SOL-Millennium., AxelBio., Fresenius Kabi AG, FLEX LTD., Vita Needle Company are some of the key players in the Safety syringes market.
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