According to the report Global Safety Syringes market has been estimated at USD 4620 million in 2016 and is predicted to reach USD 7095 million by 2021, growing at a CAGR of 8.96% during the forecast period from 2016 to 2021.
Over the past decade, there has been a considerable growth in usage of safety syringes over the conventional syringes. Safety syringes consist of an integrated safety that help to guard healthcare workers from inadvertent needle stick injuries.
Recently, many governments have issued legislation to ensure compulsory use of safety syringes to reduce needle stick injuries and also 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.Further, increase in the incidence of needle stick injuries, growing injectables market and rising demand for safety mechanisms in syringes are propelling the growth of global safety syringe market. However, availability of alternate drug delivery methods and high cost of safety syringes are few factors limiting the growth of global market.
In emerging countries, the safety syringes are being ignored due to lack of awareness about healthcare and safety issues. A rise in government initiative and healthcare and safety awareness could improve adoptability of safety syringes.
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The global safety syringes market can be classified on the basis of technology into Retractable and Non-Retractable safety syringes. Further, the retractable syringes market is segmented into Automatic or Manual syringes.
And the non-retractable safety syringes are classified as sheathing tube syringes, sliding needle cover syringes, and hinged needle cover syringes. Non-retractable safety syringes account for the largest share of the market while the retractable safety syringes are expected to nurture at a higher CAGR during forecast period due to growing use in developed nations.
On the basis of therapy where the safety syringes are employed, the market is sub-segmented into Insulin, Glucagon-like peptide-1 (GLP-1), Tuberculosis and Growth Hormones therapy syringes. Moreover, taking into account end users, the global safety syringe market is categorised under hospitals and home care.
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Geographically the global safety syringe market is analysed under North America, Europe, Asia-Pacific, Latin America & Middle-East and Africa. North America representing 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.
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Some of the major companies operating 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-Millennum, Ultimed, Inc., and Axel Bio Corporation
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