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Safety Syringes Market is Witnessing Higher Growth Owing to Increase in Technological Advancements in Safety Syringes

The global safety syringes market is growing at a rapid pace, driven by increase in incidence of needle stick injuries. The global market was valued at US$ 13,500 Mn in 2017 and is projected to expand at a CAGR of 8.8% from 2018 to 2026 to reach US$ 28,500 Mn by 2026. In terms of volume, the global safety syringes market stood at 88,000 million units in 2017. The global market is witnessing relatively higher growth owing to increase in technological advancements in safety syringes, rise in trend of self-administration of insulin and other injections, and surge in prevalence of diabetes.

Safety syringes are integrated with safety mechanisms that protect patients and health care professionals from accidental needle stick injuries. Demand for safety syringes is rising owing to increase in cases of needle stick injuries caused due to unsafe injection practices. Various types of safety syringes are available with different safety mechanisms. For instance, retractable safety syringes are loaded with retractable mechanism, which allows retraction of the needle into the barrel of the syringe. Retractable syringes can be manual or automatic. The non-retractable segment comprises syringes without retractable mechanism such as sheathing tube syringes, syringes with sliding needle covers, and hinged needle covers.

The global safety syringes market is projected to expand at a high CAGR during the forecast period from 2018 to 2026. Increase in number needle stick injuries is the major factor anticipated to boost the growth of the market during the forecast period. Surge in prevalence of HIV, HBV, and other blood born disease, increase in trend of self-administration, rise in vaccination programs in several developing countries are expected to drive the market from 2018 to 2026. Furthermore, rise in awareness about applications of safety syringes and increase in health care expenditure are the other factors likely to propel the global market during the forecast period. Lack of awareness about safety syringes and other delivery methods is anticipated to restrain the global safety syringes market during the forecast period.

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The global safety syringes market has been segmented based on product type, end users, and region. In terms of product type, the market has been classified into auto-disable syringes, retractable syringes, and non-retractable syringes. The retractable syringes segment has been bifurcated into manual and automated. The retractable syringes segment held major market share in terms of revenue and volume in 2017. Improvement in safety, technological advancement in retractable syringes, easy usage, and automation in retractable syringes are expected to augment the segment during the forecast period.

Based on end-users, the global safety syringes market has been categorized into hospitals, clinics, ambulatory surgical centers, and others. The hospitals segment held the largest share of the market in terms of revenue in 2017, followed by the others segment. Increase in number of hospitals and larger patient base are likely to accelerate the growth of the segment during the forecast period.

North America held significant share of the global safety syringes market in terms of revenue and volume in 2017, followed by Europe. Developed countries such the U.K., the U.S., and Germany show higher awareness about safety syringes and their applications. This is expected to boost the growth of the market in the regions. Moreover, developed health care infrastructure, increase in health care investment, and government initiatives to prevent spread of blood borne pathogens are the others factors driving the market in these countries. The market in Asia Pacific is growing at a rapid pace. Developed countries such as Australia and Japan contributed to the growth of the market in the region. India and China are potential markets for safety syringes due to increase in population, rise in diabetes, and high prevalence of HIC.

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Key players are adopting strategies such as mergers and acquisitions, technological development, and geographic expansion to capture significant position in the global market. Major players in the global safety syringes market include Becton, Dickinson and Company, Boston Scientific Corporation, NIPRO Medical Corporation, B. Braun Melsungen AG, Baxter Healthcare Corporation, Smiths Medical, Retractable Technologies, Inc., JMI Syringes & Medical Devices Limited, Terumo Medical Corporation, and Medtronic plc.

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