NEWARK, Del., Jan. 8, 2024 /PRNewswire/ -- Emerging concerns over needlestick injuries and bloodborne diseases, including hepatitis and HIV, are fueling a global surge in demand for safety syringes, predicts Future Market Insights (FMI). This trend is expected to propel significant market growth throughout the coming decade. Explore the intricate dynamics of this burgeoning market and uncover compelling stakeholder opportunities in our comprehensive FMI report.
As per Future Market Insights (FMI) industry analysis, the Global Safety Syringe Market was valued at US$ 7,416.3 million in 2023. The market is anticipated to exhibit a CAGR of 4.5% from 2024 to 2034. It is projected to attain a valuation of US$ 12,054.3 million by 2034 from US$ 7,736.2 million in 2024.
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Notable technological developments in the safety syringe industry have created creative and efficient safety measures. To provide better protection and simplicity of use, manufacturers are producing a variety of safety syringes, including retractable, sheathing, and passive syringes. These technological developments have facilitated the expansion of the market.
Employee safety and well-being are becoming increasingly important to healthcare companies and institutions. Healthcare worker safety protocols are deemed complete with safety syringes since they lower the possibility of needlestick injuries. The need for safety syringes has surged due to the increased focus on the safety of healthcare workers.
Due to factors including population growth, aging populations, and the development of healthcare infrastructure, healthcare spending has been rising globally. Purchasing safety syringes account for a component of this expense, which is directed toward improving patient and healthcare worker safety. The market conditions for the safety syringes sector are good due to the increasing healthcare costs.
The market is growing due to rising awareness efforts and instructional programs about the value of safety syringes and the dangers of needlestick injuries. The use of safe syringes is on the rise due to aggressive awareness-raising campaigns by governments, healthcare organizations, and nonprofits, as well as training programs for medical staff.
Key Takeaways from the Market Study-
- By product, the retractable segment is expected to rise at a CAGR of 4.1% over the forecast period.
- By application, the subcutaneous segment held the leading market share of 65.7% in 2023.
- By distribution channel, retail sales generated the dominant market share of 71.3% in 2023.
- By end-users, the hospital segment is expected to surge at a CAGR of 2.8% from 2024 to 2034.
- North America is considered the leading region, expanding at a CAGR of 2.6% by 2034.
"The rising focus on the prevention of needle stick injuries and increasing risk of bloodborne disease would help push the market for safety syringes over the forecast period," says Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.).
Safety Syringe Market Research Report Coverage:
Attribute | Details | ||||
Estimated Market Size (2024) | US$ 7,736.2 million | ||||
Forecast Market Size (2034) | US$ 12,054.3 million | ||||
Projected Growth Rate (2024 to 2034) | 4.5 % | ||||
Forecast Period | 2024 to 2034 | ||||
Historical Data Available for | 2019 to 2023 | ||||
Key Countries Covered | • United States • Canada • Mexico • Brazil • Chile • the Rest of Latin America • China • Japan • South Korea • India | • the Association of Southeast Asian Nations • Australia and New Zealand • the Rest of South Asia and Pacific • Germany • Italy • France • United Kingdom • Spain BENELUX • Nordic Countries • Rest of Western Europe | • Russia • Hungary • Poland • Rest of Eastern Europe • Saudi Arabia • Türkiye • South Africa • Other African Union • Rest of Middle East and Africa | ||
Key Segments Covered | By Product: -Retractable -Manual Retractable Safety Syringes -Automatic Retractable Safety Syringes -Non-retractable -Sliding Needle Cover Syringes - Sheathing Tube Syringes - Hinged Needle Cover Syringes By Application: Subcutaneous Intramuscular By Distribution Channel: Direct to Customer (DTC) Retail Sales Retail Pharmacies Drug Stores Online Pharmacies By End-user: Hospitals Ambulatory Surgical Centers Long-term Care Facilities Specialty Clinics Others By Regions: North America Latin America South Asia and Pacific East Asia Western Europe Eastern Europe Middle East and Africa | ||||
Key Companies Profiled |
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Report Coverage | Market Forecast, Competition Intelligence, Drivers, Restraints, Opportunities, Trends, Market Dynamics and Challenges, Strategic Growth Initiatives | ||||
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Market Competition
The industry's leading manufacturers' primary strategies are expanding their market presence and product portfolio with new innovative products. Here are a few instances of how the market players expanded and made acquisitions to achieve the top position:
- In February 2023, the Zephyrus Innovations (Zephyrus) received approval from the United States Food and Drug Administration for an Aeroject 3ml safety syringe.
- In October 2021, Datwyler and Roncadelle collaborated on developing a SafeR safety syringe designed explicitly with a needle retraction mechanism to prevent needlestick injuries.
Want More Insights?
Future Market Insights (FMI) brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2019 to 2034. The global safety syringe market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
The study provides compelling insights into the safety syringe market segment based on products (retractable [manual retractable safety syringes, automatic retractable safety syringes], non-retractable [sliding needle cover syringes, sheathing tube syringes, hinged needle cover syringes]) application (subcutaneous, intramuscular), distribution channel (direct to customer (DTC), retail sales [retail pharmacies, drug stores], online pharmacies), end-user (hospitals, ambulatory surgical centers, long-term care facilities, specialty clinics, others), and regions.
About Healthcare Division at Future Market Insights (FMI)
Future Market Insights (FMI) facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you to devise innovation-driven trajectories for your business. Know more about our sector coverage here.
About the Author:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
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