Safety Syringes Market Expected to Reach USD 6.50 Billion Globally in 2019: Transparency Market Research
Albany, New York (PRWEB) June 24, 2014 -- According to a new market report published by Transparency Market Research "Safety Syringes Market (Retractable Safety Syringes: Automatic Retractable Safety Syringes and Manual Retractable Safety Syringes, and Non-Retractable Safety Syringes): Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast, 2013 - 2019," the global safety syringes market was valued at USD 3.41 billion in 2012 and is expected to grow at a CAGR of 9.7% from 2013 to 2019, to reach an estimated value of USD 6.50 billion by 2019.
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Safety syringes are integrated with safety mechanisms that protect patients and healthcare professionals from accidental needlestick injuries. High risk associated with the unsafe handling of syringes that may transfer HIV, Hepatitis B, Hepatitis C and other blood borne diseases, encourages healthcare workers to adopt syringes with safety features. There are two major types of safety syringes available in the market, namely, retractable safety syringes and non-retractable safety syringes. Retractable safety syringes can be further categorized as the automatic retractable safety syringes and manual retractable safety syringes. Sheathing tube syringes equipped with sliding needle covers and hinged needle covers are the examples of non-retractable safety syringes.
Non-retractable safety syringes accounted for the larger share of the total market in 2012, both by revenue as well as volume. However, during the forecast period, retractable safety syringes are expected to experience greater demand than non-retractable safety syringes, mainly due to advantages offered by them such as improved safety, reduced time and ease of use. The market for retractable safety syringes has been anticipated to grow at a CAGR much higher than that of the syringes with protective shield during the forecast period from 2013 to 2019.
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Increasing cases of needlestick injuries, governmental legislation propelling manufacturers to develop syringes with safety mechanisms and continuous growth in injectable drugs market are some major growth factors driving the market for safety syringes worldwide. A study conducted by the Centers for Disease Control and Prevention (CDC) suggests that approximately 385,000 needlestick and other sharps-related injuries occur in the U.S. each year. According to Eucomed, a group of more than 25,000 designers, manufacturers and suppliers of medical devices, nearly 1 million needlestick and sharps injuries occur in Europe each year. High incidence rate of needlestick injuries and their serious consequences encourage healthcare professionals to use syringes with safety mechanisms, thus driving the growth of the safety syringes market worldwide.
In order to ensure safety from accidental needlestick injuries, governments of various countries brought legislation in their respective countries mandating the use of safety syringes. The U.S. federal government signed the Needlestick Safety and Prevention Act into a law on November 6, 2000, compelling syringe and needle manufacturers to adopt product modifications in order to comply with the regulatory guidelines. Similarly, a legislation called TRBA 250 ensures the use of safety equipped syringes and needles across hospitals and physician offices in Germany. These legislations are expected to drive market growth by encouraging syringe companies to manufacture safety syringes in order to reduce injuries from needlestick and unsafe syringe usage. Similarly, the worldwide growth in the injectable drugs market will also drive the market growth for safety syringes.
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On the other hand factors such as high product cost and availability of alternative drug delivery methods including transdermal drug delivery, nasal delivery and skin-based delivery may hamper the market growth to some extent. Geographically, North America accounted for the largest share of the overall safety syringes market in 2012 in terms of value (USD Million) as well as volume (Million Units), followed by Europe. Governmental legislation mandating the use of safety syringes across the healthcare facilities has been a key factor driving the market growth in the region. In Asia-Pacific and Rest of the World (RoW) regions, lack of strict governmental legislation regarding the use of safety syringes has been one of the major factors restraining the market growth in these regions. However, during the forecast period 2013 to 2019, growing concerns for accidental needlestick injuries will play a key role in driving the market growth in these markets. Becton Dickinson & Company, Covidien plc, Retractable, Technologies, Inc., Revolutions Medical Corporation, Smiths Medical, Terumo Corporation and Unilife Corporation are some major players operating in the safety syringes market space.
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The global safety syringes market is segmented as follows:
Safety Syringes Market, by Product Type
- Retractable Safety Syringes
- Automatic Retractable Safety Syringes
- By Revenue (USD Million)
- By Volume (Million Units)
- Manual Retractable Safety Syringes
- By Revenue (USD Million)
- By Volume (Million Units)
- Non-Retractable Safety Syringes
- By Revenue (USD Million)
- By Volume (Million Units)
Safety Syringes Market, by Geography
- North America
- Europe
- Asia-Pacific
- Rest of the World (RoW)
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