Published: May, 2018
Transparency Market Research (TMR) has published a new report titled, “Safety Syringes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global safety syringes 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. Increase in needle stick injuries and high prevalence of blood borne diseases are projected to drive the global market during the forecast period. North America and Europe are anticipated to dominate the global safety syringes market in the next few years owing to government initiatives to prevent sharps injuries, increase in health care expenditure, and rise in awareness about blood borne diseases in the region. Asia Pacific is expected to be the fastest growing market for safety syringes from 2018 to 2026. This is attributed to increase in prevalence of diseases such as HIV and HBV in the region and rise in awareness about safety syringes in developed countries such as Japan and Australia. The market in Asia Pacific is projected to expand at a CAGR of 8% from 2018 to 2026.
High Prevalence of Chronic Diseases to Drive Global Market
High prevalence of chronic diseases such as diabetes is one of the major factors projected to fuel the growth of the global safety syringes market during the forecast period. The number of patients using safety syringes for insulin injection is increasing, which in turn drives demand for safety syringes. Large number of healthcare workers are on high risk of infection by blood borne diseases due to needle stick injuries; to reduce the accidents and injuries, the demand for safety syringes is on rise, leading to growth of the global market during the forecast period. Furthermore, innovation in safety syringes, increase in health care spending, high prevalence of blood borne diseases, and surge in awareness about safety syringes in many developed countries are the factors likely to augment the global market during the forecast period. Lack of awareness about needle stick injuries and other delivery methods in several developing countries is projected to restrain the global safety syringes market from 2018 to 2026.
Retractable Safety Syringes Segment to Dominate Global Market
The report offers detailed segmentation of the global safety syringes market based on product type, end-user, and region. In terms of product type, the retractable safety syringe segment is poised to account for leading share of the global market during the forecast period from 2018 to 2026. Higher share of the segment is attributed to improved safety, reduced time, and ease of use. The retractable safety syringes segment has been classified into manual retractable syringes and automatic retractable syringes. The manual retractable syringes sub-segment held a higher share of the retractable safety syringes segment, as these syringes cost lower than automatic safety syringes. The retractable safety syringes segment accounted for 50% share of the global market in terms of revenue in 2017. In terms of volume, the retractable safety syringes segment accounted for 35% market share in 2017. Based on end-user, the global market has been classified into hospitals, clinics, ambulatory surgical centres, and others. The hospitals segment dominated the global market, accounting for 60% share in 2017. The clinics segment is expected to grow at a rapid pace during the forecast period due to increase in privatization of clinics.
Asia Pacific to be Fastest Growing Market
In terms of region, the global safety syringes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest share of the global market in terms of value and volume in 2017 and is projected to dominate the market during the forecast period from 2018 to 2026. The market in the region is anticipated to expand at a CAGR of 8% from 2018 to 2026. Well-established health care, rise in awareness about prevention of diseases, and high number of needle stick injuries are likely to drive the market in the region during the forecast period. Europe is projected to account for the second largest share of the global safety syringes market by 2026. The market in the region is anticipated to expand at a CAGR of 8% from 2018 to 2026. Increase in trend of self-administration of insulin and high health care spending are expected to fuel the growth of the market during the forecast period.
Asia Pacific is anticipated to be the fastest growing market for safety syringes from 2018 to 2026. The market in the region is likely to expand at a CAGR of 9% during the forecast period. Increase in population, rise in prevalence of diabetes and blood borne diseases, surge in awareness towards sharp injuries, and increase in government initiatives boost the growth of the market in the region. Australia, Japan, India, and China are the potential markets for safety syringes in Asia Pacific. The market in India is expected to expand at the fastest CAGR during the forecast period due to rise in disposable income, increase in funding for R&D, and surge in awareness about safety. The safety syringes market in Middle East & Africa is projected to expand at a CAGR of 8% from 2018 to 2026. Investment by major players is anticipated to propel the market in the region.
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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