Global Safety Syringe Market Poised for Growth, Expected to Reach $12.6 Billion by 2028

LONDON, GREATER LONDON, UK, June 25, 2024 /EINPresswire.com/ -- The global safety syringe market size has shown robust growth in recent years. It is projected to grow from $8.19 billion in 2023 to $8.95 billion in 2024, at a compound annual growth rate (CAGR) of 9.2%. This growth can be attributed to concerns over needlestick injuries, regulatory mandates, increased adoption of safety measures, the rising prevalence of blood-borne diseases, and the expansion of healthcare infrastructure. By 2028, the market is expected to reach $12.6 billion, growing at a CAGR of 8.9%. The forecasted growth is driven by vaccination initiatives, a rising geriatric population, a heightened focus on preventive healthcare, an expanding biopharmaceutical industry, and advancements in material sciences.

Rising Blood-Borne Diseases Drive Market Growth
The increasing number of blood-borne diseases is a significant factor propelling the growth of the safety syringe market. Blood-borne diseases, caused by microorganisms like bacteria, viruses, or parasites, are transmitted through blood. Safety syringes play a crucial role in protecting healthcare workers and patients from these risks by reducing the likelihood of accidental exposures and promoting best practices in medical procedures. For instance, according to Contagion Live, a US-based news source, blood-borne infection rates increased by 14% in 2020–2021, with 5,023 confirmed cases of hepatitis C virus (HCV) and an estimated 69,800 infections. Furthermore, 43 states in the US reported 107,540 newly diagnosed cases of HCV in the same period. The rising number of blood-borne diseases is driving the growth of the safety syringe market.

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Key Players and Market Trends
Major companies operating in the safety syringe market include Cardinal Health Inc., Retractable Technologies Inc., Thermo Fisher Scientific Inc., Medtronic plc, Novo Nordisk A/S, Becton, Dickinson and Company, Baxter International Inc., Boston Scientific Corporation, Medline Industries LP, Terumo Corporation, B. Braun Melsungen AG, West Pharmaceutical Services Inc., Fresenius Kabi AG, Nemera, Smiths Medical International Ltd., Nipro Medical Corporation, Henke-Sass Wolf GmbH, Revolutions Medical Inc., Sol-Millennium Inc., UltiMed Inc., Unilife Corporation, AdvaCare Pharma, Axol Bio Corporation, Vita Needle Company, Numedico Technologies Pty Ltd., Duopross Meditech Corporation, DMC Medical Ltd., and Guangdong Haiou Medical Apparatus Co. Ltd.

Companies in the safety syringe market are focusing on developing new products, such as passive needle guards, to gain a competitive edge. For instance, in November 2021, Becton, Dickinson, and Company launched the BD UltraSafe Plus 2.25 mL Passive Needle Guard, an innovative addition to its drug delivery systems. This product is designed for the subcutaneous delivery of biologic solutions with volumes up to 2 mL and viscosities up to 30 cP, enhancing the self-injection experience for patients, caregivers, and healthcare providers. The BD UltraSafe Plus 2.25 mL is aligned with the BD Neopak 2.25 mL Glass Prefillable Syringe, supporting bio-pharmaceutical drug launches with convenience and ease of use.

Segments:
The safety syringe market covered in this report is segmented –
1) By Product: Retractable Safety Syringes, Non Retractable Safety Syringes
2) By Therapy: Insulin, Glucagon-like peptide-I (CLP-I), Tuberculosis, Growth Hormones
3) By Application: Subcutaneous, Intramuscular
4) By End-user: Hospitals, Ambulatory Surgical Centers, Long-term Care Facilities, Specialty Clinics, Other End Users

Geographical Insights: North America Leading the Market
North America was the largest region in the safety syringe market in 2023, while Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the safety syringe market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Safety Syringe Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Safety Syringe Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on safety syringe market size, safety syringe market drivers and trends, safety syringe market major players, competitors' revenues, market positioning, and market growth across geographies. The safety syringe market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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