The global safety syringes market is quite fragmented in nature and is led by few players such as Becton, Dickinson & Company, Covidien plc, Smiths Medical, Terumo Corporation, and Retractable Technologies, Inc. These players together constituted a share of over 90% in the market in 2012, on the basis of revenue, as per Transparency Market Research (TMR). The top factor contributing in the increased level of threat from new entrants is the huge development rate of this market, which is supplemented by legislations posed by governments which makes the utilization of safety syringes mandatory and allows consistent development in the injectable drugs market.
The global safety syringes market stood at US$3,419.1 mn in 2012 and is anticipated to reach US$6,496.8 mn by 2019, rising at healthy 9.70% CAGR between 2013 and 2019. Volume wise, this market pegged at 11,699.7 mn units in 2012 and is poised to touch 21,024.5 mn units in 2019, expanding at an 8.80% CAGR from 2013 to 2019. On the basis of product type, the segment of non-retractable safety syringes including syringes with sliding needle covers, sheathing tube syringes, and hinged needle covers hold a dominant share in the market on the basis of volume and revenue. On the other hand, in the forecast period, the segment of retractable safety syringes is poised to exhibit the swiftest growth rate as compared to the segment of non-retractable safety syringes.
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Use of Safety Syringes over Traditional Syringes to Boost North America Safety Syringes Market
In terms of geography, in 2012, the North America safety syringes market came up as the most significant market, taking the maximum share in the overall market, on the basis of revenue and volume. This region has been experiencing growth in the utilization of safety syringes over traditionally-utilized syringes. In addition, the market for prefilled syringes is also on the rise in this region due to increasing demand for prefilled syringes having safety features in this region. On the other hand, the region of Europe held the second position in the market in the forecast period on the basis of both volume and revenue.
Increasing Cases of Needlestick Injuries to Bolster Market Growth
Needlestick injuries refer to percutaneous piercing wounds and are caused by tip of needles while disassembling, handling or disposing syringes and needles. Hence, the global safety syringes market is predicted to rise due to the increasing occurrence of needlestick injuries. In addition, the increasing regulations introduced by governments for the launch of safety-mechanized syringes will provide impetus to the development of the market. This is because of the growing concerns about needlestick injuries and their adverse impacts, resulting in legislations that mandate the utilization of safety syringes by health caregivers, nurses, and physicians.
Furthermore, the ongoing development in the market for injectable drugs will positively impact the development of the global safety syringes market, states a TMR analyst. On the other hand, the huge costs related with the utilization of safety syringes and the increasing penetration of other alternatives in drug delivery methods may negatively impact the growth of this market
“Nonetheless, the increasing advantages related with the use of automatic retractable safety syringes will provide new avenues in the global safety syringes market,” says a TMR analyst.
This information is based on the findings of a report published by Transparency Market Research titled, “Safety Syringes Market - Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast, 2013 - 2019.”
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