Global Safety Syringes Market to Register a CAGR of 9.70% from 2013 to 2019
The global healthcare industry has witnessed a surge in needlestick injuries, which has spurred the demand for retractable safety syringes worldwide.
The competitive landscape of the global safety syringes market is highly consolidated with the presence of a few key players, observes Transparency Market Research (TMR). These are Becton, Dickinson & Company, Smiths Medical, Retractable Technologies Inc., Revolutions Medical Corporation, Covidien plc, Terumo Corporation, and Unilife Corporation.
“Acquisitions and alliances are the focus of key players in the market to supplement internal growth with the objective to boost revenue growth”, says the lead author of the study. A case in point is, in December 2012, Becton, Dickinson & Company acquired Safety Syringes Inc. This led the former to strengthen its market position while also expanding its product portfolio.
An increasing number of investments in high-impact areas is another key growth strategy adopted by key players in the global safety syringes market. Companies are strategizing to invest heavily in sales and marketing at the global level. Top players in this market are also focused on research and development to develop newer safety syringes and needle devices with automated retraction.
Government Mandates for Safety Mechanism of Syringes Favor Market Growth
“The increasing number of needlestick injuries is the major factor driving the global safety syringes market”, says lead analyst of the study. According to the World Health Report 2002 analyzed by the World Health Organization, of the 35 million healthcare workers worldwide, almost 2 million undergo percutaneous exposure to infections every year. An increasing number of blood borne diseases such as hepatitis C, diphtheria, herpes, tuberculosis, hepatitis B, typhus, and malaria.
The continuous growth in the injectable drugs market is another major factor driving this market. This is because injectable drugs market is likely to display demand for drug delivery devices for drug administration that has been designed keeping up with safety requisites. Governmental legislations that require manufacturers to develop syringes equipped with safety mechanisms is also driving the global safety syringes market.
Price Factor Leads to Limited Use in Developing Nations
“The high cost associated with safety syringes is one of the major factors holding back the growth of the safety syringes market,” says the author of the study. According to the International Council of Nurses (ICN), a retractable safety syringe costs more than two times than a normal syringe. This factor is more prominent in developing nations such as China, India, and Brazil where healthcare providers tend to avoid spending money on safety syringes. Healthcare providers in these regions believe that needlestick injuries can be prevented by training healthcare workers to use normal syringes safely.
The growth of the safety syringes market is also impeded due to the rising popularity of non-invasive drug delivery techniques and continued development in alternate drug delivery technology that may be used in place of injectable drug delivery.
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The global safety syringes market will be valued at US$6.5 bn by 2019.
Non-retractable safety syringes account for the larger share of the market on the basis of product. In 2012, non-retractable safety syringes held the larger share of the market both in terms of volume and value.
North America is the largest market for safety syringes. In 2012, North America dominated the global market for safety syringes due to an early adoption of advanced equipment and advanced technology for rendering healthcare services.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of
Aug 12, 2016