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Safety Syringe Market Research 2024: Evaluating Market Dynamics and Trends
Safety Syringe
The Business Research Company presents an extensive market research report on the Safety Syringe Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The safety syringe market size has grown strongly in recent years. It will grow from $8.19 billion in 2023 to $8.95 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to needlestick injury concerns, regulatory mandates, increased adoption of safety measures, increasing prevalence of blood-borne diseases, growing healthcare infrastructure.
The safety syringe market size is expected to see strong growth in the next few years. It will grow to $12.6 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to vaccination initiatives, rising geriatric population, increased focus on preventive healthcare, expanding biopharmaceutical industry, advancements in material sciences. Major trends in the forecast period include rapid technological innovations, emphasis on sustainable solutions, telehealth integration, customized solutions for specialized therapeutics, enhanced emergency response and preparedness.
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Key Market Players:
Major companies operating in the safety syringe market report are 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., Guangdong Haiou Medical Apparatus Co. Ltd., Kendall Healthcare Group Ltd.
Market Drivers:
The rising number of blood-borne diseases is expected to propel the growth of the safety syringe market going forward. A blood-borne disease is an infectious disease caused by microorganisms, such as bacteria, viruses, or parasites, that are transmitted through the blood. The use of safety syringes is a proactive measure to protect healthcare workers and patients from the risks associated with blood-borne diseases by reducing the likelihood of accidental exposures and promoting best practices in medical procedures. For instance, in September 2023, according to Contagion Live, a US-based news source, the blood-borne infection rates increased by 14% in 2020-2021, and there were 5023 confirmed cases of hepatitis C virus (HCV), with an estimated 69,800 infections. Further, around 43 states in the US also reported 107,540 newly diagnosed cases of HCV. Therefore, the rising number of blood-borne diseases is driving the growth of the safety syringe market.
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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
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