The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

According to The Business Research Company’s Safety Syringe Global Market Report 2024, the safety syringe market is expected to show promising growth in the forecast period.

The safety syringe market has experienced substantial growth in recent years, driven by various factors and trends that are shaping its future.

Market Overview

• 2023-2024 Growth: From $8.19 billion in 2023 to $8.95 billion in 2024, with a CAGR of 9.2%.
• Drivers: Needlestick injury concerns, regulatory mandates, increased adoption of safety measures, prevalence of blood-borne diseases, expanding healthcare infrastructure.
• 2028 Forecast: Expected to reach $12.6 billion with a CAGR of 8.9%.

Future Growth Catalysts

• Vaccination Initiatives: Increased global vaccination efforts.
• Aging Population: Rising geriatric population requiring more medical care.
• Preventive Healthcare: Growing focus on preventive healthcare measures.
• Biopharmaceutical Expansion: Advancements in biopharmaceuticals.
• Material Science Innovations: New materials enhancing syringe safety and functionality.

Key Trends

• Technological Innovations: Rapid advancements in syringe technology.
• Sustainable Solutions: Emphasis on eco-friendly and sustainable products.
• Telehealth Integration: Safety syringes designed for remote healthcare applications.
• Customized Therapeutics: Solutions tailored for specialized treatments.
• Emergency Preparedness: Enhanced products for emergency response scenarios.

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Blood-Borne Diseases Driving Demand

• Infection Rates: 14% increase in blood-borne infections from 2020 to 2021.
• HCV Cases: 5023 confirmed cases with an estimated 69,800 infections in 2023.
• State Reports: 107,540 newly diagnosed HCV cases across 43 states.
• Market Impact: Rising infections highlight the importance of safety syringes to protect healthcare workers and patients.

Leading Companies

• Key Players: 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.

Innovations in Safety Syringes

• Product Development: Companies are focusing on innovative products like passive needle guards.
• BD UltraSafe Plus 2.25 mL: Launched by Becton, Dickinson, and Company in 2021, this passive needle guard enhances safety and usability for high-viscosity drug delivery.

Strategic Acquisitions

• Sharps Technology: Acquired SafeGard Medical’s syringe manufacturing facility in Hungary for $2.5 million in July 2022.
• Impact: This acquisition strengthens Sharps Technology’s manufacturing capabilities and supports global demand for smart safety syringes.

Market Segmentation

• By Product: Retractable and Non-Retractable Safety Syringes.
• By Therapy: Insulin, Glucagon-like peptide-I (GLP-I), Tuberculosis, Growth Hormones.
• By Application: Subcutaneous, Intramuscular.
• By End-user: Hospitals, Ambulatory Surgical Centers, Long-term Care Facilities, Specialty Clinics, Other End Users.

Regional Insights

• North America: The largest region in 2023.
• Asia-Pacific: Expected to be the fastest-growing region in the forecast period.

The safety syringe market is poised for continued growth, driven by technological innovations, increasing healthcare needs, and strategic industry moves. With a focus on safety and efficiency, the market is set to address critical healthcare challenges and improve patient outcomes worldwide.

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