The global retractable needle safety syringes market is poised for steady growth over the next decade, with projections indicating a rise from USD 5,846.6 million in 2023 to USD 8,770 million by 2033, expanding at a CAGR of 4.1%.
The market is maneuvered toward growth in the next ten years and beyond. Further, increasing healthcare expenditure is the primary source of market growth. Moreover, the widespread prevalence of chronic diseases and the increase in cognizance of many advantages of safety syringes are expected to fuel market development.
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A couple of factors, like demand for a high level of safety and a surge in needle stick injuries, are projected to propel market growth. Moreover, spreading awareness pertaining to the prevention of communicable diseases and infections, along with surging needle stick injuries, is also expected to increase product demand.
An upsurge in the aging population is also leading to a constant increase in long-term health problems. Reasons like these are driving the adoption of retractable needle safety syringes over the forecast period.
The market is expected to advance by means of technological progressions. Further, a surge in government initiatives to include and optimize the deployment of retractable needle safety syringes is also anticipated to propel the market.
The market may find obstruction by the increasing preference for other delivery modes. Other key challenges for manufacturers include high expenses for raw materials and procurement.
Top Highlights from the FMI’s Analysis of the Retractable Needle Safety Syringes Market
- North America commands a large share of 33.4% in the global market, with a massive stake of the United States in the regional market. The region is populated with many players and offers a high utilization rate by end-users.
- Europe has less market share than the United States alone. In 2022, the region constituted 22.6% of the market share. The market offers growth prospects to businesses looking to enhance their innovation game.
- Germany held a 4.4% stake in the market in 2022, demonstrating great potential for enterprises to appraise their revenue charts.
- Japan is a significant market for retractable needle safety syringes, attaining an 8% market share in 2022. With growing crowds of elderly patients, end users in Japan are expected to frequently deploy products for healthcare purposes.
- China, India, and Australia are expected to portray CAGR of 4.3%, 4.2%, and 4.1%, respectively, in the forecast period.
- Manual retractable safety syringe is expected to surface as the leading product segment. In 2022, the segment obtained a 62.13% market share.
- Intravenous segment gathered 44.99% market share in 2022.
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Key Players in the Limelight: News Showcasing Recent Developments
Market players offering retractable needle safety syringes are investing in research to make advances in the product. Additionally, players are expanding their manufacturing units and capacities to meet the surging demand. Favorable government policies and increasing patient count is expected to encourage product sales. Developments in the market are as follows:
- In February 2023, Zephyrus declared that the FDA had approval for a safety syringe. The company designs and manufactures Closed System Transfer Devices (CSTDs) and safety syringes and has gained product 510(k) marketing approval for its Aeroject 3ml safety syringe from the United States FDA.
- In October 2021, Roncadelle and Datwyler came together to create a new safety syringe. This safety syringe has a needle retraction mechanism engineered to avoid needlestick injuries.
Key Companies Profiled
Axel Bio Corporation, Inc; Becton, Dickinson, and Company; Numedico; Lifelong Group; DMC Medical Ltd.; Retractable Technologies, Inc.; Smiths Medical; Sol-Millennium Medical Group; UltiMed, Inc. (Ulticare); Revolutions Medical Corporation; Medicina (HMC Group); Haiou Medical; Mediprim; Cardinal Health; Medline Industries; Duopross Meditech Corp.; Nipro Corporation; Terumo Corporation
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Key Market Segments Covered in Retractable Needle Safety Syringes Industry Research
By Product:
- Manual Retractable Safety Syringe
- Auto-retractable Safety Syringe
By Application:
- Subcutaneous
- Intramuscular
- Intravenous
By End-User:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
- Others
By Distribution Channel:
- Direct to Customer
- Retail
- Retail Pharmacies
- Drug Stores
- Online Pharmacies
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
