The global market for safety syringes has been witnessing an exponential surge since the last few years. The rising cases of viral diseases through unsafe injections and accidental needlestick injuries are fueling the demand for safety syringes extensively across the world. According to the WHO, in 2014, approximately 1.7 million people were reported to be infected with hepatitis B virus, around 0.3 million with hepatitis C virus, and almost 34 thousand individuals with HIV because of unsafe injections.
A research study by Transparency Market Research states that the global safety syringes market stood at US$3.4 bn in 2012. Analysts predict this market to expand at a CAGR of 9.70% between 2013 and 2019 and reach an estimated value of US$6.5 bn by the end of 2019.
How are government initiatives influencing the global safety syringes market?
The increasing initiatives to raise awareness regarding the threats of using unsafe injections and promoting the usage of safety syringes by various governments and NGOs in their respective countries are likely to propel the worldwide market for safety syringes in the forthcoming years. Several countries such as the US, Australia, Nigeria, and Canada have already implemented rules and policies mandating the usage of safety syringes.
Apart from this, the imminent implementation of favorable reimbursement policies in various nations and technical improvement in safety mechanisms of syringes are also expected to drive this market significantly over the next few years.
What are the driving forces behind the growth of the North America safety syringes market?
North America has emerged as the leading regional market for safety syringes in the global market. The shift in preference of patients as well as healthcare professionals from conventional syringes to safety syringes has propelled the North America safety syringes market significantly over the past few years. The market is likely to witness a steady growth in demand in the coming years, owing to the increasing application of prefilled syringes with safety features.
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What are factors propelling the safety syringes market in Asia Pacific and the Rest of the World?
The rising awareness among people regarding the consequences of insecure injection practices, together with a number of immunization programs aided by WHO and UNICEF, is propelling the safety syringes markets in Asia Pacific and the Rest of the World. In addition to this, the growing trend among major market players of shifting their production units in emerging economies, in a bid to reduce their manufacturing costs, is likely to drive the safety syringes market in these regions over the next few years.
Unilife Corp., Terumo Corp., Smiths Medical, Revolutions Medical Corp., Retractable Technologies Inc., Covidien Plc, and Becton, Dickinson & Co., are the major manufacturers of safety syringes across the world.