October 01, 2019
According to the new research report available at MarketStudyReport.com under the title ‘Global Safety Syringes Market Growth 2019-2024’, the worldwide safety syringes market is anticipated to surpass US $20500 million by the year 2024.
Safety syringes are integrated with safety apparatuses that protect healthcare professionals and patients from accidental needle stick injuries. Unsafe handling of syringes can cause Hepatitis B, HIV, Hepatitis C and other blood transmitted diseases. Growing awareness regarding safe handling of syringes and maintaining contaminant-free environments will augment the safety syringes market growth.
As per the report, safety syringes market was worth US $7800 million in 2019 and is projected to register a growth of 21.3% CAGR by the year 2024. Furthermore, average price of the market is in a decreasing trend as it went down from 579/K unit in 2011 to 443/K in 2015, hence propelling the industry growth.
The worldwide safety syringes market is examined on the basis of product type, application spectrum and regional outlook. Based on the product type, the market is segmented as retractable and non-retractable, wherein retractable syringes segment held 44.26% share in 2015 and non-retractable safety syringes segment held approximately 55.74% share. Considering the application spectrum, the market is fragmented as interior, exterior, engine component, and others.
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Speaking of the regional outlook, the market is bifurcated into four major regions; China, India, Australia, Japan, Southeast Asia, and Korea fall under Asia Pacific; Europe consists of Germany, UK, France, Italy, Spain, and Russia; Americas comprises of Brazil, the U.S., Mexico, and Canada; and Egypt, Turkey, GCC Countries, South Africa, and Israel come under Middle East & Africa.
The prominent companies operating in safety syringes market include Globe Medical Tech, BD, Medline, Medtronic, Métier Medical Limited, Medical Smiths, Sol-Millennium, Retractable Technologies, and Terumo Corporation. The market competition is intense; big players dominated the market with 61% revenue share in 2015 and held most of the major patents and technologies.