Safety Syringes Market Size and Growth Rate:
The market is expected to reach USD 8.42 billion by 2024 from USD 5.48 billion in 2019, growing at a CAGR of 8.96% over the review period 2019-2024.
Safety Syringes Market Overview:
The safety mechanism built into the syringe which mainly protects from the needle stick injuries. Some of the syringes are specifically designed for single use where as others can be re-used according to its features. The advanced safety syringes are manufactured with high quality and also effective features which prevent needle stick.
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Safety Syringes Market Growth Drivers and Restraints:
Increasing incidences of chronic diseases is major factor propelling the demand of the market. Also, rise in support from the government organizations is driving the growth of the safety syringes market. Growing prevalence for the safety mechanisms in syringes is additionally prompting the growth rate of this market.
However, easy availability of other products at lower cost is certainly a challenging factor for the market players. Fluctuations in the productivity of the syringes are also slightly restraining the growth of the market. Stringent rules and regulations by government in approving new products are hindering the growth of the market.
Adoption of advanced technologies in the medical sector is to surge growth opportunities for the market. Growing awareness over utilization of disposable products in order to reduce needle stick injuries is fueling the demand of the market. Furthermore, increasing expenditure on healthcare is greatly influencing the growth of this market.
Safety Syringes Market Geographical Analysis:
Regionally, the market is segmented into North America, Asia Pacific, Europe, Middle East and Africa. North America is witnessed in leading highest shares of the market by owing to introduction of latest equipment in medical sector with advanced technology. Also, growing economy in most of the countries is making the market to move forward extensively. Europe is positioned next to North America in dominating prominent shares of the market with the rising awareness over the utilization of these syringes in order to protect from accidental needle stick injuries. Asia Pacific is accounted in having fastest growth rate from past few years and is also to have significant growth rate in coming years. Rapidly increasing geriatric population and growing urbanization are leveraging the demand of the market.
Keyplayers of the Safety Syringes Market:
Some of the key players in the safety syringes market are Covidien plc (Ireland), Revolutions Medical Corporation (U.S.), Retractable Technologies, Inc. (U.S.), Sol-Millennum (China), Ultimed, Inc. (U.S.), Axel Bio Corporation (U.S.), Becton, Dickinson & Company (U.S.), Smiths Medical (U.K.), Terumo Corporation (Japan) and Unilife Corporation (U.S.).
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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