New York, NY, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Retractable Safety Syringe Market By Product (Manual and Automatic) and by End-User (Clinics, Hospitals, Ambulatory Surgery Centers, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global retractable safety syringe market was USD 5.56 billion in 2018 and is expected to generate around USD 10.08 billion by 2025, growing at a CAGR of around 8.87% between 2019 and 2025.
Safety syringes are internally assembled with safety mechanisms. The needles used in these syringes are either permanently attached or detachable. It is devised to safeguard healthcare professionals, patients, and other users from needle stick injuries. In comparison to other syringes, retractable syringes account for fewer wastage amounts. These syringes are safe and time-saving apart from being widely utilized in treating polygenic disease, diabetes, cancer, TB, etc. After the delivery of drugs through injection, the needle is retracted into the barrel. Retractable syringes either use spring-loaded automated retraction or manual retraction method to pull out the needle back into the barrel. Once the delivery of dosage through injection is completed and the liquid is expelled, the user has to apply extra pressure to the plunger to interrupt the seal and retract the needle inside the syringe.
Browse through 37 Tables & 22 Figures spread over 110 Pages and in-depth TOC on “Global Retractable Safety Syringe Market: By Product Type, Size, Share, Industry Trends, Segments, Analysis and Forecast, 2018–2025”.
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The worldwide retractable safety syringe market is growing swiftly, owing to the increasing needle stick injuries and reuse of syringes. The rising number of initiatives taken by government bodies to assimilate and maximize the use of retractable safety syringes in legislation, favorable reimbursement policies, innovative safety mechanisms, and innovation in syringe manufacturing technology will further drive this market. Retractable needle safety syringes are principally preferred over conventional syringes and, therefore, have tremendous potential for growth. Additionally, the high prevalence of chronic diseases, such as diabetes, will also fuel the retractable safety syringe market growth. However, the elevated prices of syringe mechanism devices, the lack of awareness regarding healthcare, and safety issues in emerging economies may restrict this market's development.
The retractable safety syringe market is fragmented based on product and end-user. By product, the market includes manual and automatic. Automatic retractable safety syringes are preferred over manual syringes as they are simple to use alongside increasing healthcare awareness, rising incidences of tuberculosis and diabetes, and intensive immunization programs proposed by organizations like UNICEF and WHO. Based on end-user, the market comprises hospitals, clinics, ambulatory surgery centers, and others. Hospitals lead the retractable safety syringe market globally and are rapidly growing owing to the WHO guideline for use of smart and safe syringes.
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North America dominated the retractable safety syringe market with highest revenue share in 2018, due to the increasing prevalence of diabetes, tuberculosis, availability of advanced healthcare infrastructure, increasing adoption of immunization techniques, and the regional presence of key market players. North America is estimated to remain at the top position over the forecast time period, owing to the favorable government regulation and initiatives for safety practices, increasing adoption of insulin injections, growing incidences of needle stick injuries, and rising public and private funding for R&D. The U.S. is a major regional market player alongside Canada.
Europe contributed the second-largest revenue share in 2018 to the retractable safety syringe market, due to the high diabetes burden, wide adoption of technologically advanced products, favorable reimbursement policies, rising R&D investments, and increasing regional healthcare spending. Germany, France, and the UK are major countries in the European retractable safety syringe market. Germany dominated this regional market with a revenue share of about 32%.
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The Asia Pacific retractable safety syringe market will register the highest CAGR over the forecast time period, owing to the increasing aging population, rising diabetes prevalence, ongoing clinical trials related to curing tuberculosis, and escalating use of non-sterile needles and unsafe injections. China and Japan are dominant countries in the Asia Pacific market. China dominated the market with a 35% revenue share in 2018. India will register the highest CAGR in the future, owing to increasing cancer awareness, emerging healthcare systems, and increasing healthcare spending.
Latin America is estimated to witness moderate growth rate over the forecast time period. Brazil contributed the largest revenue share of about 70% in 2018 and is a major market for retractable safety syringe. The Middle Eastern and African retractable safety syringe market will register slow growth in the upcoming years, owing to its underdeveloped healthcare infrastructure and the lack of advanced technologies.
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Some key players in the retractable safety syringe market include Becton, Dickinson and Company, UltiMed, Axel Bio, Unilife, Retractable Technologies, Terumo Corporation, Smiths Medical, Revolutions Medical, Covidien, and Medtronic.
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This report segments the global Retractable Safety Syringe Market as follows:
Global Retractable Safety Syringe Market: By Product
- Manual
- Automatic
Global Retractable Safety Syringe Market: By End-User
- Clinics
- Hospitals
- Ambulatory Surgery Centers
- Others
Global Retractable Safety Syringe Market: By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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