Onslaught of the COVID-19 pandemic saw an impending increase in demand for syringes. Manufacturing companies across the globe grappled the short supply with increased production. This is expected to cause a ripple-effect of growth opportunities for the global safety syringes market over the forecast period. Initiatives by various governments to embrace the usage of safety syringes and attractive reimbursement policies are significant factors driving market growth. To date, a number of countries have issued legislation requiring the use of safety syringes in an effort to reduce needle stick injuries and prevent needle re-use. Needlestick injuries are avoided with the use of safety syringes. These have a built-in safety system as well as removable or permanently attached needles. Various countries have enacted laws requiring the use of safety syringes in order to reduce needle stick injuries. Safety syringes are now more widely used as a result of this endeavour.
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Rising Cases of Diabetes Cause a Surge in Demand for Retractable Syringes, Expected to Drive Growth for the Global Safety Syringes Market
The global market for safety syringes can be divided into four categories: product type, therapy, end-user, and geography. The market can be divided into retractable safety syringes and non-retractable safety syringes based on product type. Retractable syringes are gaining traction in a variety of healthcare settings, as they are highly recommended by the World Health Organization as a means of minimizing the transmission of bloodborne illnesses. The global safety syringes market is divided into insulin, glucagon-like peptide-1 (GLP-1), TB, growth hormones, and others, based on therapy. Due to the high prevalence of diabetes and tuberculosis, the insulin and tuberculosis segments hold lucrative opportunities to drive market growth. Corresponding to the end-user vertical, the safety syringes market is expected to profit handsomely from ambulatory surgery centres. This can be attributed to increasing benefits, such as cheaper costs, shorter wait times, and a lower risk of infection, which attract patients' attention. Furthermore, as the number of outpatient surgeries in ASCs rises, so does the demand for safety syringes, propelling the market forward.
North America Expected to Maintain Dominance Over the Global Safety Syringes Market
The global safety syringes market may be divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The global market has long been dominated by North America, and this trend is projected to continue over the forecast period. This is driven by a well-established health-care infrastructure, a high number of needlestick injuries, and increased awareness about disease prevention. Due to rising population, diabetes incidence, and increased awareness about sharp injuries, the market in Asia Pacific is expected to grow at a staggering CAGR in the coming years.
Key Players
Major players in the global safety syringes market include Retractable Technologies, Inc. (U.S.), Becton, Dickinson & Company (U.S.), Covidien plc (Ireland), Revolutions Medical Corporation (U.S.), Axel Bio Corporation (U.S.), Smiths Medical (U.K.), Unilife Corporation (U.S.), Terumo Corporation (Japan), Sol-Millennum (China), Ultimed, Inc. (U.S.), and others.
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