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Safety Syringes Market would foresee notable growth between 2022 and 2028, owing to the growing chronic disorder prevalence worldwide. Increasing cases of needlestick injuries amongst healthcare professionals are as well fostering the demand for the market. As per CDC estimates, American health care workers suffer nearly 600,000 and 1 million needle stick injuries every year.
The market growth can also be credited to the introduction of government initiatives to incorporate the use of safety syringes and favorable reimbursement policies. Various countries have to date unveiled regulations to ensure the mandatory use of safety syringes in an attempt to reduce the cases of needle stick injuries and prevent needle re-use. For instance, the Nigerian government in 2012, issued a deadline for phasing out of conventional syringes and application of auto-disable syringes in its health institutions.
Factors like easy availability of alternative drug delivery methods and increased cost of safety syringes are likely to limit the growth of safety syringes market during the analysis period. Besides, the dearth of awareness pertaining to the safety and healthcare issues in emerging economies would further pose a growth challenge for the market in the coming years.
However, ongoing initiatives by different companies to address the looming shortages of syringes during the COVID-19 pandemic phase would offer lucrative opportunities for the safety syringes industry growth over the foreseeable time frame.
Based on the product, retractable syringes are gaining ground across various healthcare settings as these are highly advised by the US OSHA and World Health Organization as a way of limiting the transmission of bloodborne diseases. There are two different kinds of retractable syringes, including automated and manual retractable syringes. The automated retractable syringes segment growth can be credited to the new product launches by industry leaders. Say for example, in 2020, DMC Medical Limited introduced New SureSafe fully automatic retractable syringe for U.S. customers.
Considering the end-user vertical, safety syringes market is speculated to earn significant profit from the ambulatory surgical centers. This can be reasoned to the mounting advantages of the setting like lower cost, less waiting, and reduced risk of infections that draw attention of patients towards these. Moreover, increasing outpatient surgeries in ASCs further propel the demand for safety syringes, pushing the market growth.
Geographically, North America would emerge as a growth hub for safety syringes industry through 2028, massively driven by the constant immunization programs, growing cases of chronic disorders, and increasing usage of safety syringes over conventional syringes. With the COVID vaccination drive growing at full swing in various developing economies including the United States and Canada, the central governments are producing new pacts and deals to shorten the supply and demand gap for vaccines. To illustrate, in 2020, the Government of Canada announced inking new agreements to establish definite supply of potential vaccines for its citizens. This is projected to escalate the demand for safety syringes in these countries, thus supporting the regional market expansion.
Some of the prominent leaders operating in the overall safety syringes market space are Medtronic, Becton Dickinson, Boston Scientific Corporation, Smiths Medical, Inc., B.Braun (B. Braun Holding GmbH & Co. KG), Retractable Technologies Inc., JMI Syringes & Medical Device, amongst others.
These conglomerates are engaged in various marketing strategies like mergers and acquisitions, product launches, and partnerships to secure a prominent position place in the overall marketplace.
The ongoing COVID-19 inoculation drive worldwide has presented a prolific escalation to the demand for safety syringes. Although the world witnessed a shortage in syringes during the pandemic times due to the temporary production halts, movement restrictions, and disruptions in supply chain, various businesses and sectors turned to develop emergency supplies including safety needles to combat the looming shortages, enhancing the safety syringes market valuation.
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