(MENAFN- GlobeNewsWire - Nasdaq) Rising prevalence of chronic diseases, stringent government regulations and safety guidelines and increasing awareness of needlestick injuries are the major factors which drive the global market growth.Wilmington, Delaware, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, " Auto-retractable Safety Syringe Market by Type ( 0.5ml capacity, 1 ml Capacity, 3 ml capacity and Others), and Application (Intramuscular, Subcutaneous and Intravenous): Global Opportunity Analysis and Industry Forecast, 2024-2033" . According to the report, the auto-retractable safety syringe market was valued at $3.2 billion in 2023, and is estimated to reach $4.8 billion by 2033, growing at a CAGR of 4% from 2024 to 2033.
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Prime determinants of growth
Rise in chronic disease cases and increasing awareness of needlestick injuries are the major factors that drive the growth of the market. However, the high production cost of the auto-retractable safety syringe hinders the market growth. Moreover, continuous advancements in syringe technology offer remunerative opportunities for the expansion of the global auto-retractable safety syringe market.
Report coverage & details
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $3.2 billion |
| Market Size in 2033 | $4.7 billion |
| CAGR | 4.0% |
| No. of Pages in Report | 216 |
| Segments Covered | Type, Application, and Region. |
| Drivers | Rising prevalence of chronic diseases Stringent government regulations and safety guidelines Increasing awareness of needlestick injuries |
| Opportunities | Continuous advancements in syringe technology |
| Restraints | High production cost of auto-retractable safety syringe |
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Segment Highlights
The capacity of auto-retractable safety syringes
The capacity of auto-retractable safety syringes varies depending on the treatment requirements. However, 0.5 ml capacity syringes are more widely used due to their suitability for a range of applications, including vaccines and medications that require precise, small-volume dosing. Their widespread use is attributed to their practicality and compatibility with standard treatment protocols.
Wide application in intravenous
Auto-retractable safety syringes are extensively used in intravenous applications due to their enhanced safety features, which minimize the risk of needlestick injuries and contamination. These syringes ensure precise delivery of medications directly into the bloodstream, making them ideal for various intravenous treatments.
Regional Outlook
The regional market outlook for auto-retractable safety syringes shows significant growth potential in North America due to stringent healthcare regulations and high adoption rates of safety devices. Europe follows closely, driven by increasing healthcare awareness and policies promoting safety. Emerging markets in Asia-Pacific are also experiencing growth due to rising healthcare investments and the need for improved medical safety standards
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Key Players
Becton, Dickinson and Company
Retractable Technologies, Inc.
Revolutions Medical Corporation
The report provides a detailed analysis of these key players in the global auto-retractable safety syringe market. These players have adopted different strategies such as, product launch, partnership, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Industry Development
In October 2021, Datwyler, a provider of system-critical elastomer components, supported Roncadelle Operations in developing SafeR – a safety syringe with a needle retraction mechanism designed to eliminate needlestick injuries.
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