According to FutureWise analysis the market for Retractable Needle Safety Syringes in 2023 is US$ 5.8 billion, and is expected to reach US$ 8.14 billion by 2031 at a CAGR of 4.30%.
A retractable syringe can be operated manually or spring-loaded to retract the needle into its barrel. A needle stick injury is one of the most common injuries among healthcare professionals, patients, and other users. An increase in healthcare spending is among the factors expected to fuel the growth and demand for retractable needle safety syringes. The increase in blood-borne diseases as well as the rapid spread of awareness about the benefits of safety syringes are also expected to drive market growth over the forecast period. Also, the rise in needle stick injuries and the high level of security and safety for patients is expected to boost the market's growth. As well as a rapid increase in awareness regarding safe healthcare delivery and prevention of infections and communicable diseases, retractable needle safety syringes market growth is expected to be influenced by a number of other significant factors. Retractable needle safety syringes are expected to offer significant growth opportunities for the retractable needle safety syringes market in the forecast period of 2021 to 2028 because of rapid technological advancements and rising government initiatives to incorporate them into legislation. There are, however, several factors that can hamper the growth of the retractable needle safety syringe market, such as the lack of awareness about needle stick injuries and the preference for other delivery methods. Likewise, the high costs of procurement and raw materials can limit the market's growth.
FutureWise Market Research has instantiated a report that provides an intricate analysis of Retractable Needle Safety Syringes Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of the market.
According to the research study conducted by FutureWise research analysts, the Retractable Needle Safety Syringes Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.