Growing Safety Concerns of Healthcare and Nursing Staff Increase the Market Acceptance of Retractable Syringes

Safety issues concerning regular syringes are driving the adoption of retractable syringes across the world. For instance, nearly 5.6 million healthcare workers in the U.S. suffer as many as 800,000 sharps injuries-mostly with needlesticks-each year. At this rate, around 2,100 health care professionals are likely to incur a needlestick-related injury every day. On an average, one out of every seven workers is accidentally struck by a contaminated sharp/needle and only one out of three incidents is reported. Companies participating in the world retractable syringes market are making use of these staggering statistics to convince end users on the advantages of using retractable syringes and thereby, increase their market penetration.

This strategic analysis by Frost & Sullivan studies the global market opportunities for retractable syringes-a segment of safety syringes. The study provides a thorough analysis of latest trends in various product categories that is likely to not only aid companies in aligning their market positioning strategies but also optimize their investment in research and development.

High Costs and Low Awareness among End Users Slow Down Growth

Retractable syringes cost more than a regular syringe. This additional cost along with the lack of proper reimbursement norms are forcing hospitals to refrain from adopting retractable syringes. Moreover, end users and distributors are mostly unaware of the retractable syringe technology. Physicians and nurses continue to follow traditional practices for injecting drugs, further hindering the switch over rates to retractable syringes and ultimately, slowing down market penetration.

Demographic Changes, New Legislation, and Technological Advancements Encourage Market Expansion

The presence of a huge patient base in China and India coupled with the aging of world population, and the corresponding increase in the amount spent on healthcare is likely to increase the demand for retractable syringes in the coming years. Moreover, newer and stricter government regulations are forcing healthcare facilities and physicians to adopt the use of retractable syringes.

Intense competition and growing demand from patients for safer, sophisticated retractable syringes are forcing market participants to spend millions of dollars in developing innovative and high-quality products. However, long-term growth is likely to depend on the ability of manufacturers to bring down production costs and prices.