According to the Toy Industry Association, the U.S. toy industry makes $23 billion annually. It is also estimated that families spend $350 on toys per child every year. However, not all these toys are safe. Many contain small parts that could be choking hazards, while others make loud noises that can cause hearing impairments. So, before you buy that cap gun or bouncing ball for your child, take some precautions.

John Lundell, deputy director of the Injury Prevention Research Center at the University of Iowa, said parents should use common sense when purchasing toys for their children.

"The first thing to look for in any toy is whether or not it is age-appropriate for the child," Lundell said. "Not all toys are for all children."

One of the biggest concerns is choking hazards. The 1994 Child Safety Protection Act requires a warning on toys that contain small parts. The standard for a choking hazard toy is whether it can fit into a "no-choke testing tube." This tube is approximately the diameter of a cardboard toilet paper roll. If an object can fit easily into the tube, it is a choking hazard for children under the age of 3.

Also be cautious of balloons. According to the U.S. Public Interest Group, balloons are the leading choking killer. It is recommended they be kept away from children under 8 years of age.

Toys with strings and cords can be very dangerous for infants and young children. According to the Consumer Product Safety Commission (CPSC), never hang toys with long strings, cords, loops or ribbons in cribs or playpens where children can become entangled.

Loud noises are also a concern. According to the CPSC, the law requires a label on boxes of caps producing noise above a certain level. Caps producing noise that can injure a child's hearing have been banned.

The CPCS encourages parents to periodically check all toys for breakage and potential hazards. A damaged or dangerous toy should be disposed of or repaired immediately.

Another good practice is teaching children to put their toys safely away on shelves or in a toy chest after playing, to prevent trips and falls.

Lundell recommends that this holiday season, as children receive gifts such as bicycles and skateboards, that they are also properly protected.

"If you give your child a bike, skateboard, or rollerblades this year, make sure you also include the proper safety equipment, such as knee and elbow guards, and especially a helmet," he said.