The fast increase in the number of injectable drugs that are to be approved in the recent times has been a crucial contributor towards the growth in demand for disposable syringes particularly, as opposed to other types of syringes. This is owing to the rising number of patients who have been afflicted with needle stick injuries accidentally. Both the factors thus work in tandem so as to create a staggering demand for disposable syringes and are expected to continue doing so in the long run.
The topnotch makers of disposable syringes in the world today comprise names such as Retractable Technologies, Inc., Terumo Corporation, Becton, Medtronic plc, Dickinson & Company, Smiths Medical, and B. Braun Melsungen AG.
In accordance with a report by Transparency Market Research (TMR), the world Disposable Syringes market was estimated to be around US$ 9.3 bn by the end of the year 2023 from earlier valuation of around US$ 6.5 bn towards the end of 2016. The international market for disposable syringes is anticipated to rise at a sound CAGR of 5.6% over the period of forecast that expands from the year 2015 to the year 2023.
North America to Remain at the Forefront of the Market during the Forecast Period
In terms of geography, the market research report comes with a presentation of a snapshot of the growth prospects of the said market across various regions such as South America, North America, Middle East and Africa, Asia Pacific, and Europe. The region of North America is anticipated to continue with its dominance over disposable syringes revenue till the year 2023, though it has been estimated that it would loose some percentage of its market share to the burgeoning market in Asia Pacific. The continent of Europe is estimated to be the second largest region for disposable syringes till the year 2023. Both the regions, namely, Europe and North America are exhibiting a very high demand for disposable syringes owing to the rising number of injectable drugs in the market. Furthermore, improvements in the quality of syringe and safety through regulatory adherence together with the concern over a growing number of needle stick injuries are triggering growth of the said market.
Augmented Research and Development Activities to Fuel the Market
In the recent past, there has been a very high flow of injectable drugs in the industry of pharmaceuticals. The main reason for this has been the fast evolution of biologics via development activities and aggressive research.
Disposable syringes also make an offering of an additional layer of security and safety to the patients. Usage of disposable syringes is increasingly easing the issue of handling a large pool of patients together with the fact that it also cuts down on the possibilities of overfills. Collectively, all of these factors are assisting in driving the growth of the said world market.
The future for the makers of the disposable syringes is anticipated to be quite optimistic with more than 60% of drugs under the various phases of clinical development comprising biologics. It is also anticipated significantly to raise the need for easily usable, safer, and modern disposable syringes in the segment of healthcare across the globe.
The information shared that has been in this review is based on a TMR report titled, “Disposable Syringes Market (Product Type – Safety Syringes (Automatic Retractable Syringes, Manually Retractable Syringes, Non-retractable Syringes, and Auto-disable Syringes) and Conventional Syringes (With Needles and Without Needles)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”