Rise in prevalence of needle stick injuries, surge in healthcare expenditure worldwide, and favorable government initiates drive the global disposable syringes market
PORTLAND, Oregon, May 20, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Disposable Syringes Market by Product type (Conventional Disposable Syringes and Safety Disposable Syringes) and Application (Immunization Injections and Therapeutic Injections), Global Opportunity Analysis and Industry Forecast, 2019–2026" According to the report, the global disposable syringes industry garnered $5.45 billion in 2018, and is estimated to generate $8.11 billion by 2026, registering a CAGR of 5.1% from 2019 to 2026.
Prime determinants of growth
Rise in prevalence of needle stick injuries, surge in healthcare expenditure worldwide, and favorable government initiates drive the global disposable syringes market. In addition, the rise in prevalence of chronic conditions and infectious disease fuels the growth further. However, high cost of safety disposable syringes, and availability of alternative modes of delivery hinder the market growth. On the other hand, high growth potential in developing countries create new opportunities in the market.
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The safety disposable syringes segment to continue its lead position during the forecast period
Based on product type, the safety disposable syringes segment held the highest market share in 2018, contributing to more than four-fifths of the global disposable syringes market, and is estimated to continue its lead position during the forecast period. In addition, the segment is expected to witness the highest CAGR of 5.3% from 2019 to 2026. This is attributable to owing to rise adoption of safety disposable syringes, and surge in prevalence of needle stick injuries. Furthermore, increase in awareness among clinicians related to benefits offered by these devices boosts the market growth.
The therapeutic injections segment to maintain its dominant position in terms of revenue by 2027
Based on application, the therapeutic injections segment contributed to the highest market share in 2018, accounting for nearly four-fifths of the global disposable syringes market, and is expected to maintain its dominant position in terms of revenue by 2026. As more number of injectable medicines are launched into the market which drives the growth of the segment. On the other hand, the immunization injections segment is expected to register the highest CAGR of 5.9% during the forecast period due to rise in the use of disposable syringes for immunization injections because of governmental guidelines.
North America to rule the roost
Based on region, the North America region contributed the major market share, accounting for more than two-fifths of the total share of the global disposable syringes market in 2018, and is estimated to maintain its dominance during the forecast period. This is owing to surge in prevalence of needle stick injuries, enforcement of stringent government regulations toward the use of safety syringes, and high purchasing power. In addition, increase in healthcare expenditure and easy availability of these medical devices have fueled the growth. On the other hand, the Asia-Pacific region is estimated to register a CAGR of 6.5% from 2019 to 2026. This is owing to surge in incidence of needle stick injuries and rise in awareness programs conducted by regulatory bodies toward infectious disease control.
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Leading market players
- B. Braun Melsungen AG
- Baxter International Inc.
- Dickinson and Company
- Cardinal Health
- Henke-Sass Wolf
- Nipro Medical Corporation
- Retractable Technologies, Inc.
- Terumo Corporation
- Vita Needle Company
- Novo Nordisk A/S
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SOURCE Allied Market Research