- The disposable syringes market is estimated to observe substantial growth prospects across the forecast period of 2020-2030, precisely due to the rising popularity of injectable drugs and increased adoption of vaccines
- The disposable syringes market is prognosticated to expand at a CAGR of ~7 percent during the assessment period of 2020-2030
ALBANY, N.Y., July 5, 2021 /PRNewswire/ -- The expanding number of infections and diseases has led to an increase in the number of treatment procedures. The administration of various drugs needs syringes. The growing number of injectable drugs will pave the way for extensive growth across the disposable syringes market during the tenure of 2020-2030. The advantages associated with disposable syringes will profoundly impact the growth of the disposable syringes market.
A syringe is an instrument utilized for inserting or extracting a solution from a larger body. Disposable syringes are intended for single-use and eliminate the need for sterilization. These syringes come pre-sterilized and are very useful for quick disposal and less contamination. The safety quotient attached to the disposable syringes brings immense growth opportunities for the disposable syringes market.
Transparency Market Research (TMR) has analyzed the various aspects related to the growth of the disposable syringes market in detail. Comprehensive research on all the factors has led the TMR experts to a conclusion that the disposable syringes market will record a CAGR of ~7 percent across the forecast period of 2020-2030. The global disposable syringes market was valued at US$ 6.9 bn in 2019 and is prognosticated to reach ~US$ 14.4 bn by 2030, the end year of the forecast period.
Course sterilization and safety are the important aspects that will help change the growth prospects of the disposable syringes market to a considerable extent. In addition, as compared to a traditional syringe, disposable syringes cost less. This aspect will also bring tremendous growth opportunities for the disposable syringes market. Furthermore, low cross-contamination risks will also assure immense growth for the disposable syringes market.
Rising Number of People with Diabetes to Lay a Red Carpet of Growth across the Disposable Syringes Market
Reports from the World Health Organization (WHO) state that the number of people with diabetes rose from 108 mn in 1980 to 422 mn in 2014. A whopping 1.5 mn deaths were directly caused due to diabetes in 2019, according to the WHO.
These statistics reveal the growing prevalence of diabetes among the global populace. To decrease the intensity of diabetes, insulin intake is an important factor. Individuals who have diabetes need insulin daily. For injecting insulin, disposable syringes prove to be convenient. Thus, these factors bode well for the growth of the disposable syringes market.
Mass Vaccination to Turn the Tables of Growth across the Disposable Syringes Market
The COVID-19 outbreak has caused great distress across the globe. The high fatality rates and the consistently mutating virus have proved to be a disaster. Constant lockdown enforcements and the emergence of second and third waves have further worsened the situation. Vaccines have a crucial part in safeguarding people's lives and will pave way for the unlocking process.
COVID-19 vaccination drives have already commenced across many countries. These drives will initiate the demand for disposable syringes considerably. Vaccinations will need disposable syringes on a large scale, and hence, this factor will invite exponential growth for the global market. Hindustan Syringes & Medical Devices Ltd recently received an order for the supply of 265 mn auto-disposable syringes. Such orders will prove to be a boon for the growth of the disposable syringes market.
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