Transparency Market Research Report Added "Disposable Syringes Market" to its database.
Albany, NY -- (SBWIRE) -- 01/05/2016 -- The global disposable syringes market has been witnessing a surge in demand over the past few years. The increased awareness regarding the risks of using non-disposable syringes as well as the benefits offered by the disposable ones is the main reason for the growth of the worldwide disposable syringes market. The reduction in the cost of these syringes and the increasing usage of superior materials for their production are likely to boost the market in the coming years.
According to a report published by Transparency Market Research, the global market for disposable syringes stood at US$5.5 bn in 2014. Analysts expect it to expand at a CAGR of 5.60% between 2015 and 2023 and reach a value of S$9.3 bn by the end of 2023. In terms of demand, the market reached approximately 36.2 bn units in 2014 and likely to reach around 47.1 bn units by the end of 2023.
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Safety Syringes Market to Witness High Demand
Conventional disposable syringes and safety syringes are the two main types of products available in the global disposable syringes market. Safety syringes are equipped with safety mechanisms to protect patients as well as healthcare practitioners from accidental needle injuries while conventional disposable syringes have no such specification. Owing to this property, the demand for safety syringes is registering a rise in the global arena.
Syringes with needles and syringes without needles are the two main categories in the conventional disposable syringes market and manual retractable syringes, automatic retractable syringes, non-retractable syringes, and auto-disable syringes are the major segments of the safety syringes market. The auto-disable syringes segment is witnessing high demand owing to the self-destruction ability of these syringes, assisting in preventing the transmission of blood-borne pathogens among patients.
The retractable syringes segment is also expected to report impressive growth in the coming years. The rapid adoption rate of these syringes, especially in developed economies, is the key reason for the market's growth.
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North America Leads Global Disposable syringes Market
The worldwide disposable syringes market is divided into North America, Latin America, Europe, Asia Pacific, and the Rest of the World. North America has emerged as the leading regional market for disposable syringes in the global arena. The rising awareness regarding the health benefits of using disposable syringes, together with various government regulations, mandating safety mechanisms in the healthcare sector, is fueling the demand for these syringes in this region.
Europe has occupied the second position in the global disposable syringes market and is expected to maintain the pace of its growth in the coming years. The disposable syringes markets in Asia Pacific and the Rest of the World are also projected to experience a high demand in the near future on account of several government initiatives encouraging adoption of safety measures in the medical and healthcare industry.
Global Disposable Syringes Market: Key Players
The major participants in the global market for disposable syringes are CODAN Medizinische Geräte GmbH & Co. KG, Covidien, Becton, Dickinson & Co., Star Syringe Ltd., Unilife Corp., B. Braun Melsungen AG, Smiths Medical, Gerresheimer AG, Retractable Technologies Inc., and Terumo Corp.
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