The global disposable syringes market was valued at US$5.5 bn in 2014 and is projected to reach US$9.3 bn by 2023, expanding at a CAGR of 5.6% during the forecast period from 2015 to 2023.
Albany, NY -- (SBWIRE) -- 08/17/2016 -- A rise in the number of patients infected through unsafe injections has driven the need for sophisticated syringes, especially the disposable variety. Improper handling of conventional syringes can cause the spread of deadly viruses such as HIV/AIDS and Hepatitis. According to the World Health Organization (WHO), over 42% of hepatitis C cases and 33% of the hepatitis B cases can be attributed to unsafe and used injections. Therefore, the current outlook of the global disposable syringes market looks positive.
As per a report by Transparency Market Research (TMR), the global disposable syringes market is anticipated to be valued at US$6.5 bn and rise to US$9.3 bn by the end of 2023, growing at a CAGR of 5.6% between 2015 and 2023.
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The latest trend shows a record high in the adoption of injectable drugs in the pharmaceutical industry. One of the important reasons behind the trend is the rapidly developing types of biologics. These biologics are produced using new chemicals and molecular structures and present wide applicability. According to TMR analysts, more than 60% of the drugs in the pipeline are biologics and most of them are approved for marketing. The exponential rise in the number of injectable drugs has proven to be a major driver for the global disposable syringes market.
Another factor that can be attributed for the growing preference for disposable syringes in the pharmaceutical and healthcare industry is the high safety and security features for patients. These syringes also facilitate the convenient handling of a large number of patients and also reduce the chances of overfills.
In recent years, the healthcare industry has witnessed an increase in the number of patients afflicted with accidental needlestick injuries. This has created substantial demand for disposable syringes, thereby propelling the growth of the global disposable syringes market. Also, an increase in the demand for point-of-care administration systems is likely to bolster the growth of the global disposable syringes market. PoC administration systems enable the self-administration of drugs, which can be performed with contemporary disposable syringes with improved safety features.
The stringent regulatory measures set by authorities act as a high impact restraint in the growth of the global disposable syringes market. The European Pharmacopeia Convention and the United States Pharmacopeia Convention are the two key regulatory authorities that have set a high bar of regulations for the vendors operating in the global disposable syringes market. These regulations also hamper the entry of new companies in the market. Current trends indicate a further increase in the stringency, thereby adversely affecting the growth of the global disposable syringes market.
However, the development of auto-disable syringes is likely to open new avenues in the global disposable syringes market. The increasing emphasis by various governments and prominent international organizations like the WHO has boosted the need for partnership between stakeholders in the private and public sector. To put this in perspective, in July 2016, the Government of India has joined hands with the WHO on the World Hepatitis Day to eliminate unsafe injections by asking vendors to phase out standard disposable syringes and start manufacturing auto-disable syringes.
By product type, conventional disposable syringes are expected to remain in the lead, by volume, for a few more years. However, the rapid growth of safety syringes is anticipated to surpass conventional syringes because of the escalated demand for safety syringes with a superior safety mechanism. These syringes also provide greater protection against needlestick injuries with the same accuracy and easy handling as conventional disposable syringes.
Another factor driving the growth of the safety syringes is the growth in the number of government and private campaigns for conducting immunization drives across the countries. The emerging nations such as India and China will be a lucrative market for disposable syringes players owing to their rapid growth in healthcare expenditures coupled with high population densities.
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Transparency Market Research is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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