(MENAFN- GlobeNewsWire - Nasdaq) Newark, Sept. 04, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global disposable syringes market is expected to grow from USD 13.98 Billion in 2022 to USD 25.85 Billion by 2032, at a CAGR of 6.34% during the forecast period 2023-2032.
There is a surge in needlestick injuries, an increase in healthcare expenditure worldwide, growing cases of chronic conditions and infectidiseases and supportive government initiatives; all these factors drive the disposable syringes market.
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Competitive Strategy
To enhance their market position in the global Disposable Syringes market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
. In January 2020: Nipro Corporation acquired JMI Marketing Ltd., a medical device organization in Bangladesh. The acquisition was made through Nipro Asia Pte Ltd. The acquisition has helped the organization acquire a large market share in Bangladesh's fast-growing economy for disposable medical devices such as syringes, infusion sets etc. It has helped the Nipro Corporation gain its market share in the disposable syringes market.
Market Growth & Trends
The disposable syringe has huge potential in the market. These disposable syringes are a very crucial innovation, and it is very economical. Doctors can throw it after one use. Hence the chances of spreading the disease get eliminated. AIDS, serum Hepatitis and other worrying infectidisease is fuelling the market growth, and these factors have led to the growing use of disposable syringes in emerging economies. For instance, the use of the disposable syringe is increasing in India. Doctors generally use these disposable syringes for injecting medicines through intravenor intramuscular approaches to cure diseases. It is also used by R&D personnel. Based on WHO studies, every year, almost 16 Billion injections are administered worldwide, 90% of which are given in curative care. The general trend of practising unsafe syringes is observed all across the globe, especially in emerging economies, which has become the main source of transmission of infection among healthcare professionals and patients. The exact data, however, is not available for spreading disease because of the unsafe and reuse of syringe practices. Still, it could lead to fatal diseases like hemorrhagic fever, which includes Marburg and Ebola viruses, bacterial infection, malaria and others. The WHO has developed guidelines related to the safe practice of syringe usage. They have also developed campaigns globally for the promotion of injection safety. These guidelines also recommend using new smart syringes to prevent their reuse and advise countries for the transition by 2020. A study shows that almost 90% of needle stick accidents can be stopped if healthcare facilities and hospitals use FDA-approved retractable syringes. Many countries have enforced rules and regulations to ensure the compulsory use of safety syringes, decrease needle stick injuries, and stop needle reuse practices. For instance, the UK implemented EU directive 2010/32/EU, introduced in 2010, to prevent injuries and reduce blood-borne infections in healthcare workers from sharp instruments, including needles.
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Key Findings
. In 2022, the safety syringes segment dominated the market with the largest market share of 66.32% and market revenue of USD 9.27 Billion.
The product segment is divided into conventional syringes and safety syringes. In 2022, the safety syringes segment dominated the market with the largest market share of 66.32% and market revenue of USD 9.27 Billion. There is a risk of spreading HIV, Viral Hepatitis and other blood-borne pathogens due to the reuse of syringe practices. These factors are letting safety syringes be predominantly accepted over conventional syringes.
. In 2022, the therapeutic Injections segment dominated the market with the largest market share of 85.43% and market revenue of USD 11.94 Billion.
The application segment is divided into immunization injections and therapeutic injections. In 2022, the therapeutic Injections segment dominated the market with the largest market share of 85.43% and market revenue of USD 11.94 Billion. The emphasis on the prevention of syringes reusing by safety bodies and the government is the main factor driving the market.
Regional Segment Analysis of the Disposable Syringes Market:
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global disposable syringes industry, with a market share of 32.55% and a market value of around USD 4.55 Billion in 2022. It is attributed to the fact that India and China are considered the most important players in use and throw-type syringes because of the surge in the healthcare infrastructure and high population density in both countries. Moreover, large-scale immunization drives are supported by the government in these countries. All these factors are eventually driving the disposable syringes market in the region. In the US, the disposable syringe market is growing due to favourable government initiatives and directives for checking the spread of fatal diseases like HIV etc.
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Key players operating in the global Disposable Syringes market are:
. FresenKabi AG
. UltiMed, Inc.
. Nipro Corporation
. BD
. Retractable Technologies
. B. Braun Melsungen AG
. Henke-Sass, Wolf
. MEDTRONIC (Covidien)
. Terumo Corporation
. Novo Nordisk
. Flextronics International Vita Needle Company
. Baxter International, Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Disposable Syringes market based on below mentioned segments:
Global Disposable Syringes Market by Product:
. Conventional syringes
. Safety Syringes
Global Disposable Syringes Market by Application:
. Immunization Injections
. Therapeutic Injections
About the report:
The global disposable syringes market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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