Global Disposable Syringes is anticipated to grow at a 5.1% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Disposable Syringes Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global disposable syringes market is estimated to be over US$ 6.5 Bn in 2018. It is anticipated to grow at a CAGR of 5.1% from 2019 to 2030.
Increasing adoption of disposable syringes can be attributed to rising awareness, disposable incomes, and implementation of advanced drug delivery technologies. Moreover, rising prevalence of chronic disorders is anticipated to contribute substantially to the growth of the global disposable syringes market between 2019 and 2030. Several organizations have entered into strategic collaborations with manufacturers for research and development of efficient drug delivery techniques. For instance, PharmaJet, the drug-delivery technology company collaborated with the organization, Path, for evaluation of several drug delivery techniques and subsequently develop programs for country level immunization. However, needle stick injuries are one of the major restraining factors affecting the growth of the market. Nurses in hospitals are most likely to suffer from needle stick injuries. According to a study conducted by Shiraz University of Medical Sciences (SUMS) Iran, most of the needle stick injuries are from Hollow-bore needles and most common among nurses.
Increasing incidences of Chronic Disorders
The wide variation in regards to the prevalence of diverse forms of chronic disorders has rose significantly in recent times. It is estimated that the burden of chronic diseases in America is approximately 133 million, i.e. 45% Americans suffer from one or the other forms of chronic disease. According to the World Health Organization (WHO), chronic diseases are responsible for majority of deaths across the world. It has been approximated that the total number of deaths worldwide, resulting from cardiovascular diseases is a staggering 17.8 million annually. However, preventable nature of such diseases makes the treatment of such condition manageable with early detection and consistent treatment therapies. Increasing burden of chronic disorders on a global scale are anticipated to be a major driver for the global disposable syringes market, which is further anticipated to grow in the coming years.
Adoption of Biologics & Latest Technology
Drug delivery systems with capability to deliver drugs of high viscosity and varying dosage have gained immense popularity with the introduction of biologics. Increasing application and popularity of biologics is anticipated to contribute positively to the growth of the disposable syringes market. Similarly, safety prospect of such devices, namely error free drug delivery coupled with minimal needle-stick injury have been highly beneficial in bringing down human error and simultaneously increasing the overall efficiency of the drug delivery process. Introduction of innovative technologies and simultaneous application of these in drug delivery systems is expected to present an attractive growth prospect for the market in the times to come.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Disposable Syringes Market by Type (Conventional Syringes and Safety Syringes (Retractable Safety Syringes, And Non-Retractable Safety Syringes)), Application (Immunization Injections and Therapeutic Injections) End Users (Clinics, Home Care Setting, Hospitals) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/disposable-syringes-market/39
Presence of Alternate Drug Delivery Modes to Restrain the Market
The presence of alternative modes for delivery of drugs is one of the major factors affecting the growth of the disposable syringes market. Ease of use and cost effectiveness are few factors which have established syringes as the preferred mode for drug delivery. However, oral & topical medication is widely preferred mode of medication. Also patients are anxious of needle stick injuries and are administered for an alternative method for drug delivery.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing population, continuously growing economy, increasing burden of chronic diseases and increasing adoption of technologies is anticipated to present a lucrative growth scenario for the disposable syringes market in this region. Furthermore, improving healthcare facilities, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Disposable syringes Market
The prominent players in the global disposable syringes market are Smiths Medical, Star Syringe Limited, B. Braun Medical Inc., Baxter, TERUMO CORPORATION, Retractable Technologies, BD, Gerresheimer AG, Fresenius Kabi AG, and UltiCare among others
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