Increase in the Number of Injectable Drugs Helps in the Growth of Disposable Syringes Market

Trust and high safety are key factors that work in the favor of the top disposable syringe providers, as they have consistently provided healthcare organizations with sterilized and quality products. TMR states that these key players also possess a forward position in drug delivery technologies and strong marketing and distribution chains. TMR also states that the market currently holds a medium threat from new entrants, due to the high number of regulatory requirements and the long-term nature of currently existing contracts between healthcare organizations and players.

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Most of these prominent players are expected to look to Asia Pacific as the most attractive market in the coming years while the market for disposable syringes nears maturity in North America and Europe.

Rapid Growth of Injectable Drugs Holds Key Chances of Growth for all Disposable Syringe Makers

The recent years have seen a high influx of injectable drugs into the pharmaceutical industry. A key reason for this is the rapidly evolving types of biologics, done by harnessing intensive research and development efforts. New chemicals and molecular structures that are more potent than their predecessors have already been approved for marketing, with more in the pipeline.

Disposable syringes also add a layer of safety and security for patients from the perspective of the healthcare industry. Using disposable syringes increases the ease of handling large number of patients and reduces the chances of overfills as well.

“Currently, more than 60% of the drugs under clinical development stages are biologics,” states a TMR analyst. “This points to a very optimistic future for manufacturers of disposable syringes as it will considerably boost the demand for safer, modern, and disposable syringes in all healthcare organizations.

Regulations Get More Stringent, Deterring Growth in Key Markets

“Acting as a primary restraint are the high standards set by regulatory authorities with The United States Pharmacopeia Convention and the European Pharmacopeia Convention being the two key organizations,” says a TMR analyst. Disposable syringes makers additionally have to refer to the Federal Needlestick Safety and Prevention Act of 2000 for further compliance requirements within the U.S.

However, manufacturers of disposable syringes have their work cut out for them after the substantially important product recalls done so far. This includes the 2013 recall by Covidien for syringes that were reportedly incorrectly sterilized, allegedly resulting in the death of a number of patients in that year.

Current progress of regulatory pressure also indicates that the number of certifications and regulatory compliances that a disposable syringes manufacturer will need in the future will only increase, adding to the already significant challenge players are currently facing.

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Safety Syringes Guide Growth of Most Disposable Syringes Manufacturers

By product-based revenue, the global market for disposable syringes is expected to reach US$9.3 bn by the end of 2023. By the end of 2016, this market is expected to be valued at US$6.5 bn, progressing at a CAGR of 5.6% from 2015 to 2023.

Safety syringes represent not only the largest product segment currently, but is also the fastest growing one. It is expected to progress at a CAGR of 8.1% between 2015 and 2023. In terms of volume, the total number of disposable syringes used is expected to cross 47 bn units by the end of 2023.

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Disposable Syringes Market: Need to Prepare for Influx of Injectable Drugs Increase the Demand

Global Disposable Syringes Market: Snapshot

The rapid increase in the number of injectable drugs to be approved recently has been a key contributor to the growth in demand for disposable syringes specifically, over other types of syringes. This is due to the growing number of patients afflicted with accidental needlestick injuries. Both factors thus work in tandem to create a staggering demand for disposable syringes and will continue to do so in the long term.

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The number of disposable syringes being used has also increased due to the growth in point-of-care administration systems. These systems promote the self-administration of drugs, which can be easily done with modern disposable syringes with improved safety features.

The effective result of the above factors of influence on the market – along with a few others – for disposable syringes is expected to translate to a CAGR of 5.6% from 2015 to 2023. This market is expected to be valued above US$9.3 bn by the end of 2023 and close to US$6.5 bn by the end of 2016.

North America Remains Leading Disposable Syringe Consumer While Players Look to APAC for Bigger Opportunities

By the end of 2016, North America disposable syringe makers are expected to gain a revenue of US$3.9 bn, which is close to half of the total revenue earned on a global level. North America is expected to maintain its dominance over disposable syringes revenue till 2023, although it is expected to lose some percentage to the burgeoning Asia Pacific market. Europe will remain the second-largest region for disposable syringes till 2023. Both North America and Europe are showing a high demand for disposable syringes due to the growing number of injectable drugs in the market, improvements in syringe quality and safety through regulatory adherence, and the concern over a growing number of needlestick injuries.

China and India are expected to be the two key lucrative avenues for disposable syringes players in the near future, owing to their high population densities and growth in healthcare expenditures. A large part of this growth in demand for disposable syringes is attributed to the increasing number of government and private initiatives for conducting immunization drives across the countries. Additionally, the higher interest shown by North American and European players in these regions is expected to add to the quality of disposable syringes available in the market, further increasing their consumption rates.

Safety Syringes to Gain Larger Share

Conventional disposable syringes have held the larger share by volume till now, and will be expected to hold the dominant share for a few more years. However, the segment is expected to lose its leading position to safety syringes which are gaining popularity at a rapid pace. Safety syringes already lead the market in terms of value. By 2023, safety syringes are expected to hold a revenue share of 84%.

Key reasons for the high accelerated growth rate shown by safety syringes is the absence of any safety mechanisms in conventional ones. Safety syringes help protect patients from needlestick injuries and are just as accurate and easy to use as conventional disposable syringes.

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The top manufacturers of disposable syringes in the world today include Becton, Dickinson & Company, B. Braun Melsungen AG, Medtronic plc, Terumo Corporation, Smiths Medical, and Retractable Technologies, Inc.

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