According to a new report published by Allied Market Research, titled, "Disposable syringes Market by Product Type, Application: Opportunity Analysis and Industry Forecast, 2019–2026,"the global disposable syringesmarket was valued at $5 billion in 2018, and is expected to reach $8 billion by 2026, registering a CAGR of 5.1% from 2019 to 2026.
Disposable syringes are medical instruments which are discarded after a one-time use. Furthermore, these instruments are defined as hollow cylinder which has a piston mechanism. In addition, disposable syringes are used in collection of blood samples from the body of a patient. Moreover, these devices are also employed in delivering various therapeutic drugs into the body of a patient. Furthermore, there are different types of syringes that are available in market such as conventional disposable syringes and safety disposable syringes. The safety disposable syringes offer various benefits over the conventional syringes such as these provide protection against needle stick injuries.
Surge in the use of injectable drugs, due to the lack of bioavailability in conventional drug delivery methods is the major factor that contributes to the growth of disposable syringes. In addition, such as rise in healthcare expenditure and surge in cases of needlestick injuries also fuel the growth of disposable syringes market. In addition, surge in the prevalence of various chronic diseases which require the use of disposable syringes systems is another major factor that contributes to the growth of market. However, high cost of disposable safety disposable syringes restricts the growth of disposable syringes market. Conversely, high growth potential in developing economies is expected to offer lucrative opportunities during the forecast period.
The disposable syringes market size is studied on the basis of product type, application, and region to provide a detailed assessment of the market. On the basis of product type, it is segmented into conventional disposable syringes, and safety disposable syringes. By application, it is bifurcated into immunization injections, and others therapeutic injections. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and rest of LAMEA).
According to product type, safety disposable syringes acquired the major share of the market. Furthermore, the segment is also expected to exhibit the fastest growth rate during the forecast period owing to factors such as rise adoption of safety disposable syringes. This is due to presence of favorable governmental initiatives such as, occupational safety and health administration (OSHA), is an agency in U.S. that assures safe and healthy working conditions for working men and women. Similarly, world health organization (WHO) launched a new policy in 2015 to eradicate the practice of unsafe injections globally. Moreover, increase in awareness among clinicians related to benefits offered by these devices boosts the market growth. Development of the healthcare industry in developing regions is another factor that contributes toward the growth of the safety disposable syringe market.
By application, the therapeutic injections acquired the major share of the disposable syringes market. This growth of the segment is attributable to the factors such as surge in prevalence of various chronic disorders such as diabetes and cancer which require the administration of therapeutic agents with the help of disposable syringes. Furthermore, the immunization injection segment is expected to grow at the fastest pace during the forecast period owing to the factors such as rise in the awareness towards benefits of vaccination across the globe.
By region, North America accounted for the major disposable syringes market share in 2018 and is expected to continue this trend, owing to easy availability of disposable syringes. Moreover, surge in the prevalence of various chronic conditions which require immunization is another major reason that contributes to the growth of this market. On the other side, Asia-Pacific is estimated to register the fastest growth during the forecast period attributed to the increase in awareness regarding the use of disposable syringes. The constantly evolving life science industry drives the growth of the market in developing economies such as India, China, and Malaysia. As the constant development leads to surge in awareness related to the use of disposable syringes.
Key Findings Of The Study
Safety disposable syringes accounted for approximately more than three-fourth share of the market in 2018.
North America accounted for largest market share in 2018 and is expected to maintain this trend throughout the forecast period.
The immunization injection is anticipated to grow at the fastest CAGR during the forecast period.
The conventional disposable syringes segment accounted for more than three-fourth share of the market in 2018.