LONDON, Jan. 25, 2017 /PRNewswire/ -- The global disposable syringes market is expected to reach a value of USD 9.9 billion by 2024, according to a new report by Grand View Research, Inc. The market growth can be attributed to the rising initiatives by government and various NGOs to raise awareness about safe drug delivery to patients in order to avoid transmission of infections and avoid needle stick injuries to healthcare workers, especially in low-income countries.
Organizations such as WHO and UNAIDS are constantly working for this cause. Some of their programs include needle and syringe program and targeted information for drug abusers. The results of these initiatives are evident. For instance, in China, the incidence of HIV/AIDS amongst people who are drug abusers dropped from 2.5 to 0.6 cases per 100 person-years.
Major disposable syringe manufacturers are introducing new products, which is also further augmenting the market growth. In January 2016, Novo Nordisk launched Tresiba, a long-acting insulin degludec injection to treat diabetes. It was initially launched in U.S. and will further target the rest of the market.
Some of the key industry players are Braun Medical, Inc.; Fresenius Kabi AG; Baxter International, Inc.; Terumo Corporation; Novo Nordisk; Covidien; Retractable Technologies, Inc.; and Becton, Dickinson, and Company.Further Key Findings from the Study Suggest:
Safety syringes dominated the product segment in 2015 as they provide long-term cost advantage in comparison to the traditional syringes and thus are preferred by healthcare professionals.
Therapeutic injections dominated the application segment in 2015 due to the extensive use of injectable drugs in treatment of high prevalence diseases such as HIV, Hepatitis B & C, and diabetes coupled with increasing rate of volunteer blood donations are few reasons for high demand of infusion devices across the globe.
Africa does not have established production systems, thus is considered a high potential market.
In 2015, North America dominated due to approval of injectable drugs. For instance, in July 2015, the U.S. FDA approved Praluent (alirocumab) which is the first injectable from PCSK9) inhibitors class.
The industry has witnessed few major acquisitions. In 2015, Covidien was acquired by Medtronic, Inc in USD 42.9 billion. Moreover, new product development is also on a rise in the industry.
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