Published By : 06 Apr 2016 | Published By : QYRESEARCH
Syringes are used to deliver medicines intramuscularly or intravenously for the purpose of treatment for innumerable diseases. Syringes come in two variants: Disposable syringes and reusable syringes. Disposable syringes are preferred by most of the healthcare facilities as they are sterile and eliminate the risk of any infection. Moreover, the cost of reusable syringes increase due to the sterilization process, thus making disposable syringes a feasible and cost effective option.
According to a report published by Transparency Market Research, the global disposable syringes market which stood at US$5.5 bn in 2014, is expected to reach US$9.3 bn by 2023, expanding at a CAGR of 5.6% between 2015 and 2023.
Demand for Safety Syringes Rise due to Increased Needlestick Injuries
On the basis of product type, the global disposable syringes market is segmented into safety syringe and conventional syringe. Out of these, the demand for safety syringe is growing as there are increased incidences of needlestick injuries caused as a result of unsafe injection practices.
The safety syringes segment is further categorized into manual retractable safety syringes, automatic retractable safety syringes, auto-disable syringes, and non-retractable safety syringes. Retractable safety syringes show a better potential for growth as they have been widely accepted in the developed nations and are increasingly being adopted by healthcare facilities. Auto-disable syringes are also expected to witness a high growth in the market as they possess the ability to destruct itself, thus preventing the transmission of blood borne pathogens.
Conventional Syringes Market to Plummet in the Future
Although, conventional syringes account for a large market currently especially in the Asian and African countries, the demand for these syringes is expected to fall as they are not as effective as retractable syringes. Moreover, conventional syringes lack safety mechanisms, thus a decline in the demand for these syringes is expected.