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 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.
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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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.
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“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.
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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.
Becton, Dickinson & Company, B. Braun Melsungen AG, and Covidien, the three top makers of disposable syringes in the world; they held over 62% of the market for disposable syringes in 2014.
In the same year, less than a quarter of the market was taken up by scattered regional players, indicating a fairly consolidated market that is dominated by the globally prominent entities, says Transparency Market Research in a new report.
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.
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.
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