The size of the safety syringes market in the Asia Pacific was calculated at USD 976.10 million in 2022. It is further predicted to grow and be worth USD 1638.86 million by 2027, growing at a CAGR of 10.92% between 2022 and 2027.
As chronic diseases such as diabetes and needlestick injuries become increasingly prevalent, the APAC market for safety syringes is expected to grow substantially. The WHO reported 3 million accidental needle-stick injuries in 2003, with 37% infecting health care workers with hepatitis B, 39% with hepatitis C, and 5.5% with HIV. In 2016, approximately 422 million people had diabetes worldwide. Growing awareness about the benefits of safety syringes is driving the APAC market for safety syringes. Health care spending, increasing prevalence of blood-borne diseases, and increasing demand for safety syringes are driving the market.
Health care workers are being advised to use sterile syringes by both government and non-government groups. In addition, the WHO's campaign on injection safety engages a variety of public and private stakeholders from both the public and private sectors, such as Ministries of Health, local stakeholders, international donor programs, and industry players and organizations that represent injection devices manufacturers. The program's primary objective is to employ exclusively safety-engineered injection devices, decrease the chances of re-use injury and sharps (needle) injuries, and develop a training and education program for health professionals and sound waste management.
Occupational Safety and Health Administration (OSHA) regulations for safety syringe usage are equally strict. Front-line employees are involved in a formal and periodic evaluation process for needlestick protective devices. As well as reducing the incidence of infection and costs, safety needles are convenient and practical. Health care providers viewed safety needle technology as a better alternative to conventional devices because of accuracy, operation time, and prompt use design. Consequently, this is contributing to the market growth in APAC.
Several essential factors could restrict growth in this market, including alternative drugs delivery methods and high costs. In addition, a lack of awareness about needlestick injuries is also limiting the market’s growth. Lack of awareness regarding healthcare and safety issues, safety syringes are neglected in emerging economies. This is hampering the APAC safety syringes market.
This research report on the APAC safety syringes market has been segmented and sub-segmented into the following categories:
By End Users:
As far as the Asia Pacific is concerned, Japan is the leading market for retractable needle safety syringes. The nation is expected to maintain its dominance during the forecast period, showing a robust 9.1% CAGR. Due to greater consumer awareness in Japan, novel therapies and medical practices have become more widespread earlier. Furthermore, due to the growing geriatric population, the willingness to pay for advanced treatments, and the rising incidence of diabetes, the Japanese market has flourished in recent years.
Furthermore, there will also be opportunities in the Indian market. It is anticipated that the nation's economy will witness robust growth by 2024, thanks to rising awareness among citizens, increasing demand for advanced safety syringes, and an increasing incidence of chronic ailments. A significant component of the market for retractable needle safety syringes is the increase in Indian healthcare spending. Considering the rising demand for advanced medical technology, along with the increasing population growth rate in ASIAN countries, the market for retractable needle safety syringes looks promising.
KEY MARKET PLAYERS:
Companies playing a promising role in the APAC safety syringes market profiled in this report are Covidien plc, Retractable Technologies Inc., Becton, Dickinson & Company, Terumo Corporation, Unilife Corporation, Revolutions Medical Corporation, Smiths Medical, Sol-Millennium, Ultimed Inc., and Axel Bio Corporation.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Technology
5.1.1 Retractable safety syringes
126.96.36.199 Automatic retractable safety syringes
188.8.131.52 Manual retractable safety syringes
5.1.2 Non-Retractable safety syringes
184.108.40.206 Sheathing tube syringes
220.127.116.11 Sliding needle cover syringes
18.104.22.168 Hinged needle cover syringes
5.2 By Therapy
5.2.2 Glucagon-like peptide-1 (glp-1)
5.2.4 Growth hormones
5.3 By End User
5.3.2 Home Care
6. Geographical Analysis
6.5 South Korea
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Becton, Dickinson & Company
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Covidien plc
8.3 Revolutions Medical Corporation
8.4 Retractable Technologies, Inc.
8.5 Smiths Medical
8.6 Unilife Corporation
8.7 Terumo Corporation
8.9 Ultimed, Inc.
8.10 Axel Bio Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures
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