Asia Pacific Retractable Needle Safety Syringes Market Growth is Propelled by Increasing Incidence of Chronic Ailments and Growing Awareness among Physicians as well as Patients

The retractable needle safety syringes market in Asia Pacific exhibits a highly consolidated vendor landscape. In 2015, the leading four players held over 95% of the overall market, finds Transparency Market Research (TMR) in a new study. While Becton, Dickinson and Company, Medtronic plc, Smiths Medical, and Retractable Technologies, Inc. constituted the top four market players, among them emerged dominant with a share of 50% in Asia Pacific retractable needle safety syringes market in 2015.

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To expand their operations across Asia Pacific, these companies are majorly focusing on strengthening their distribution network. Besides this, they are forging strategic collaborations to gain stronger foothold in the overall market.

According to TMR, the Asia Pacific retractable needle safety syringes market will value US$467.2 mn by the end of 2024. The market was valued at US$236.7 mn in 2016. If these figures hold true, the Asia Pacific retractable needle safety syringes market will exhibit a CAGR of 8.9% between 2016 and 2024. By product type, the overall market can be bifurcated into automatic and manual retractable needle safety syringes. Of these, holding an estimated share of 71.3%, the manual segment emerged dominant in 2016. However, over the forecast period, the market is likely to witness increasing demand for the automatic variants.

Country-wise, Japan led the market with an estimated share of 35.5% in 2016. China emerged as the second-leading market for retractable needle safety syringes in Asia Pacific, while India and Australia & New Zealand are forecast to exhibit lucrative opportunities through the course of the forecast period.

Favorable Government Initiatives to Provide Conducive Environment for Growth

The healthcare industry in Asia Pacific is expanding at a fast pace thanks to favorable initiatives by governments across nations. As government institutions promote the use of safe syringes and safe injection practices, the retractable needle safety syringes market is likely to gain pace in response. India and a few other countries in the Southeast Asia have collaborated with the WHO to promote the use of safe syringes aimed at preventing the spread of deadly diseases. Such initiatives has spurred the market.

In the last few years, the rising prevalence of needlestick injuries has gained global attention. As needlestick injuries have become one of the common health hazards owing to negligence on part of health workers, the demand for retractable needle safety syringes is rising to curb the incidence of the same. Also with the rising immunization programs conducted by governments and the WHO aimed at providing people with equal access to vaccines against deadly diseases, the demand for retractable needle safety syringes is expected to rise in Asia Pacific.

Besides this, the market is expected to gain from factors such as the increasing preference towards self-administration of drugs, recent technological advancements, and rising awareness about the benefits of retractable needle safety syringes.

Advent of Alternative Drug Delivery Methods Poses Threat to Market

On the downside, recent advances in medical science have led to the advent of alternative and more advanced methods of drug delivery. These innovations pose threat to the retractable needle safety syringes market as patients are increasingly preferring novel methods more trustworthy to prevent the risk of infections. In addition, retractable needle safety syringes come at a high cost, which is a key factor limiting its adoption across several underdeveloped nations, restricting the market’s trajectory in Asia Pacific.

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Nevertheless, in emerging nations such as India and China, governments are increasing their healthcare expenditure aimed at developing a sophisticated infrastructure. With this, hospitals, clinics, and other healthcare providers are expected to invest more in newer methods of drug delivery, thus bolstering growth prospects for the retractable needle safety syringes market in Asia Pacific. Also with the increasing incidence of HIV infections, the demand for retractable needle safety syringes is forecast to rise in Asia Pacific.

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.