Disposable Syringes Market: Key Growth Factors and Global Trends 2023

High Influx of Injectable Drugs Driving Global Disposable Syringes Market

In the recent past, there has been a high flow of injectable drugs in the pharmaceutical sector. The primary reason for this is the rapid evolution of biologics through aggressive research and development activities. New molecular and chemical structures that are more effective than their predecessors are gaining quick approvals for commercialization along with new products being added to the manufacturing pipeline. Thus, the global disposable syringes market is expected to see several new and improved products in the near future.

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The revenue of the global disposable syringe market is estimated to reach an overall valuation of US$9.3 bn by the fall of 2023. By the fall of 2016, the global market is projected to reach the valuation of US$6.5 bn. This progress is expected to be achieved at CAGR of 5.6% over the course of 2015 to 2023. Safety syringes is the biggest product segment and is also the most rapidly developing segment. The progress of the safety syringes is expected to be achieved at a CAGR of 8.1% over the period of 2015 to 2023. With respect to volume, the total number of used disposable syringes is estimated to cross over 47 bn units by the fall of 2023.

Disposable syringes also provide an additional layer of security and safety for patients. Use of disposable syringes increasingly eases the problem of handling large number of patients and also cuts down the possibilities of overfills. Collectively, these factors are helping in driving the growth of the global market.

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The future for global disposable syringes manufacturers is expected to be very optimistic with over 60% of drugs under clinical development phases consisting of biologics. It is also expected to significantly surge the demand for modern, safer, and easily usable disposable syringes in healthcare sector all across the world.

High Regulatory Norms May Slow Down Market Growth

The chief restraining factor for the growth of global disposable syringes market is expected to be the very high standards issue by the regulatory bodies. The European Pharmacopeia Convention and the United States Pharmacopeia Convention are the two key authorizing organizations governing the global disposable syringes market. Moreover, the manufacturers of disposable syringes have to additionally comply with the Federal Needlestick Safety and Prevention Act of 2000 to trade within the U.S. Such high standards may delay the marketing of the product and thus may impede the development of the global disposable syringes market.

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Some of the prominent companies in the global disposable syringes market include names such as Covidien, Becton Dickinson & Company, B Braun Melsungen AG, Terumo Corporation, Smiths Medical, Retractable Technologies Inc., and Smiths Medical. Out of these mentioned names, B Braun Melsungen AG, Becton Dickinson & Company, and Covidien are the top companies. These companies together accounted for over 62% of total market share of the global disposable syringes market in the recent past.

At the same time, scattered regional players accounted for less than quarter of the global market. The top players in the market are now taking strategic decisions to consolidate their market presence. For instance, in its latest meeting, the supervisory board of B. Braun Melsungen AG has appointed Joachim Schulz as a permanent member of the B. Braun Melsungen AG management board. High safety and trust factors are the vital aspects that work in favor of the top players in the global disposable syringes market, which is built with persistently offering topnotch quality of products to the health organizations. These companies also have a forward position in the market of drug delivery technologies and are backed by sturdy marketing and distribution chain systems. The current market possesses a medium threat to the upcoming players because of the large number of regulatory necessities and the prolonged nature of the presently existing contracts between the players and healthcare organizations.

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