Albany, NY, May 13, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Disposable Syringes Market : Global Industry Analysis, Size, Volume, Share, Growth, Trends and Forecast, 2014 - 2022", the global disposable syringes market was valued at USD 4.9 billion in 2013 and is expected to grow at a CAGR of 4.9% from 2014 to 2022 to reach USD 7.5 billion by 2022.
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Disposable syringes are the most consumed medical devices in the world. An estimated 39,000 million units were sold in 2013, with market value of approximately USD 4,935.7 million. The disposable syringes market has been segmented into two major types: safety syringes and conventional syringes. Syringes equipped with safety mechanisms are known as safety syringes. Safety syringes protect patients and health care professionals from accidental needlestick injuries. Safety syringes have been categorized into automatic retractable safety syringes, manual retractable safety syringes, and non-retractable safety syringes. Conventional syringes are not equipped with any kind of safety mechanisms. Conventional syringes have been further classified into syringes without needles and syringes attached with needles. Retractable safety syringes are loaded with a retractable mechanism that allows retraction of the needle into the barrel of the syringe. Retractable safety syringes are predominantly accepted over non-retractable safety syringes due to major advantages such as improved safety, reduced time, and ease of use. Sheathing tube syringes, auto-disable syringes, syringes with sliding needle covers, and hinged needle covers are examples of non-retractable safety syringes.
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Demand for disposable syringes is rising due to the continuous growth in the injectable drugs market and increasing cases of needlestick injuries caused due to unsafe injection practices. According to the World Health Organization (WHO), unsafe injection practices lead to deaths of an estimated 1.5 million people globally every year. Moreover, the Centers for Disease Control and Prevention (CDC) suggested that over 385,000 needlestick and other associated injuries occur in the U.S. each year. Such serious consequences of needlestick injuries can be prevented by using disposable syringes. Disposable syringes outfitted with safety features are designed to prevent needlestick injuries and infections. The U.S. was the first country to implement a legislation forcing manufacturers to develop safety syringes. This was followed by countries such as Canada and Germany. Governmental legislation has played a key role in driving demand for safety syringes across the U.S. market, and similar legislations are expected in other developed countries.
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Geographically, the disposable syringes market has been segmented into five regions:
- North America
- Asia Pacific
- Latin America
- Rest of the World (RoW)
North America was the largest market for disposable syringes in 2013, followed by Europe. The U.S. Needlestick Safety and Prevention Act introduced on November 6, 2000, has been instrumental in driving the growth of the disposable syringes market in North America. Factors such as improving health care infrastructure rise in awareness level and flexible regulatory requirements in the region are driving the growth of the disposable syringes market in emerging economies in Asia Pacific and Rest of World (RoW) such as India, China and South Africa. Moreover, China and India are expected to be the most lucrative markets for disposable syringes as these countries are witnessing continuous increase in health care expenditures due to rapid economic development.
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Key players operating in the global disposable syringes market include B. Braun Melsungen AG, Becton, Dickinson & Company, Covidien plc (Medtronic plc), Codan Medizinische Geräte GmbH & Co. KG, Gerresheimer AG, Retractable Technologies, Inc., Smiths Medical, Star Syringe, Terumo Corporation, and Unilife Corporation.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research