The latest market report published by Credence Research, Inc. “Disposable Hypodermic Syringes Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the disposable hypodermic syringes market was valued at US$ 308.6 Mn in 2018, expected to grow at a CAGR of 6.2% during the forecast period from 2019 to 2027.
The global disposable hypodermic syringes market is growing competently from 2019 to 2027 accredited to surge in hospital admissions for diabetes, multiple sclerosis, dental diseases, trauma and other lifestyle diseases along with the growing number of surgical procedures. Upgraded technology in single use hypodermic syringes with higher patient safety at low cost will enhance the demand. Increasing awareness strategies, FDA approval for new products, technology expansion, and new product launch will further drive the disposable hypodermic syringes market globally.
According to the World Health Organization estimations, every single year around 16 billion injections administered globally. More than 65 million people with diabetes are presently living in the European region. According to IDF Diabetes Atlas reports, the top five countries for number of people with diabetes are the Russian Federation, Germany, Turkey, Spain, and Italy. Insulin delivery syringes will expand significantly on a global scale attributed to the high prevalence of diabetes in the geriatric population. Huge patient pool, mainly in the Asia Pacific region opting for diagnosis and treatment at diagnostic centers, multispecialty clinics, outpatient clinics, and hospitals for various diseases will upsurge the overall growth of the market. Europe region will also contribute a significant market share due to satisfactory government policies along with enhanced medical care infrastructure along with the presence of pharmaceutical & biotech companies.
Top companies are focusing on new product expansion, mainly in the U.S. and European market. For instance, BD (Becton, Dickinson and Company) invested around US$ 100 Mn in the U.S. market further expand its capacity for insulin syringe manufacturing operations. In 2017, the total direct costs of diabetes in the U.S. was US$ 237 billion. The North America region generated maximum revenue attributed to rising prevalence of lifestyle disorders, Type 1 and 2 diabetes, high mortality rate due to high blood glucose, a huge number of geriatric population (above 60 years of age), and domicile of key players in the U.S. market.
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