The Asia Pacific Retractable Needle Safety Syringes Market demonstrates a highly consolidated business landscape, finds a new research report by Transparency Market Research (TMR). The top four players, namely, Becton, Dickinson and Co., Smiths Medical, Medtronic Plc, and Retractable Technologies Inc., held more than 95% of the overall market in 2015.
These enterprises are focusing aggressively on expanding their operations across the region, for which they are strengthening their distribution network considerably. Apart from this, they are also engaging into strategic alliance to gain a strong foothold in the overall market.
As per TMR, the Asia Pacific market for retractable needle safety syringes stood at US$236.7 mn in 2016. Rising at a CAGR of 8.90% during the period from 2016 to 2024, the opportunity in this market is predicted to reach US$467.2 mn by the end of the forecast period. Hospitals have emerged as the leading end user of retractable needle safety syringes in Asia Pacific. Thanks to the increasing insurance coverage, this segment is likely to remain the key contributor to this market in the years to come.
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Demand for Manual Retractable Needle Safety Syringes to Remain Strong
The report considers manual retractable needle safety syringes and automatic retractable needle safety syringes as the key products available in the Asia Pacific market for retractable needle safety syringes. Among these, the demand for manual retractable needle safety syringes has been higher and the trend is anticipated to continue over the forecast period, thanks to their affordability.
The report also presents a geographical study of this market, where it considers China, Japan, India, New Zealand and Australia, ASEAN Countries, and the Rest of Asia Pacific as the main geographical segments. Japan has been dominating this regional market and, expanding at a CAGR of 9.10% between 2016 and 2024, is anticipated to retain its position over the next few years.
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Rise in Healthcare Industry Boosts Growth
“The continual expansion in the healthcare industry in Asia Pacific, fueled by the rising number of favorable initiatives by various governments across this region, is having a significant influence on the Asia Pacific market for retractable needle safety syringes,” says the author of this study. With government institutions promoting the safe injection practices by encouraging people to shift to safe syringes, this market is likely to rise exponentially in the years to come. India and several other nations in the Southeast Asia are increasingly collaborating with the WHO to encourage the usage of safe syringes in an effort to prevent the proliferation of deadly diseases.
Apart from this, the market is also expected to gain significantly over the forecast period from various factors, such as the technological advancements, increasing shift of people towards self-administration of drugs, and the growing awareness pertaining to the benefits offered by retractable needle safety syringes. However, the emergence of more advanced drug delivery methods, thanks to the recent developments in medical science, may limit the adoption of retractable needle safety syringes in the near future. Besides this, the high cost of these safety syringes are also projected to hamper this market over the forthcoming years, reports the research study.
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