Asia Pacific Retractable Needle Safety Syringes Market: Snapshot
A retractable needle safety syringe is fully integrated with safety mechanism, which is designed to withdraw the needle into the barrel of the syringe after the full delivery of a dose. When the liquid is expelled, the operator has to apply additional pressure to the plunger to break the seal and retract the needle into the syringe. Retractable syringes are safe and time-saving and reduce waste volume compared to disposable syringes. Retractable needle syringes are used in several indications such as cancer, diabetes, tuberculosis etc. but highly used in diabetes. According to Asian diabetic prevention initiatives 60% of diabetics in the world lives in Asia. By 2030, without intervention, both China and India combined will have almost half a billion diabetics
Factors such as the rising geriatric population, increasing incidence of chronic ailments, growing awareness among physicians as well as patients, and the demand for advanced treatment modalities have acted in favor of the Asia Pacific retractable needle safety syringes market. With government initiatives aimed at promoting the quality of healthcare and rising medical tourism, Asia Pacific is likely to emerge as a major market for retractable needle safety syringes in the coming years. Also with several countries participating in spreading health awareness alongside international organizations, Asia Pacific will provide an environment conducive to the growth of the retractable needle safety syringes market.
Between 2016 and 2024, the retractable needle safety syringes market is likely to exhibit a CAGR of 8.9% in Asia Pacific. At this pace, the market’s valuation is expected to reach US$467.2 mn by the end of 2024, from US$236.7 mn in 2016.
Manual Retractable Needle Safety Syringes to Hold Leading Market Share
Based on product type, the Asia Pacific retractable safety syringes market is bifurcated into automatic retractable needle safety syringes and manual retractable needle safety syringes market. Of these, the manual retractable needle safety syringes segment held the largest share in the Asia Pacific retractable needle safety syringes market in 2015 in terms of revenue. Through the course of the forecast period, the segment is expected to dominate the market. Factors such as affordability of the product will support the growth of the manual retractable needle safety syringes segment.
Manual retractable needle safety syringes market is followed by automated retractable needle safety syringes segment. The factors such as ease of use, growing acceptance level will create large opportunity for automated retractable needle safety syringes market. In end-users segment hospital sector growing at a CAGR of 9.5%. Factors such as developed healthcare infrastructure, increasing insurance coverage and technologically advanced therapeutic procedures will add value to the hospital segment in Asia Pacific.
Japan to Remain Leading Market for Retractable Needle Safety Syringes in Asia Pacific
Country-wise, Japan emerged as the dominant market for retractable needle safety syringes in Asia Pacific. Exhibiting a robust 9.1% CAGR, the nation is predicted to remain dominant through the course of the forecast period. Consumers in Japan are more aware, which has resulted in the earlier adoption of novel therapeutics and medical practices. This, coupled with the rising geriatric population, high willingness to spend on advanced treatments, and the rising incidence of diabetes have creates a fertile terrain for the market to flourish in Japan.
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Besides this, opportunities are likely to bolster in the India market as well. By 2024, the nation will exhibit robust growth benefiting from the increasing awareness among citizens, rising demand for advanced safety syringes, and the increasing incidence of chronic ailments. Additionally, the Indian government has increased their healthcare spending, which is expected to have a positive impact on the retractable needle safety syringes market. Overall the countries in ASEAN will offer lucrative prospects for the retractable needle safety syringes market on account of the rising demand for advanced healthcare, which is further bolstered by the population growth rate.
Some of the major players operating in the Asia Pacific retractable needle safety syringes market include Retractable Technologies, Inc., Axel Bio Corporation, Sol-Millennium, DMC Medical Limited, UltiMed, Inc., Medigard Limited , Becton, Dickinson and Company ,Medtronic plc , Smiths Medical , Globe Medical Tech, Inc. , Medigard Limited dominated the market in 2015. This is due to various business growth strategies adopted by the companies to have strong presence in the markets.