DISPOSABLE SYRINGES MARKET ANALYSIS

Market Challenges And Opportunities

Global Disposable Syringes Market – Driver

Increasing Inorganic Growth Strategies by Market Players

Increasing inorganic growth strategies by market players is expected to propel growth of the global disposable syringes market over the forecast period. For instance, in December 2022, Sharps Technology, Inc., an innovative medical device and drug Delivery Company offering patented, best-in-class syringe products, announced the signing of a distribution agreement with partner Nephron Pharmaceuticals. This is a strategic first step in building the larger partnership between the two companies and is in support of their recently announced collaboration. Through this distribution plan, Sharps Technology will be able to deliver increased capacity, driving growth for one of the high value product segments of our business. The agreement also allows for Sharps Technology to utilize Nephron's sales and marketing teams to further support the sale of the Company’s innovative products to targeted customers within the Nephron customer network.

Global Disposable Syringes Market: Restraint

Increasing concerns over medical waste accumulation

Improper management of discarded needles and other sharps can pose a health risk to the public and waste workers. For example, discarded needles may expose waste workers to potential needle stick injuries and potential infection when containers break open inside garbage trucks or needles are mistakenly sent to recycling facilities. Taking initiative for the medical wastes disposal like incineration. For instance, in February 2022, according to World Health Organization (WHO), approximately 87,000 tons of personal protective equipment (PPE) were purchased between March 2020 and November 2021 and transported to address nations' urgent COVID-19 response needs through a combined UN (United Nations) emergency plan. It's anticipated that the majority of this equipment was wasted. 60% of healthcare institutions in the least developed countries are ill-prepared to handle even the current waste loads, much less the increased COVID-19 load, at 30% of their facilities. This could expose health professionals to needle stick injuries, burns, and harmful microbes. It could also have an effect on the populations living next to poorly managed landfills and garbage disposal sites by contaminating the air from burning waste, degrading the water, or attracting pests that spread illness.

Global Disposable Syringes Market - Key Drivers

Increase in Geriatric population

According to CDC (Centers for Disease Control and Prevention), adults aged 65 years and above are more likely to acquire heart disease, COPS, diabetes, cancer, neurological problems, and other chronic illnesses. Patients with such illnesses require emergency and nonemergency hospital services which is expected to spur the market growth soon. For instance, in 2020, according to Front. Public Health in 2020, Ischemic heart disease, stroke, chronic obstructive pulmonary disease (COPD), and type 2 diabetes are the most prevalent chronic NCDs in China among persons aged 60. Additional factors driving market growth include the ongoing development of medical infrastructure as well as rising public and private sector investments to encourage the use of safer and more affordable healthcare solutions.