RETRACTABLE NEEDLE SAFETY SYRINGES MARKET ANALYSIS

Market Challenges And Opportunities

Major factors driving the growth of global retractable needle safety syringes market are increasing incidences of chronic diseases, rising geriatric population, and growing awareness among the healthcare professionals. According to the American Diabetes Association, in 2015, around 30.3 Americans had diabetes, which is 9.4% of the total U.S population. Moreover, according to the World Health Organization (WHO), in 2015, approximately 8.8 million people suffered from cancer worldwide. Approximately, 70% of the cancer deaths are recorded in low and middle income economies.

According to the World Health Organization (WHO), approximately 16 billion injections are used annually out of which almost 90% are given in curative conditions. The unsafe usage of syringe is observed worldwide especially in emerging economies, which leads to widespread infection amongst healthcare professionals and patients. Unsafe syringe usage can cause hemorrhagic fevers such as Marburg and Ebola viruses, malaria, and others.  According to the statistics published by WHO, 2012, unsafe syringe usage leads to 1.3 million early deaths annually, direct medical costs of US$ 535 million and cumulative loss of 26 million years of life.