Healthcare expenditure on sharps safety devices 'to reach $6bn by 2020

Tuesday January 17 2017

Global healthcare expenditure on sharps safety devices is expected to reach in the region of $6 billion by 2020, a new report has predicted.

This is according to Market Research Engine, which has published a new document looking at the growth of the world's sharps safety mechanism market.

The organization anticipates the safety syringe market in particular will undergo significant growth over the next few years until it reaches a value of $6 billion. For this to be achieved, the sharps safety market will have had to have grown at a compound annual growth rate of ten percent each year between 2014 and 2021, reflecting an increase in needle safety concerns among healthcare authorities.

Hospitals, doctors' surgeries and other healthcare facilities are increasing their expenditure on sharps safety devices in a bid to improve the safety standards of the care they administer to patients. Legislation regarding this has already been introduced in some parts of the world, forcing healthcare workers to use safety syringes when carrying out injections.

With the number of available vaccines increasing constantly, more and more procedures involving needles are being conducted, which is also fueling part of the expected increase in spending on sharps safety devices. Moreover, a rise in injections creates more opportunities for needlestick injuries, providing yet another reason for greater spending on safety syringes and other specialist devices.

The report authors are concerned there may be some barriers to the $6 billion expenditure being achieved within the next few years. However, as growth in this sector is often slow, the actual cost of changing from conventional syringes to those featuring specialist safety devices is quite low.

As a result, this means even if a large number of healthcare facilities are investing in such devices, they will only be spending a small sum of money extra than they were before. Therefore, for the expected growth to be achieved, the number of authorities adopting improved sharps safety practices needs to be significant.

However, if more facilities embrace these standards, the number of incidents where blood-borne infections such as HIV and hepatitis C are passed from person to person should decrease markedly, meaning investment in safety syringes could have huge benefits for public health.