Significant growth expected for Asia-Pacific needle safety device market

June 08, 2017

Growth in the number of hospitals investing in specialist needle safety devices in order to reduce sharps injuries is increasing the value of the market significantly, according to a new report.

Transparency Market Research has published a new overview of the needle safety device market in the Asia-Pacific region, which predicts that if the current pace of investment in equipment such as safety syringes continues, the market will be worth $467.2 million by the end of 2014.

Last year, the needle safety device market was valued at $236.7 million, so this suggests that experts believe it could double in value over the next seven years. For this to be the case, a compound annual growth rate of 8.9 per cent will need to be seen, but the report authors are confident this will be possible thanks to the increased investment in sharps safety gadgets.

More and more hospitals and healthcare facilities are looking into the options available to them as they work to reduce the threat of conditions such as HIV and hepatitis C to meet the World Health Organization's Sustainable Development Goals. These infections can be easily spread when needles are used more than once on different patients, but sharps safety caps make needles disposable, preventing them from being used multiple times or if they are broken.

There are several varieties of needle safety caps available in the market, but manual retractable safety syringes currently significantly surpass automatic devices, with the former accounting for almost three-quarters (71.3 per cent) of the total sold in the Asia-Pacific region in 2016.

Aside from infection prevention strategies, other factors that are expected to drive the increase in spend on needle safety devices include the growing number of people who are self-administering their own medication at home for conditions such as diabetes, which is itself on the rise. 

As investment in specialist needle safety devices rises, so will awareness of their benefits, which is also likely to lead to an increase in sales, meaning more people's long-term health will be safeguarded as a result.

http://www.openpr.com/news/566038/Asia-Pacific-Retractable-Needle-Safety-Syringes-Market-Growth-is-Propelled-by-Increasing-Incidence-of-Chronic-Ailments-and-Growing-Awareness-among-Physicians-as-well-as-Patients.html

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