Research Nester published a report titled “ASEAN Disposable Syringes Market: Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the ASEAN disposable syringes market in terms of market segmentation by type, syringe tip, application immunization injections, end-user, and by country.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The ASEAN disposable syringes market is anticipated to grow with a CAGR of 7.1% during the forecast period, i.e., 2022-2031. The market is segmented by type into general/conventional syringes, safety syringes, and pre-filled syringes. Out of these, the safety syringes segment is anticipated to garner the largest revenue of USD 332.4 Million by the end of 2031. Additionally, in the year 2021, the segment generated a revenue of USD 170.8 Million.
The ASEAN disposable syringes market is estimated to garner a revenue of USD 487.0 Million by the end of 2031, up from a revenue of USD 247.8 Million in the year 2021. Growing need for advanced pharmaceutical drugs, followed by the surge in government initiatives for the research and development of advanced drugs, and the growing elderly population are some of the major factors anticipated to drive the growth of the market in the coming years.
Geographically, the ASEAN disposable syringes market is segmented into Malaysia, Singapore, Thailand, Vietnam, Indonesia, Philippines, Myanmar, and the Rest of ASEAN. Out of these, the market in Singapore region is projected to garner the largest revenue of USD 199.7 Million by the end of 2031. Additionally, the market in the nation generated a revenue of USD 99.6 Million in the year 2021.
Surge in Prevalence of Chronic Diseases to Drive the Market Growth
Noncommunicable diseases (NCDs) are known to kill 41 Million people every year, according to the statistics by the World Health Organization (WHO). Additionally, the Department of Statistics Malaysia stated in one of its statistics that ischemic heart disease remained as the primary causes of death in Malaysia, registering 109155 medically certified deaths in the year 2020.
The growing concern for different types of chronic diseases is raising the need for advanced pharmaceutical drugs and drug delivery systems. As a result, the need for disposable syringes, which acts as a major drug delivery device, is growing significantly amongst the healthcare service providers. Such a factor is expected to drive the growth of the ASEAN disposable syringes market.
However, the high costs of specialized syringes, and the rising prevalence of needle-stick injuries are expected to operate as key restraint to the growth of ASEAN disposable syringes market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the ASEAN disposable syringes market which includes company profiling of KAWAMOTO CORPORATION, Baxter International Inc., Becton, Dickinson, and Company, NIPRO Corporation, Terumo Corporation, Nemoto Kyorindo Co., Ltd., B. Braun Melsungen AG, Cardinal Health, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the ASEAN disposable syringes market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.