In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSJuly 29th, 2021: Baxter International Inc. announced that it has acquired certain assets from Cryolife, Inc. to expand its advanced surgery portfolio.
June 8th, 2021: Becton, Dickinson and Company announced that to support global COVID-19 vaccination efforts, the company has been supporting pandemic orders for more than 40 countries. Besides this, the company also announced that it has received pandemic orders for needles and syringes totaling 2 Billion injection devices
The ASEAN disposable syringes market is estimated to garner a revenue of USD 487.0 Million by the end of 2031 by growing at a CAGR of 7.1% over the forecast period, i.e., 2022 – 2031. Moreover, in the year 2021, the market in the region generated a revenue of USD 247.8 Million. The growth of the market can be attributed to the growing prevalence of chronic diseases amongst the countries in the ASEAN region, which is driving the need for advanced pharmaceutical drugs. For instance, according to the statistics by the World Health Organization (WHO), noncommunicable diseases (NCDs) are known to kill 41 Million people every year, representing 71% of total deaths worldwide. On the other hand, according to the statistics by the Department of Statistics Malaysia, in the year 2020, ischemic heart disease remained as the primary causes of death in Malaysia, registering 109155 medically certified deaths. In addition to this, according to the Ministry of Health, Singapore, the prevalence of hyperlipidemia among adults aged 18 to 69 years in Singapore increased from 25.2% in the year 2010 to 33.6% in the year 2017. The statistics also stated that the prevalence of hypertension touched 21.5% in the year 2017, up from 18.9% in the year 2010. Further, according to the statistics by the Institute for Health Metrics and Evaluation (IHME), in the year 2019, in Vietnam, stroke and ischemic heart diseases were the major two causes of death, which witnessed a change by 9.1% and 40.1% respectively between 2009 and 2019.
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In addition to this, the surge in focus of the government to develop supportive initiatives for research and developments in the field of medical science, along with the growing elderly population are some of the major factors anticipated to contribute to the growth of the market in the coming years.
Regionally, the ASEAN disposable syringes market is segmented into Malaysia, Singapore, Thailand, Vietnam, Indonesia, Philippines, Myanmar, and the Rest of ASEAN. The market in Singapore region is projected to garner the largest revenue of USD 199.7 Million by the end of 2031, up from a revenue of USD 99.6 Million in the year 2021. The growth of the market in the nation can be attributed to the growing prevalence of different types of chronic diseases in the nation which is driving the need for disposable syringes. In the other statistics by the Ministry of Health, Singapore, the incidence of colorectum cancer among males during 2013-2017 was 5799, while that of lung, prostate and liver was 4992, 4853, and 2705 respectively. Alternatively, among females, the incidence of breast, colorectum, and lung cancer during the same period was 10824, 4835, and 2788 respectively.
The ASEAN disposable syringes market is segmented by type into general/conventional syringes, safety syringes, and pre-filled syringes. The safety syringes segment is anticipated to garner the largest revenue of USD 332.4 Million by the end of 2031, up from a revenue of USD 170.8 Million in the year 2021. By syringe tip, the market is segmented into Luer-lock tip, slip tip, eccentric tip, and catheter syringe tips. The Luer-lock tip is anticipated to garner the largest revenue of USD 192.7 Million by the end of 2031, up from a revenue of USD 97.8 Million in the year 2021. By application, the market is segmented into immunization injections, therapeutic injections, and others. The therapeutic injections segment is anticipated to garner the largest revenue of USD 183.9 Million by the end of 2031, up from a revenue of USD 95.4 Million in the year 2021. By end-user, the market is segmented into hospitals, diagnostic laboratories, blood banks, pharmaceutical companies, and others. The hospitals segment is projected to garner the largest revenue of USD 275.9 Million by the end of 2031, up from a revenue of USD 141.8 Million in the year 2021.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the ASEAN disposable syringes market that are included in our report are 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.
FREQUENTLY ASKED QUESTIONS
The rising prevalence of chronic diseases, supportive government initiatives, along with the increasing elderly population are some of the major factors expected to contribute to the growth of the market.
The market is anticipated to attain a CAGR of 7.1% over the forecast period, i.e., 2022 – 2031.
The high costs of specialized syringes, and the rising prevalence of needle-stick injuries are estimated to hamper the market growth.
The market in Singapore region is projected to garner the largest revenue of USD 199.7 Million by the end of 2031 and provide more business opportunities in the future.
The major players in the market are 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 company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, syringe tip, application immunization injections, end-user, and by country.
The safety syringes segment is anticipated to garner the largest revenue of USD 332.4 Million by the end of 2031 and display significant growth opportunities.
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