The Asia Pacific exhibits a quite consolidated vendor landscape, as found by a new market intelligence report by Transparency Market Research (TMR). The four of the top players, namely, Retractable Technologies Inc., Smiths Medical, Medtronic Plc, Dickinson and Co., and Becton held around more than 95% of the said market in the year 2015.
These enterprises that are focusing quite aggressively on making an expansion of their business operations across the said region, for which they are adding considerable strength to their network of distribution. In addition to that, they are also involving themselves with strategic alliance so as to gain a strong foothold in the said market.
In accordance with the research by Transparency Market Research (TMR), the market for retractable needle safety syringes in the region of Asia Pacific stood at around US$ 236.7 mn in the year 2016. Expanding at an impressive CAGR of 8.90% over the period of forecast that extends from the year 2016 to the year 2024, the opportunity in the said market is estimated to reach a valuation of around US$ 467.2 mn by the end of the period of forecast. The segment of hospitals has come up as the leading end user of the market for retractable needle safety syringes in the region of Asia Pacific. Owing to the soaring insurance coverage, this segment is likely to remain the major contributor to this market in the years to come.
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Taking region into consideration, Japan is expected to emerge as the dominant market for retractable needle safety syringes in the region of Asia Pacific. Growing at a robust rate of growth of 9.1% CAGR, the country is estimated to continue with dominance through the course of the period of forecast. Consumers in Japan are more aware and this has led to the earlier adoption of medical practices and novel therapeutics. This, together with the expanding base of geriatric population, increased willingness to spend on advanced treatments, and the soaring incidence of diabetes have thereby generated a fertile terrain for the said market to thrive in Japan. Besides, opportunities are very likely to bolster in the said market in India as well.
With various government institutions focusing on the promotion of safe injection practices by inspiring people to make a shift to safe syringes, this market is expected to rise exponentially in the years to come. Countries such as India and other nations in the Southeast Asia are more and more collaborating with the WHO so as to encourage the utilization of safe syringes in a bid to avoid the proliferation of deadly diseases.
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Apart from this, the market is also anticipated to gain substantially over the period of forecast from numerous factors, like the growing awareness pertaining to the benefits offered by retractable needle safety syringes, increasing shift of people towards self-administration of drugs, and technological advancements.
