Project 3 - Design and Development of Disposable Syringe (Medical Technology)

TASK 1:

The global disposable syringes market size was valued at USD 14.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.21% from 2023 to 2030. The growth is attributed to the growing prevalence of chronic disorders, increasing adoption of safety syringes, and a growing number of surgeries globally. For instance, according to Mölnlycke Health Care AB, 70 million surgical procedures are performed every year in Europe. Since the introduction of disposable syringes, patients no longer must rely solely on the doctors' sterilization protocols for their safety, as they are discarded after one use. As a result, there is no risk of cross-contamination. Other advantages of disposable syringes include their cost efficiency and environmental friendliness. These factors are positively impacting sales growth and hence, in future years, the market is predicted to expand.

Manufacturers are focused on efficient sterilizing procedures to avoid infections among healthcare practitioners and patients, especially in the post COVID-19 pandemic era. As a result, companies operating in the market are focusing on improving operational performance to increase their global credibility.

However, according to the World Health Organization (WHO), there will be a 2.0 billion needle deficiency by 2022. This is due to increased demand, supply-chain disruptions, and ‘syringe nationalism' that "may pose” substantial hurdles in 2022. As a result, most countries throughout the world have begun to reduce security regulations and resume certain elective treatments, indicating that the market will continue to develop during the projection period.

Additionally, organizations are gaining knowledge in their end-to-end supply chains to reduce product prices and improve the quality and services associated with disposable syringes. Such operational ideas help organizations save money by eliminating third-party expenses. These characteristics are projected to generate lucrative market growth prospects.

Moreover, increasing prevalence of chronic disorders such diabetes can be managed by self-injecting medication. For instance, as per the International Diabetes Federation 2021 report, the number of people living with diabetes are approximately 537 million adults (20-79) in 2021 to nearly 783 million by 2045. Syringes are required for most diagnostic and therapeutic approaches for chronic diseases, since they play an important role during medication administration and tests, resulting in rising demand for the product.

Furthermore, major companies are focusing on producing syringes designed exclusively for chronic disease therapy to increase their market position. For instance, Hypak SCF PRTC glass pre-fillable syringe from BD is used to treat chronic disorders. Along with that in May 2021, BD has announced plans to spin out its Diabetes Care division as a separate, publicly traded company ("NewCo"). BD Diabetes Care has been a major force behind the adoption of insulin syringes and other products, generating roughly 8 billion injection devices each year and supporting approximately 30 million patients. Also, in January 2023, Transcoject and Stevanato Group came together to provide pre-fillable syringe polymer options for pharmaceutical industry.

Along with the above factors, the need for disposable syringes in various healthcare settings is likely to increase with the growing aging population, a demographic that is more susceptible to chronic illnesses such as diabetes and other lifestyle-related disorders. In addition, according to CDC, adults aged 65 years and above are more likely to acquire heart disease, COPS, diabetes, cancer, neurological problems, and other chronic illnesses. Patients with such illnesses require emergency and nonemergency hospital services which is expected to spur the market growth soon.

China dominated the market with a market revenue share of 27.09% in 2021. Government initiatives to encourage the adoption of disposable medical supplies to prevent infections in operating rooms is the key factor responsible for growth of the market in this region. The increasing prevalence of chronic diseases and the growing geriatric population are the factors that drive the market growth in China.

According to Front. Public Health in 2020, chronic NCDs account for about 80% of mortality in China among adults aged 60, with Ischemic Heart Disease, Stroke, Chronic Obstructive Pulmonary Disease (COPD), and Type 2 Diabetes is the most common. Additionally, market growth is being driven by continued medical infrastructure construction, as well as growing government and private sector investments to promote the usage of safer and more cost-effective healthcare solutions.

Safety syringes led the market and accounted for a revenue share of 64.15% in 2022. However, conventional disposable syringes have been in use for a long time, safety syringes are more preferred nowadays due to their benefits. Safety syringes also eliminate the risk of patient-to-patient transmission of infections due to which safety syringes are likely to retain their position throughout the forecast period. The safety syringes are majorly used for administering medications by utilizing specialized and standard techniques.

Every year, over 33,800 HIV infections, 315,000 hepatitis C transmissions, and 1.7 million hepatitis B infections are caused by hazardous injecting practices around the world. Unsafe practices such as multiple use of a syringe & needle without taking precautionary measures as guided by the healthcare professionals lead to needle stick injuries. In addition, conventional disposable syringes provide protection to the recipient, but do not assure the safety of patients. Such factors are anticipated to boost the segment growth.

The conventional syringes are the second leading segment and account for market revenue share of 35.8% in 2022. Conventional syringes are mostly made of plastic with visible graduation and are intended for single use. Some of the advantages of disposable conventional syringes are that they eliminate the risk of infections from blood-borne pathogens, such as HIV, Ebola virus, and Hepatitis B & C.

The governments in emerging countries are undertaking initiatives to increase the use of conventional disposable syringes & needles with an aim to reduce the transmission of diseases in patients; thereby, propelling the segment growth over the forecast period.

Asia Pacific dominated the market and accounted for market revenue share of 31.1% in 2022. Various government measures to reassure the use of single-use medical supplies to prevent infections, as well as the presence of prominent market participants in the region, are expected to help to the region's growth.

Furthermore, the increase in aging population and prevalence of chronic diseases in the region coupled with high awareness regarding the safety of disposable products are likely to increase the demand for disposable syringes in this region. For instance, in March 2021, a new government order for 265 million (auto disposable) AD syringes has been placed with Hindustan Syringes & Medical Devices Ltd (HMD). in September 2021. By the end of March, HMD had finished its past orders of 177.5 million AD syringes of 0.5 ml.

The MEA market is likely to grow at a 6.9% rate. According to U.N. children’s agency in 2021, the shortage might affect up to 2.2 billion auto-disposable syringes that spontaneously lock to prevent re-use. The looming shortfall comes as the delivery of COVID-19 vaccine doses to Africa picks up after months of delay. Due to such a shortfall the demand for disposable syringes will continue to grow.

Moreover, the market is being driven by increased healthcare spending and adoption of modern healthcare facilities. The South African government, for example, budgeted 13.5% of overall government spending on healthcare program, according to UNICEF Health Budget South Africa 2017/2018. Such occurrences are projected to provide new and significant players in the MEA market with growth prospects.

Task 2

TASK 3:

Value Proposition: Clean Healthcare for everyone.