The safety needles and syringes market represents a large and growing segment of the healthcare industry. In 1999, total sales of needles and syringes in the U.S. reached $759 million. This figure is expected to increase to $2 billion by 2010. According to the industry participants in Frost & Sullivan’s study, many believe that safety needles and syringes will eventually represent a majority of the needles and syringes market. The market for safety needles and syringes is expected to grow from 23% in 1999 to a majority of the total needles and syringes market. The number of safety needles and syringes shipped is expected to grow from 900 million units in 1999 to over 10 billion units worldwide by 2010. Investrend Communications, Inc estimates the number of needles and syringes sold worldwide to be over 24 billion . The Cost of Change * The cost of needlestick injury follow-up in the U.S. per incident is around $3,000. * Accident follow ups cost the US medical industry $1.2 billion annually. * Annual treatment for contracted diseases in the US is $1.8 billion. * A total of $3 billion is spent annually in the US on needlestick injuries. * This is three times the amount spent on conventional syringes. * And almost 3 times the cost of converting to safety syringes. The balance of power is in transition, and the stage is set for the right product to gain more market share than has been achievable in recent history. Source: revolutionsmedical.com
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Total Sales of Needles and Syringes to increase to $2 billion by 2010.