NEEDLE-FREE INJECTION MARKET TO HIT $2.49 BILLION BY 2009
The market for needle-free injection systems and safety syringes is soaring -- with some sectors growing in excess of 20 percent annually -- and should reach $2.49 billion by 2009, according to a new study from market research firm Kalorama Information.
These increases are due to skyrocketing incidences of needlestick injuries in the worldwide healthcare environment and high consumer demand for syringe alternatives, the report found. Annual needlestick injuries in the U.S. alone average 600,000 to 1 million, and estimates indicate that as many as 80 percent of the incidents could be prevented with the use of needle-free devices and safety syringes, the report added.
The report, Needle-free Injection Systems and Safety Syringes: The Market for Alternatives to Needle-based Delivery predicted that the exorbitant costs associated with needlesticks -- costing institutions over $3,000 per injury even when no infection occurs -- coupled with other factors, such as patient fear of needles and the resulting lack of compliance, are strong enough drivers to grow the market by a compounded annual rate of 11 percent over the next four years.