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Syringes are medical devices that are used to inject substances into organisms or withdraw fluids from organisms. They are commonly used to inject medications, fluids, vaccines or withdraw blood from patients. There are various types of syringes available including general syringes, insulin syringes, tuberculin syringes, allergy syringes and safety syringes. Prefilled syringes contain a preset dose of medication allowing for self-administration of drugs without having to fill the syringe. They help minimize dosage errors and reduce healthcare costs. Safety syringes contain safety features like retractable needles to prevent accidental needle stick injuries.
The global Syringe Market is estimated to be valued at US$ 14,839.3 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Rising demand for prefilled and safety syringes is expected to drive the growth of the syringe market. Prefilled syringes offer advantages like convenience of administration, dosing accuracy and reduce medication errors. They also prevent contamination risk and needle stick injuries. Similarly, safety syringes contain safety features like retractable and shielded needles that helps prevent needle re-use and accidental needle stick injuries. According to World Health Organization (WHO), there are over 3 million accidental needle stick injuries among healthcare workers every year, increasing the risk of infections like hepatitis and HIV/AIDS. Hence, growing awareness about importance of using safety syringes will propel the market growth over the forecast period. Moreover, increasing prevalence of chronic diseases like diabetes, cancer and autoimmune diseases that requires frequent injection/administration of drugs will also contribute to the market growth.
Segment Analysis
The global syringe market is segmented based on product type into convential syringes and safety syringes. The safety syringes sub segment dominated the market with over 60% share owing to growing safety concerns among healthcare workers and patients. The safety syringes prevent accidental needle stick injuries and help curb spread of infectious diseases.
PEST Analysis
Political: Growing goverment support for healthcare reforms in major countries is supporting market growth. Export regulations on certain type of syringes impacts trade between nations.
Economic: Rising healthcare spending globally is creating demand for disposable medical products like syringes. Growing incidence of chronic diseases boosts market potential.
Social: High awareness about spread of illnesses due to reuse of syringes favors single use sterile syringes. Patient safety is a major concern driving adoption of safety syringes.
Technological: Automatic and intelligent syringes with safety mechanisms see increasing adoption. Connected drug delivery syringes enable real time data monitoring.
Key Takeaways
The global syringe market is expected to witness high growth over the forecast period supported by increasing incidence of chronic diseases and technological advancements. The market size is projected to reach US$ xx Mn by 2030.
Regional analysis comprises:
North America dominates the global market owing to growing geriatric population, higher healthcare spending and stringent safety norms. The Asia Pacific region is emerging as the fastest growing market led by China and India on back of large patient pool and improving access to healthcare.
Key players analysis comprises:
Key players operating in the syringe market are Catalent Inc., Smiths Medical Inc., Cardinal Health, Schott, Nipro Corporation, Terumo Corporation, Gerresheimer AG, B. Braun Melsungen AG, Becton, Dickinson and Company, Codan Medizinische Geräte GmbH & Co. KG, and Hindustan Syringes & Medical Devices Limited. The market leaders are focusing on new product development and geographical expansion strategies to garner higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
