February 25, 2024
Syringe Market

The growing demand for insulin and vaccines anticipated to openup the new avenue for Syringe Market

The Syringe Market is estimated to be valued at US$ 17308.56 Mn or US$ 17.3 billion 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 Overview:
A syringe is a medical device that is used to inject or withdraw fluids into or from the body. It generally consists of a hollow needle attached to a cylinder with a plunger. It is widely used with vials, ampoules, and intravenous bags. Syringes are commonly used for injections of vaccines, medications, fluids and blood samples. The global syringe market is driven by the growing prevalence of chronic diseases, rising demand for home-based healthcare, and increasing number of vaccination programs worldwide.

Market Dynamics:
The increasing prevalence of chronic diseases such as diabetes, cancer and cardiac diseases globally is a major driver of the syringe market. Diabetes alone is projected to affect over 200 million people by 2045, according to the International Diabetes Federation. This necessitates regular administration of insulin and other drugs using syringes. Additionally, the rising geriatric population is also propelling the syringe market growth as aged people are more prone to chronic illnesses. Furthermore, advancements in syringe technology such as safety syringes that reduce needle stick injuries are promoting their adoption. Several government initiatives aimed at immunizing more population are augmenting the demand for vaccination syringes. However, the availability of alternative modes of drug delivery such as injectable pens and pumps can hinder the syringe market expansion. Stringent regulatory guidelines for syringe manufacturing may also impede the market growth.
Segment Analysis
The syringe market is segmented into hospitals, blood collection centers, diabetic care centers, veterinary hospitals and others. The hospital segment dominates the syringe market owing to high volume of syringe consumption in hospitals for therapeutic and diagnostic purposes. Hospitals account for over 40% of market share due to large patient pool and extensive use of syringes for various medical procedures and drug administration.

PEST Analysis
Political: The regulations around syringe production and disposal are becoming stricter to ensure safety and minimize needle-stick injuries. Various initiatives are being taken by regulatory bodies to advance safety features in syringes.
Economic: The growing healthcare expenditure worldwide is driving the demand for syringes from hospitals and clinics. Favorable reimbursement policies are also supporting the market growth.
Social: Rising prevalence of chronic diseases such as diabetes, cancer is increasing the consumption of syringes for medication delivery. Growing awareness about needle-stick safety is augmenting the demand for safety syringes.
Technological: New technologies are being adopted in syringe manufacturing to enhance efficacy, safety and ease-of-use. Prefilled syringes, autodisable syringes and retractable syringes with safety features are gaining popularity.

Key Takeaways
The global Syringe Market Growth is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated to be US$ 17308.56 Mn.

Regional analysis: North America dominates the syringe market owing to large patient pool, developed healthcare infrastructure and presence of leading market players in the region. North America syringe market is projected to reach over US$ 7000 Mn by 2030. Asia Pacific is estimated to be the fastest growing regional marketdue rapid economic development, rising medical tourism and growing incidence of lifestylerelated diseases.

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, and Hindustan Syringes & Medical Devices Limited, among others. Key players are focusing on developing innovative syringes with advanced features for enhanced usability, safety and efficacy.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it