May 28, 2024
Syringe Market

Syringe Market Is Estimated To Witness High Growth Owing To Rising Prevalence of Chronic Diseases and Increasing Demand for Vaccinations

The Syringe Market is estimated to be valued at US$ 14,839.3 Mn in 2021 and is expected to exhibit a CAGR of 8.0% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The Syringe market refers to the global market for syringes, which are medical devices used for injecting fluids or drugs into the body. Syringes play a crucial role in healthcare settings and are used for various applications such as administering vaccinations, delivering medications, and collecting blood samples. The market offers different types of syringes including single-use syringes, safety syringes, and insulin syringes, among others. With the rising prevalence of chronic diseases and the increasing demand for vaccinations globally, the syringe market is expected to witness significant growth during the forecast period.

Market Dynamics:
The syringe market is primarily driven by two factors: the rising prevalence of chronic diseases and the increasing demand for vaccinations. The increasing incidence of chronic diseases, such as diabetes and cancer, has led to a greater need for regular injections and medication administration. This, in turn, is driving the demand for syringes. Furthermore, the global vaccination drive to combat infectious diseases such as COVID-19 is also expected to fuel the demand for syringes in the coming years.

Additionally, advancements in syringe technology, such as the development of safety syringes that help prevent needlestick injuries, are further contributing to market growth. These safety syringes are designed to retract or have a shield that covers the needle after use, reducing the risk of accidental needlestick injuries among healthcare workers.

In conclusion, the syringe market is anticipated to experience significant growth driven by the rising prevalence of chronic diseases and the increasing demand for vaccinations.
Segment Analysis:

The syringe market can be segmented based on type, material, usability, and end-user. By type, the dominating sub-segment is the general syringes segment, which includes syringes with fixed needles. This segment is dominating due to its wide usage in various medical procedures, such as vaccinations, drug administration, and sample collection. The general syringes segment offers convenience and ease of use, making it the preferred choice for healthcare professionals.

PEST Analysis:

Political: The syringe market is influenced by various political factors such as government regulations and policies regarding healthcare, drug administration, and medical device manufacturing.

Economic: Economic factors such as healthcare expenditure, reimbursement policies, and affordability of syringes play a significant role in the growth of the market.

Social: Societal factors like an aging population, increasing prevalence of chronic diseases, and awareness about the importance of vaccinations impact the demand for syringes.

Technological: Technological advancements in syringe design, such as the development of safety syringes and needle-free injection systems, drive market growth.

Key Takeaways:

The global syringe market Share is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period (2022-2028), due to increasing demand for syringes in healthcare settings. The market size for 2021 was estimated to be US$ 14,839.3 Mn.

In terms of regional analysis, North America is the fastest-growing and dominating region in the syringe market. This can be attributed to the well-established healthcare infrastructure, favorable reimbursement policies, and high awareness about the importance of vaccinations in the region.

Key players operating in the syringe market include 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, among others. These key players contribute to market growth through product innovations, strategic collaborations, and mergers and acquisitions.

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