by The Syringe Market is estimated to be valued at US$ 14,839.3 Mn in 2022 and is expected to exhibit a CAGR Of 8.0% over the forecast period of 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Syringes are medical devices that are used to extract fluids from vials and administer drugs or vaccines into the body. syringes are widely used in hospitals, clinics, research institutes, diagnostic centers, and homes. They come in various types such as general syringes, insulin syringes, allergy syringes, tuberculin syringes, etc. increasing prevalence of chronic diseases and growing number of vaccination programs are the major factors fueling demand for syringes.
Market Dynamics:
Two major drivers of the syringe market are increasing prevalence of chronic diseases and growing number of vaccination programs globally. Chronic diseases such as cancer, diabetes, cardiovascular diseases are on rise worldwide. As per WHO, chronic diseases accounted forapprox. 71% of global deaths in 2020. Growing incidence of such diseases has increased demand for accurate drug delivery systems like syringes. Additionally, governments across countries are focusing on expanding immunization coverage through vaccination drives. This has augmenteddemand for syringes from pharmaceutical and biotech companies. Furthermore, advancements in materialssuch as plastic which has made syringes cost-effective and safe forsingle-time use is also boosting market growth.
Segment Analysis
The syringe market can be segmented based on type into conventional syringes and safety syringes. Safety syringes are dominating the market as they help prevent needle-stick injuries and reuse of syringes. Safety syringes deliver medications in a streamlined manner with retractable needle mechanism that reduces the risk of injuries.
PEST Analysis
Political: The regulations mandating the use of safety syringes in healthcare facilities across countries are driving the market growth. For instance, in 2010 Needlestick Safety and Prevention Act was passed in the US requiring healthcare settings to use engineered sharps injury prevention.
Economic: Rising healthcare spending on pharmaceutical drugs and injections along with increasing prevalence of chronic diseases is fueling the demand for syringes.
Social: Growing awareness about blood-borne diseases and benefits of using safety syringes are positively impacting the market size.
Technological: Development of prefilled syringes integrated with safety mechanisms and self-destruction features after single use are gaining traction.
Key Takeaways
The global Syringe Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases.
The Asia Pacific region is expected to be the fastest growing market for syringes during the forecast period. Presence of large patient pool, rising healthcare expenditure, and growing pharmacy market in emerging countries like India and China are contributing to the market growth in the region.
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, among others. Catalent Inc. is one of the leading syringe manufacturer focusing on developing prefilled syringes for biologics and pharmaceuticals. Terumo Corporation offers various types of syringes and safety syringes integrated with passive safety system.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
