Insulin Syringes Market To Reach USD 6.89 Billion By 2027
The rising occurrence of diabetes is one of the major factors expanding the market growth for insulin syringes.
Market size: USD 3.69 billion in 2019,
Market growth: CAGR 8%,
Market trends: rise in the number of the elderly population.
The global insulin syringes market is expected to drive the market from USD 3.69 billion in 2019 to USD 6.89 billion by 2027, with a CAGR of 8% through the forecast period.
A major factor driving the demand for the insulin syringes market is the rise in health expenses. In 2017, health expenditures in the US rose by approximately 4% to USD 3.50 trillion. The rising prevalence of diabetes in the U.S results in an increase in healthcare spending for the treatment required for diabetes. According to a report published in 2016, diabetes spending has increased from USD 37 billion in 1996 to USD 101 billion in 2013.
A substantial number of obese population, alterations in the lifestyle and changes in the eating habits, adequate healthcare facilities are some of the factors leading to the increase in the number of diabetic patients altogether. Advances in technology and favorable government policies are fueling the market for insulin syringes.
Another key factor driving the market development is the increase in the geriatric population. Around 16% of the population worldwide is expected to be above the age of 65 years by 2050, which is expected to rise fivefold since 1950. Due to this, the occurrence of target diseases like chronic diseases is predicted to grow and in return, boost the product demand.
Complications associated with diabetes, societal costs, and deaths have been rapidly growing across the globe. The CDC declared diabetes as the 7th leading cause of death in the U.S. as of 2019.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/insulin-syringes-market
Key findings in the report:
- In 2019, 3/10 cc syringes held a considerable share of the insulin syringes market in the product type segment.
- Based on the usage, disposable syringes are expected to rise during the foreseen period at a CAGR of 7.7%. The key advantage of using these syringes is that there least chances of contamination as the syringe is disposed of immediately after use.
- Based on end-user, the hospital and clinics segment accounted for the highest market share by 2019 and is assumed to grow at a 7.6% CAGR during the projected period.
- The high market share is attributed to well-resourced operation and diagnostic rooms, higher buying power, availability of highly skilled doctors and healthcare professionals, improved hospital-based healthcare coverage.
- The insulin syringes are in tremendous use among diabetic patients for convenient diabetes management and around 40% of the patients inject insulin through these syringes.
- In 2019, the regional market for insulin syringes was dominated by North America and is expected to increase rapidly during the projection period. This is mainly due to the advanced technology in this region and new product launches by leading market players.
- The Asia Pacific market is expected to witness rapid growth at a CAGR of 9.5% during the projection period due to the rising awareness of diabetes, medical treatments, and diabetic care, growing scope of research and development. The rapidly increasing diabetic population and increasing acceptance of insulin administration are predicted to propel the market growth in the APAC region.
- In September 2019, a leading industry player, Novo Nordisk announced its partnership with Medtronic to provide integrated digital solutions for people affected with diabetes. Along with the drug delivery devices, they are planning to introduce a disposable, prefilled injection solution.
Key participants in the insulin syringes market:
- Becton, Dickinson and Company
- Abbott Laboratories
- Novo Nordisk
- Braun Melsungen AG
- Medtronic PLC
- Ypsomed AG
- Medline Industries Inc.
- Cardinal Health Inc.
- Nipro Medical Corporation
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For the purpose of this report, Reports and Data has segmented the global insulin syringes market on the basis of product type, usage, end-user, and region:
Product Type Outlook (Revenue, USD Million; 2017-2027)
- 1 cc Syringe
- 1/2 cc Syringe
- 3/10 cc Syringe
Usage Outlook (Revenue, USD Million; 2017-2027)
- Prefilled Syringe
- Disposable Syringe
- Reusable Syringe
End-User Outlook (Revenue, USD Million; 2016-2027)
- Homecare Settings
- Hospitals & Clinics
Regional Outlook (Revenue, USD Million; 2017-2027)
Middle East & Africa
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