Rising demand for insulin syringes, due to increase in prevalence of diabetes, is a key factor driving market revenue growth
The global insulin syringes market size is expected to reach USD 2.69 Billion in 2030 and register a revenue CAGR of 6.9% over the forecast period, according to latest report by Reports and Data. Rising demand for insulin syringes, due to increase in prevalence of diabetes, is expected to drive market revenue growth during the forecast period. Increasing expenditure on healthcare facilities and medicine is also expected to drive revenue growth of the market over the forecast period. Rising prevalence of diabetes and increasing number of patients suffering from it have considerably increased healthcare spending for treatment. In the past few years, healthcare expenditure rose to almost 3.50 trillion only in the US and is expected to rise further during the forecast period.
However, rising popularity of insulin pens is expected to hamper market revenue growth during the forecast period. Insulin pens, as compared to insulin syringes, require lesser steps for insulin administration, and most of them come pre-filled with insulin. Therefore, the user just needs to adjust the dosage and inject the insulin. On the other hand, insulin syringes require a better skill set, and chances of mistakes are also high. Majority of diabetes patients have found the use of insulin pens more convenient than conventional syringes. They are easier to use and less painful, which is increasing demand for insulin pens, and this is expected to restrict revenue growth of the global insulin syringes market.
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Some Key Highlights in the Report
- The 3/10 cc syringe (0.3 ml) segment is expected to account for largest revenue share over the forecast period. These syringes can hold up to 30 units of insulin and are calibrated in units to avoid any dosage error. Rising prevalence of diabetes and obesity globally, and increasing use of 0.3 ml syringes by patients for injecting insulin are expected to drive revenue growth of this segment during the forecast period.
- Type-2 diabetes segment is expected to account for largest revenue share in the global insulin syringes market between 2022 and 2030. A major percentage of diabetes patients suffers from type-2 diabetes, which was earlier common only among adults, but nowadays, younger children are also being diagnosed with type-2 diabetes. Type-2 diabetes, in most cases, is diagnosed after a long time of onset, which necessitates immediate treatment. This is expected to drive revenue growth of the segment over the forecast period.
- North America insulin syringes market is expected to account for largest revenue share during the forecast period. The US contributed significantly to revenue growth of the North America market, as there is rapid increase in obesity and adoption of unhealthy lifestyles in the country. Supportive government initiatives to prevent and reduce diabetes and other chronic diseases in Canada and Mexico have also contributed to market revenue growth and is expected to continue to do so in the near future.
- Companies profiled in the global market report include Nipro Medical Corporation, Biocon Ltd., Terumo Corporation, Cardinal Health Inc., Novo Nordisk A/S, Abbott Laboratories, Becton, Dickinson and Company, Hindustan Syringes and Medical Devices Ltd., Teleflex, and Braun Melsungen.
- In January 2020, Novo Nordisk A/S announced that they got approval from Food and Drug Administration (FDA) for Fiasp, the mealtime insulin for children suffering from diabetes. This initiative was taken to treat and prevent diabetes in younger population.
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For the purpose of this report, Reports and Data has segmented the global insulin syringes market based on size, disease, end-use, and region:
Size Outlook (Revenue, USD Billion; 2019-2030)
- 3/10 cc syringe (0.3ml)
- ½ cc syringe (0.5ml)
- 1 cc syringe (1ml)
Disease Outlook (Revenue, USD Billion; 2019-2030)
- Type-1 Diabetes
- Type-2 Diabetes
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Hospitals & Clinics
- Homecare
- Nursing Homes
- Others
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Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2019–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
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- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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