With growing preference for parenteral drug administration, the sales of syringes are poised to rise by 2.6X, with market valuation surpassing US$ 37 Bn by 2031.
The swift growth of syringes market can be attributed to the increasing incidence of chronic diseases, rising demand for invasive medical treatments, increasing usage of self-administration drugs and faster action time of syringe-based drug administration.
Rapidly increasing population creates huge demand for immunization vaccines. According to the World Health Organization (WHO), around 83% infants were vaccinated with 3 doses of DTP containing vaccine in 2020. This resulted in the surge of syringe sales.
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The outbreak of COVID-19 has caused the demand for syringes to skyrocket in a short period. Millions of vaccines were administered around the world between 2020 and 2021 to contain the virus and the practice is likely to continue in the near future. Fact.MR predicts this trend to manifest into impressive scope for expansion for the market, facilitating growth at 10% CAGR between 2021 and 2031.
Disposable syringes segment will remain dominant during the forecast period. Due to diseases transmission concerns, disposable syringes are more preferred than their reusable counterparts. Fact.MR forecasts that the segment to account for more than 80% of total sales in the market by 2031. Europe leads the global syringes market as a result of the presence of a highly developed healthcare sector, rising geriatric population, and high prevalence of chronic diseases.
“Advanced product launches with ecofriendly features will remain key strategy among manufacturers aiming for competitive edge. Overall, the market is expected to be driven by the rising usage of self-administration drugs,” says the Fact.MR analyst.
Key Takeaways from Syringes Market Survey
- The U.S. is projected to be the most lucrative market for syringes across North America. The U.S. market generated more than US$ 2.5 Bn revenue during 2020.
- With rapidly increasing population and increasing patient pool, Asia is expected to emerge as the most lucrative market. The region is set to generate incremental opportunity of more than US$ 5.7 Bn by 2022 end.
- Based on end user, hospitals will continue to lead the market, accounting for more than 2/3rd of total syringes sales.
- Disposable syringes segment is expected to hold command over the global market, accounting for 80% revenue generated during the forecast period.
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- Increasing prevalence of chronic diseases is primarily driving the syringes market
- Rapidly rising population creates huge demand for syringes.
- Preference for drug administration through syringes as a result of faster action time is positively impact the market.
- COVID-19 pandemic generated huge demand for syringes and the trend is likely to continue.
- Technological advancement in syringes will create lucrative opportunities for the manufacturers in the future.
Key players operating in the syringes market are focusing on expanding their product portfolio. Theya are adopting various growth strategies such as new product launches, mergers and acquisitions to strengthen their position in the global market.
- In January 2021, Aurobindo Pharma Limited received final approval from the US Food & Drug Administration to manufacture and market Naloxone HCL injection prefilled syringe 2mg/2ml.
- In June 2021, Hindustan syringes and Medical Devices Ltd. (HMD) launched single-use Dispojekt safety needles to prevent injuries.
Some of the prominent players operating in the Syringes market profiled by Fact.MR are:
- Becton, Dickinson and Company
- B. Braun Melsungen AG
- Gerresheimer AG
- Hindustan Syringes & Medical Devices Limited
- Terumo Corporation
- Nipro Corporation
- Schott AG
- Medtronic Plc.
- Smith’s Group Plc.
- Codan Medizinische Geräte GmbH & Co Kg.
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Segmentation of Syringes Industry Research
- General Syringes
- Specialized Syringes
- Conventional Syringes
- Safety Syringes
- Retractable Syringes
- Other Syringes
- Disposable Syringes
- Reusable Syringes
- Glass Syringes
- Polymer Syringes
- Syringes for Hospitals
- Syringes for Blood Collection Centers
- Syringes for Diabetic Care Centers
- Syringes for Veterinary Care Centers
- Syringes for Other End Users
Key Questions Covered in the Syringes Sales Outlook Report
- The report offers insight into syringes demand outlook for 2021-2031
- The market study also highlights projected sales growth for syringes market between 2021 and 2031
- Syringes market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Syringes market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Check out more related studies published by Fact.MR Research:
Prefilled Syringes Market– Pre-filled syringes have emerged as one of the fastest-growing options for unit dosage medicine as the pharmaceutical industry investigates innovative and more convenient drug delivery technologies. During the projected period, revenues in the prefilled syringes business are expected to rise. The need for prefilled syringes is likely to increase considerably more during the next decade.
Syringes and Cannulas Market– As the incidence of infectious diseases and communicable disorders rises, demand for disposable and reusable syringes is predicted to rise. The number of vaccination drives sponsored by government and non-government groups has increased significantly, resulting in increased demand for syringes and cannulas. In addition, the growing number of medical operations that require cannulas is predicted to boost demand.
Single-Use Syringe Market– Single-Use Syringe is being driven by an increase in the prevalence of chronic diseases, higher healthcare spending, expanding lifestyle-related ailments, and other crucial considerations. In hospitals, clinics, and pathological laboratories, the expanding number of patients visiting hospitals and clinics, as well as the need to collect blood samples for various tests, are projected to fuel demand for reuse prevention syringes.
Chromatography Syringes Market – The global chromatography syringes market was valued at around US$ 73.75 Million in 2021, which amounts to close to 1% share of overall chromatography instrument demand. Sales of chromatography syringes are projected to accelerate at a CAGR of 6% to top US$ 140 Million by 2032.
Dual Chamber Prefilled Syringes Market – The global dual chamber prefilled syringes market is projected to grow at a CAGR of 8.7% during the forecast period, 2017 to 2026, according to a new study of Fact.MR. Roughly US$ 3,300 Mn worth of dual chamber prefilled syringes are likely to be sold across the globe by 2026-end.
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