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Sep 22, 2023

Syringe Market Share Analysis, Future Growth Insights, Size Is Projected to Reach US$ 25,498.0 Million at a CAGR of 8.0% by 2030

May 29th, 2023 Coherent Market Insights Releases

May 29th, 2023 Coherent Market Insights Releases

The global syringe market was estimated to be worth US$ 14,839.3 Mn in 2021 and is anticipated to grow by 8.0% CAGR to US$ 25,498.0 Mn by 2028. Due to the increased frequency and incidence of chronic diseases worldwide as well as syringe technology developments, the global syringe market is expanding rapidly. Moreover, a rising senior population and greater public awareness are anticipated to promote market expansion. The global syringe market is likely to grow, although factors including the availability of alternative drug delivery techniques and the rise in the number of needle-stick injuries are predicted to slow it down.

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Regional Insights on the World Syringe Market

The global syringe market is divided into five regions based on geography: North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Due to the rising prevalence of chronic diseases and rising geriatric population in the region, North America is anticipated to obtain the largest market share among all other regions over the course of the projection year. For instance, an increase in the usage of syringes, particularly disposable syringes, is a result of the frequency of chronic diseases. The major causes of death and disability in the United States, according to the Centers for Disease Control and Prevention (CDC), are chronic diseases like diabetes, cancer, and heart disease. One or more chronic diseases, such as diabetes, cancer, heart disease, and stroke, affect six out of ten Americans.

Due to the region's growing use of safety syringes and increased prevalence of chronic diseases, Asia Pacific is also anticipated to experience rapid expansion in the global syringe market. For example, non-communicable diseases, such as cancer, are becoming significant public health issues in India, which is predicted to raise the need for syringes in the country. The Indian Council for Medical Research (ICMR) predicts that from 26.7 million in 2021, there will be 29.8 million cancer patients in India by 2025.

Drivers of the global syringe market:

Over the projected period, it is anticipated that the prevalence and incidence of chronic diseases would increase globally. For instance, when the frequency or prevalence of chronic diseases increases globally, more people are using syringes, particularly disposable syringes. According to the World Health Organization (WHO), cancers come in second with 9.3 million fatalities per year, followed by chronic respiratory disorders with 4.1 million deaths, and cardiovascular diseases with 17.9 million deaths (2.0 million including kidney disease deaths caused by diabetes).

Over the course of the forecast period, technological developments in syringes are anticipated to drive the growth of the global syringe market. For example, Becton, Dickinson and Company (BD) announced the introduction of the next-generation glass prefillable syringe (PFS) in September 2022. This PFS sets a new performance standard for vaccine PFS with new and tighter specifications for processability, cosmetics, contamination, and integrity. In addition, the BD EffivaxTM Glass Prefillable Syringe was developed in consultation with top pharmaceutical firms to suit the intricate and constantly changing requirements of vaccine manufacture.

Global Syringe Market Opportunities:

The worldwide syringe industry is likely to offer considerable growth potential as the use of injectable medications spreads across the globe. For instance, prefilled syringes are increasingly popular because of their high level of accuracy and user-friendliness. Prefilled syringe (PFS) version of succinylcholine chloride injection, USP, was introduced by Hikma Pharmaceuticals PLC in October 2022. In the US, the 100mg/5mL PFS has been introduced. Hospitals utilise a drug called succinylcholine chloride to induce general anaesthesia, make tracheal intubation easier, and relax muscles during operations or mechanical breathing.

Global elderly population rise is anticipated to present profitable growth prospects for syringe market participants. For instance, ageing raises the risk of chronic diseases, and as the number of elderly people increases, so too does the demand for syringes. Around 85% of older persons have at least one chronic health issue, and 60% have at least two, according to the Centers for Disease Control and Prevention (CDC). Moreover, almost 70% of Indian seniors suffer from a chronic condition. For market participants, this should present profitable expansion potential.

Global Syringe Market Trends:

Due to an increase in the prevalence and incidence of chronic diseases, prefilled syringe use has recently increased in the global syringe market. Prefilled syringes are safer to use because of their high level of precision. Due to the rising prevalence and incidence of chronic diseases worldwide, the usage of injectable medications has increased. The global syringe market is anticipated to develop as a result of this trend throughout the forecast period.

Also, the global pandemic known as COVID-19 has increased the use of disposable syringes everywhere. Disposable syringe use has increased globally as a result of the surge in COVID-19 cases and the corresponding quick rise in demand for safe and effective COVID-19 vaccination. The global syringe market is anticipated to increase as a result of this tendency throughout the course of the forecast period.

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Restraints on the global syringe market:

Over the forecast period, the presence of alternative drug delivery systems is anticipated to restrain the growth of the worldwide syringe market. For instance, injections are more successful than pills, but there are numerous ways to administer medications, including transdermal, cutaneous, nasal, oral, rectal, buccal, sublingual, vaginal, otic, and many others. The growth of the worldwide syringe market is hence anticipated to be hampered by this.

Throughout the forecast period, an increase in the number of needle-stick injuries is anticipated to restrain the growth of the worldwide syringe market. For instance, it is well known that needle-stick injuries can happen frequently and seriously in healthcare settings. Needles that mistakenly puncture the skin might result in needle-stick wounds. This in turn is limiting the market's expansion.

Syringe market segmentation globally:

The Use, Application, and Geography segments make up the global syringe market study.

The syringe market is divided into three categories based on usage: sterilizable/reusable syringes, disposable syringes, and prefilled syringes. Of of these, the disposable syringes segment is anticipated to lead the worldwide syringe market throughout the course of the forecast period. This development is due to the global COVID-19 outbreak. The use of disposable syringes has increased as a result of the COVID-19 (global pandemic) outbreak.

The Prefilled Syringes Segment is also anticipated to have considerable growth in the near future due to the rise in chronic illness prevalence worldwide. The usage of prefilled syringes has increased globally as chronic illness prevalence has increased.

The market is divided into Insulin Syringes, Botox, Osteoarthritis, Human Growth Hormone, and Other Applications based on Application. Due to the rising prevalence of diabetes worldwide, the Insulin Syringes Segment is anticipated to dominate the market throughout the course of the forecast period. Diabetes patients receive their specified dose of insulin through the use of insulin syringes.

Based on application, the market is segmented into Insulin Syringes, Botox, Osteoarthritis, Human Growth Hormone, and Other Uses. The Insulin Syringes Segment is predicted to rule the market for the duration of the forecast period due to the rising prevalence of diabetes worldwide. Insulin syringes are used to administer the prescribed amount of insulin to diabetic patients.

Global Syringe Market: Key Developments

The UniSafe 1mL safety device for pre-filled syringes was authorised by Owen Mumford Pharmaceutical Services as a combination product in Asia in January 2022.

Becton, Dickinson and Company (BD) said in June 2021 that it has received pandemic orders for 2 billion injectable devices in syringes and needles to aid with global COVID-19 immunisation efforts.

The Japanese company Morimoto Pharmaceuticals introduced the Morimoto S.A.F.E. Syringe Kit in August 2019. (Smart Accident prevention, Fast & Easy).

Global Syringe Market: Key Companies Insights

The syringe market is quite cutthroat. This can be linked to the rise in the use of injectable medications, and as a result, market participants are concentrating on creating and releasing fresh products to fulfil rising demand.

Hindustan Syringes & Medical Devices Limited, B. Braun Melsungen AG, Gerresheimer AG, Cardinal Health, Codan Medizinische Geräte GmbH & Co. KG, Smiths Medical Inc., Nipro Corporation, Schott AG, Terumo Corporation, Becton, Dickinson and Company, Catalent Inc. are a few of the major companies in the global syringe market.

*Definition :A syringe is a medical tool that can be used to inject or remove fluid from the body. The tube with a plunger that typically connects to a needle is known as a syringe. Syringes are frequently used to give injections, administer intravenous therapy, draw or measure liquids, and apply substances like adhesive or lubricant..

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Table of Contents with Major Points:

Executive Summary

Market Overview

Key Insights

Qualitative Insights Impact of COVID-19 on Global Syringe Market

Conclusion

Appendix

TOC Continued…!

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