Syringes Market Size to Grow at a CAGR of 8.5% During the Forecast Period 2020–2025

Syringes Market size in 2019 is estimated to be $14.21 billion, growing at a CAGR of 8.5% during the forecast period 2020-2025. Syringes are medical devices that used to inject or withdraw fluid into or out of the body. A medical syringe is incorporated with a needle attached to a hollow cylinder that is fitted with a sliding plunger. Syringes are made up of metal or glass and plastics. Plastics syringes are disposable they are used only for single use and glass or metal syringes can be reused after sterilization. Increasing prevalence of cardiovascular diseases and chronic diseases such as diabetes and infectious diseases coupled with growing rising geriatric population are the major factors driving the growth of the market, as the number of diagnostic tests and treatments are increasing for these diseases. Moreover, rising demand for vaccines and growing healthcare expenditure further enhance the overall market during the forecast period 2020-2025.

Syringes Market Segment Analysis - By Product Type

Based on the Type, Syringes Market is segmented into General, Specialized and Smart Syringes. The smart syringes segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 7.3% during the forecast period 2020-2025. This is mainly owing to accurate delivery of the fluid and also reduced chance of transfer of contaminants or disease causing germs.

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Syringes Market Segment Analysis - By Material

Based on the material, Syringes Market is segmented into Glass Syringes, Plastic Syringes. In 2019, Plastic Syringes hold the largest share in the Syringes market. This is mainly owing to it being cost effective and more durable than glass syringes. Moreover, the rising adoption of self- administered treatments is also contributing to the growth of this segment. Also, these syringes are used for single use and help reduce the risk of infections and other diseases.

Syringes Market Segment Analysis - By Geography

North America dominated the Syringes market share accounting for 39% of the market in 2019. This is mainly owing to increasing prevalence of chronic diseases such as heart disease, cancer and diabetes. According to, Centers for Disease Control and Prevention (CDC), six in ten Americans live with at least one chronic disease such as heart disease, cancer or diabetes.
However, the Asia-Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing technological advancement coupled with rising expenditure on healthcare

Syringes Market Drivers

Increasing prevalence of chronic diseases

Increasing prevalence of chronic diseases such as heart disease, cancer or diabetes, cardiovascular diseases and infectious diseases are driving the growth of Syringes market. According to International Diabetes Federation, in 2019, Approximately 463 million adults are living with diabetes globally and caused 4.2 million death annually. Moreover, rising geriatric population is also set to drive the market. The rise in number of patients and elderly population prone to chronic diseases have increased the number of tests being performed and associated treatments being performed. This leads to rise in the demand and use of syringes.

Growing Technological Advancement

Growing technological advancement coupled with rising demand for vaccines are some factors driving the growth of the market. In recent, many pharmaceutical companies are focused on to bring advancement in self-administration therapies. Recent research at MIT has developed a simple, low-cost technology that can administer viscous drug formulations that are usually not injectable with traditional syringes.

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Syringes Market Challenges

The, increasing incidence of needle stick injuries and infections are restraining the market growth during the forecast period 2020-2025. Patients are concerned about the sterility of syringes when using them for self-administration therapies. Moreover, the people regularly using needles such as laboratory workers are concerned of injuries and infections.

Syringes Industry Outlook

Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Syringes Market. Syringes top 10 companies are Smiths Medical, Cardinal Health Inc., Becton Dickinson and Company, Hindustan Syringes & Medical Devices Limited, Nipro Corporation, Gerresheimer AG, Schott AG, Catalent Inc., Biocon, Bayer AG.

Acquisitions/Product Launches:

In August 2019, Ipsen, a French pharmaceutical company has launched new pre-filled syringe for Somatuline Autogel. The syringe is now available for treatment of adult patients with gastroenteropancreatic neuroendocrine tumours (GEP-NETs).
In 4 September 2019, Hikma Pharmaceuticals PLC, multinational pharmaceutical company has launched new prefilled syringe capability in the US.

Key Takeaways

In 2019, North America dominates the Syringes Market owing to increasing prevalence of chronic diseases in this region such as heart disease and stroke, cancer, or diabetes.

Increasing technological advancement of syringes is driving the market growth of Syringes.

Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Syringes Market report.

Increase in number of needle stick injuries and infections are challenging the growth of the market.

Related Reports :

A. Disposable Medical Devices Market

https://www.industryarc.com/Report/7359/Disposable-Medical-Devices-Market-Research-Report.html

B. GCC Syringes And Needles Market

https://www.industryarc.com/Research/GCC-Syringes-And-Needles-Market-Research-504254

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