Global Syringes and Cannulas Market is expected to grow at a CAGR of 4.23% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Syringes and Cannulas Market by Product (Syringes, Cannulas), End User, Regions, and Global Forecast 2018-2025.
As per the report, the global syringes and cannulas market is expected to grow from USD 1,603.58 Million in 2017 to USD 2,234.27 Million by 2025, at a CAGR of 4.23% during the forecast period from 2018-2025. North America region emerged as the leader in the global market for the syringes and cannulas with 38.53% share of market revenue in 2017. However Asia Pacific region is expected to grow at the fastest CAGR of 6.43% over the forecast period.
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Major players in the global syringes and cannulas market are Abbott Laboratories, Becton, Dickinson and Company, B. Braun Melsungen, Medtronic PLC, Smith & Nephew, Terumo Medical Corporation, Conmed Corporation, Boston Scientific Corporation, Novo Nordisk AS, Ypsomed Holding AG, Johnson & Johnson, Artsana S.p.A., HTL-STREFA, UltiMed Inc., Allison Medical Inc., Edwards Lifesciences Corporation, erumo Corporation, Medtronic Plc, Gerresheimer among others. There is ongoing worldwide emphasis on the reducing the use of reused syringes. According to World Health Organization data use of unsafe syringes causes over 1.3 million deaths the world over each year. Thus to major players are increasingly focusing on single use syringes. For instance Becton, Dickinson and Company in 2015, announced the launch of the syringes that lock after use. Thus reducing the risk of infection from the reuse of the syringe.
Product segment is divided into syringes and cannulas. Syringes segment are fragmented into disposable and reusable syringes. Cannulas are categorized into arthroscopy cannula, cardiac cannula, dermatology cannula, nasal cannula, vascular cannula and other cannulas. Factors such as increasing preference for minimally invasive surgery, rapid drug delivery, and growing focus on the utilization of disposable syringes in order to prevent spread of infectious disease, led syringes segment to dominate the global syringes and cannulas market with a 64.51% share of revenue in 2017. End user is segmented into hospitals, diagnostics laboratories, clinics, nursing facilities and others. Hospitals segment emerged as the leading segment in the global syringes and cannulas market with a 48.93% share of revenue in 2017. This increased growth can be attribute to the growing access to the affordable first-aid medical the developing countries. Due to increasing government expenditure on strengthening the primary healthcare clinics in the developing economies around the world, the clinics segment is projected to grow at an accelerated CAGR of 6.73% over the forecast period.
Although the factors such as rising incidence of chronic diseases such as diabetes, kidney failure etc as well as increasing preference for minimally invasive surgeries are driving the global syringes and cannulas market. The threat of infection from the reused syringes and concerns related to improper disposal of syringes and cannulas are expected to present a major roadblock for the growth of the market.
About the report:
The global syringes and cannulas market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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