GCC Syringes And Needles Market to Find Better Growth with US$ 961.7 Million By 2027 | CAGR: 9.8%: Coherent Market Insights
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There are several types of syringes, which include luer lock, luer slip, catheter tips, and insulin syringe. The most common application of syringe is to deliver injections into the body. Syringes are available in different sizes such as 30 cc, 20 cc, and 10 cc.
GCC syringes and needles market was valued at US$ 434.6 Mn, in terms of value in 2018 and is expected to reach US$ 961.7 Mn by the end of 2027.
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GCC Syringes and Needles Market: Drivers
The rising prevalence of infectious diseases and the proportion of patients linked to care are the factors that are expected to propel demand for disposable single use syringes and needles, thereby expected to propel growth of the GCC syringes and needles market over the forecast period. For instance, according to the study, ‘The cascade of HIV care in Oman, 2015–2018: A population-based study from the Middle East’, published in the International Journal of Infectious Diseases in September 2019, the estimated number of people living with HIV in Oman was 3,030 and the proportion of patients linked to care increased from 72.6% in 2015 to 95.6% in 2018.
GCC Syringes and Needles Market: Opportunities
Moreover, availability of new drugs in the form of prefilled syringes is expected to offer lucrative growth opportunities for players operating in the GCC syringes and needles market. Currently, over 100 drugs and vaccines are available in prefilled syringes across different therapeutic classes.
GCC Syringes and Needles Market: Restraints
However, increasing R&D and launches of needle-free injectors are the factors that are expected to hamper growth of the market over the forecast period. For instance, in December 2019, Nephron Pharmaceuticals Corporation partnered with National Medical Products Inc., a developer of J-Tip Needle Free Injector, to provide patients quality care through virtually pain-free anesthetic.
Among product type, hypodermic segment was valued at US$ 381.5 Mn in 2018 and is expected to reach US$ 873.2 Mn by 2027, exhibiting a CAGR of 9.8% during the forecast period. The growth of the segment is attributed to factors such as bypassing of gastrointestinal tract, and direct access of drug in to the blood circulatory system.
On the basis of usability, disposable segment accounted for major market share of 80.2%, in terms of value, in 2018, followed by reusable segment. The segment growth is attributed to low cost of disposable syringes and needles compared to reusable syringes, as well as, sterilization of the same is not necessary as they can be easily replaced with new syringes and needles.
On the basis of material polymer accounted for major market share of 97.3%, in terms of value, in 2018, in terms of value, followed by glass segment. The segment growth is attributed to advantages offered by polymer such as durability, no breakage, and can be manufactured in different color patterns.
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Adoption of safety syringes is increasing attributed to increasing awareness among populace, about the benefits offered by safety syringes and needles over conventional syringes and needles. Safety syringes have a safety mechanism build into the syringes such as luer lock, sheath over the needles, needle cappers, splatter effect in syringes and automated plunger.
Major players in the market are focusing on adopting strategic partnerships. For instance, in May 2019, Nipro Corporation announced its plans to invest US$ 21 million in JMI Syringes to become its strategic partner.
GCC Syringes and Needles Market: Competitive Landscape
Key players operating in GCC syringes and needles market include Becton, Dickinson and Company (BD), Nipro Corporation, Baxter International Inc., B. Braun Melsungen AG, Terumo Corporation, Medtronic plc., Smiths Group plc., Abu Dhabi Medical Devices Company, SAAPP (FZC) LLC., and IBN Sina Medical Factory.
GCC Syringes and Needles Market: Key Developments
- August 2019: Morimoto Pharma launched new prefilled syringe product, the Morimoto S.A.F.E. Syringe Kit
- August 2018: Credence MedSystems raised US$ 12.8 million in financing through a series B round for expanding manufacturing of its injectable drug delivery devices
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