Syringes Market to reach $32.39 billion by 2027, at CAGR of 9.6%
Pune, Maharashtra, India, February 17 2021 (Wiredrelease) Allied Analytics –:Rise in incidence of needle stick injuries, increase in awareness about smart syringes, and high-end technological advancements drive the growth of the global syringes market. However, high cost and unaffordability of safety syringes and alternative modes of drug delivery hider the growth to some extent. Nevertheless, rise in need for safety syringes in emerging countries is anticipated to usher a plethora of opportunities for the market players.
According to the report published by Allied Market Research, the global Syringes Market was pegged at $15.34 billion in 2019, and is anticipated to reach $32.39 billion by 2027, manifesting a CAGR of 9.6% from 2020 to 2027. North America accounted for approximately 41.9% of the global syringes market share in 2019, and is expected to remain dominant throughout the forecast period.
Syringes Market by Product (General Syringes, Specialized Syringes, and Others), Usage (Reusable and Disposable Syringes), Material (Glass and Polymer), and End Use (Hospitals, Diagnostic Centers, Speciality Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027.
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The market has witnessed disruptions in the manufacturing of syringes during the covid-19 outbreak, which in turn resulted in the shortage of syringe supply globally.
However, the demand for syringes is anticipated to skyrocket post covid. Also, with the regulations eased off the global syringes market is expected to recover soon.
The global syringes market is segmented into type, usage, material, end use, and region Based on product type, the market is categorized into general syringes, specialized syringes, and others. The specialized syringes segment held lion’s share in 2019, with more than two-thirds of the global syringes market share, and is expected to lead the trail by the end of 2027. Furthermore, the same segment is expected to portray the fastest CAGR of 10.0% from 2020 to 2027.
Key Findings Of The Study
By type, the specialized syringes segment held the largest market share in 2019, and is expected to remain dominant throughout the forecast period.
On the basis of usage, the disposable segment garnered the largest share in 2019, and is expected to continue this trend throughout the forecast period.
According to material type, the polymer segment exhibits the largest market share, and is estimated to grow at a CAGR of 10.0% from 2020 to 2027.
As per end user, the hospitals segment is expected to register a CAGR of 10.1%.Region wise, Asia-Pacific is expected to attain a CAGR of 10.8% during the forecast period.
The disposable syringes segment to lead the trail-
Based on usage, the disposable syringes segment contributed to 90% of the global syringes market revenue in 2019, and is expected to rule the roost by 2027. The same segment would also manifest the fastest CAGR of 9.8% throughout the forecast period. This is attributed to its role in reducing the risk of infection, which is high while using reusable syringes, and economical costs as compared to reusable syringes
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North America had the major share in 2019-
Based on geography, North America held the major share in 2019, garnering more than two-fifths of the global syringes market. This is due to increase in demand for advanced syringes, availability of well-developed healthcare infrastructure, and presence of major giants in the region. Simultaneously, the market across Asia-Pacific would exhibit the fastest CAGR of 10.8% from 2020 to 2027, owing to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare.
Based on geography, the global market is studied across numerous regions including Asia-Pacific, North America, Europe, and LAMEA. The market across North America held the major market share in 2019, with more than two-fifths of the global market. At the same time, the market across Asia-Pacific is expected to manifest the fastest CAGR of 10.8% from 2020 to 2027.
The key market players in the industry include Nipro Corporation (Nipro Medical Corporation), Retractable Technologies, Inc, Smith’s Group Plc, Terumo Corporation (Terumo Medical Corporation), B. Braun Melsungen AG, Becton, Dickinson and Company, Cardinal Health Inc, Gerresheimer AG, Hindustan Syringes and Medical Devices Ltd., and Medline Industries, Inc.
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