Demand for Nasal Cannula Is Increased, Owing To The Introduction Of Syringes With Automated Retraction Technology
Around 2 million people get infected with diseases such as HIV and hepatitis each year due to reusable syringes. Disposable syringes prevent the plunger being pulled back after an injection so that it cannot be used again. Thus, use of disposable syringes is gaining wide popularity in hospitals in every part of the world. Expected advantages are ensuring sterility and preventing the spread of infections from patient to patient. Parallel to this, there is also the need to improve disposal facilities at hospital. Across regions, demand for plastic-made syringes and cannulas is high, with a market share of close to 95%.
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The COVID-19 pandemic has affected the market quiet significantly. The pandemic has surged demand for syringes, which, in turn, has resulted in shortage of syringes. Currently, with the introduction of vaccines for COVID-19, demand for syringes has surged at an unprecedented rate. Many countries are focusing on carrying out vaccination drives, which is leading to the shortage of syringes. For instance, there is growing fear in Japan that millions of doses of the Pfizer vaccine purchased by the government could get wasted due to shortage of special syringes that maximize the number of shots from each vial. Thus, the pandemic is putting great pressure on manufacturers to ramp up the production of syringes.
“The outbreak of COVID-19 and introduction of vaccines into the market are surging demand for syringes and cannulas,”says a Fact.MR analyst.
Key Takeaways from Market Study
- By product, syringes dominate with a market share of more than 90%, and will further observe a rise in market share during the forecast period.
- Plastics will dominate the market contributing maximum revenue share.
- Hospitals will account for bulk of the demand through 2030, with more than 35% of market share.
- North America holds the highest market share due to initiatives taken up through various exchange programs that spread awareness and distribute clean needles and syringes.
- The market for syringes and cannulas is projected to progress at a healthy CAGR of more than 6% in China and India.
Market statistics as well as information linked to the macro- as well as micro-economic variables affecting the business scenario in the market are also included in the current study. Depending on potential developments in the syringes and cannulas market, substantive insights are also encountered in this report. Additionally, by virtue of the data submitted in this report, minor companies and new entrants in the industry can be aided in making suitable company choices to achieve traction in the market.
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Key Market Segments
Fact.MR’s study on the syringes and cannulas market offers information divided into four important segments – product, material, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
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Key Questions Answered in Report
- Which regions will continue to remain the most profitable regional markets for syringe and cannulas?
- Which factors will induce a change in the demand for syringe and cannulas during the assessment period?
- How will changing trends impact the market?
- How can market players capture the low-hanging opportunities in developed regions?
- What are the winning strategies of stakeholders to upscale their position in this landscape?
- What are the restraints that investors need to be aware of and might tackle while investing in the market?
- What are the developmental trends that will impact the market?
- How can businesses in the market avail growth the opportunities in developed and emerging sectors?
- What will be the Impact of the COVID-19 pandemic on the syringes and cannulas market?
Manufacturers Aiming to Strengthen their Position through Acquisitions
Leading manufacturers of medical supplies are focusing on acquisitions and collaborations in order to upsurge their product portfolios and expand their regional presence. This will provide improved patient care while optimizing clinical and economic outcomes.
- For instance, in January 2019, Cardinal Health announced the acquisition of Mirixa Corporation, a leading organization developing solutions for medication therapy management.
- In August 2020, B. Braun Medical Inc. and Kerma Medical Product, Inc. announced a collaboration to develop and improve healthcare products and services.
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