Preference for Injectable Drugs Spurring Demand for Retractable Syringes Market – Fact.MR Survey
The global syringes market was valued at USD 14.2 billion in 2020, and it is expected to reach USD 37 billion by 2031, projected to witness a CAGR of 10% during the forecast period 2021-2031.
As per the latest Fact.MR market research report, by 2022, the global market for syringes will have soared at 7.8% CAGR, procuring revenues worth more than US$ 16.5 Bn. Despite being invasive in nature, syringe based drug administration is emerging as the most preferred treatment alternative, attributed to the comparatively faster action time compared to oral drugs.
Supporting this notion, syringes continue to be a key product in the healthcare industry, offering optimum drug administration with minimal discomfort. The market is projected to expand 2.6x, surpassing a revenue of approximately US$ 37 Bn by 2031.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Retractable Syringes market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Retractable Syringes
The report offers actionable and valuable market insights of Retractable Syringes. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Retractable Syringes Market across various industries and regions.
This newly published and insightful report sheds light on Market Insights of Retractable Syringes, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Retractable Syringes Market.
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Key Segments Covered
- General Syringes
- Specialized Syringes
- Conventional Syringes
- Safety Syringes
- Retractable Syringes
- Other Syringes
- Disposable Syringes
- Reusable Syringes
- Glass Syringes
- Polymer Syringes
- Syringes for Hospitals
- Syringes for Blood Collection Centers
- Syringes for Diabetic Care Centers
- Syringes for Veterinary Care Centers
- Syringes for Other End Users
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The global syringes market is highly competitive in nature. The global reach of well-established market players and high capital investment for entering the market has created barriers for new market players. Leading market players are focusing their efforts on developing innovative products to strengthen their position in the global market and are adopting strategies like acquisitions and mergers.
- In January 2021, Aurobindo Pharma Limited announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Naloxone HCl Injection Prefilled Syringe 2 mg/2 mL.
- In April 2021, Nipro Pharmapackaging announced the launch of CURACASE needles. Each CURACASE needle is individually packed in a compact and smartly designed hard-plastic packaging that uses minimal space in secondary packaging when by-packed. Its smart design enables compatibility with feeders and automated pick-and-place systems.
In addition to this, rising demand for multifunctional syringes will also shape the dynamics of global syringes market in the future. By the end of 2022, the global market for syringes will have expanded at a robust CAGR of 7.8%, recording an estimated revenues of US$ 16.5 Bn. Following insights are excerpted from this report, which offers key projections on the growth of global syringes market during 2017-2022.
- Firstly, the report highlights that North America and the Asia-Pacific excluding Japan (APEJ) regions will be at the forefront of global syringes market expansion. The APEJ syringes market will witness highest growth, bringing in revenues over US$ 5.7 Bn by 2022-end.
- Active reforms in the healthcare infrastructure across the US and Canada are likely to remain profitable for syringes market. In 2017, more than US$ 2.5 Bn worth of syringes will be sold in North America, which will soar vigorously through the forecast period to reflect 8.5% CAGR.
- Japan, on the other hand, is expected to showcase a sluggish revenue growth for its syringes market, exhibiting a CAGR of 4.3%. The report also projects that Europe’s syringe sales will rise steadily, raking over US$ 4 Bn by the end of 2022.
- With increasing complexity in medical & surgical procedures, the demand for specialized syringes is expected to remain higher than that of general syringes. The report expects that a little less than 30% of the global syringes market value will be attained by the sales of specialized syringes. Nevertheless, this contribution will remain dominant compared to general syringes, the sales of which are likely to amass revenues over US$ 3.5 Bn by the end of forecast period.
- Over 80% of syringes sold in the global market over the forecast period will be disposable. With that said, the demand for reusable syringes will not be listless, as revenues from global sales of such syringes will reflect a steady growth at 6% CAGR.
- The report also highlights that over two-third volume of syringes expected to be sold in the world will be accounted by hospitals. While hospitals will be the largest end-users for syringes, the report also projects that 99.4% of the global syringes market revenues will be arising from sales of polymer syringes through 2022.
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Report Benefits & Key Questions Answered
- Retractable Syringes Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Retractable Syringes Historical volume analysis: The report provides a comparison of Retractable Syringes’s historical sales and projected sales performance for 2021-2031.
- Retractable Syringes Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Retractable Syringes market. It carefully gauges the impact of changing healthcare needs of key demographics globally
- Retractable Syringes Consumption by demographics: The report investigates consumer behavior affecting Retractable Syringes demand outlook for the assessment period. Effect of their keenness for digital trends on Retractable Syringes market is carefully analyzed
- Post COVID consumer spending on Retractable Syringes: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Retractable Syringes market growth.
More Valuable Insights on Retractable Syringes Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Retractable Syringes, Sales and Demand of Retractable Syringes, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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