GCC Syringes and Needles Market reflects a CAGR of around 8.8% over the forecast period 2021-2031
According to a recent study by Future Market Insights (FMI), the GCC syringes and needles market is expected to register high growth during the forecast period. The market is expected to grow from US$ 525.4 Mn in 2020 to over US$ 1.33 Bn by 2031. This reflects a CAGR of around 8.8% over the forecast period (2021-2031).
GCC countries have been prioritizing their healthcare sector owing to the increasing population along with a growing burden of geriatric population. There has been a significant increase in the prevalence of lifestyle disorders and other chronic non-communicable diseases in these countries.
This has resulted in the high demand syringes and needles as systems for accurate drug delivery for the treatment of various chronic ailments.
Government reforms and initiatives have been introduced to improve their healthcare systems and various changes have been made to improve the efficiency and quality of healthcare system in the countries. Favorable policies aimed at expansion of healthcare sector will present conducive environment for the growth of the market.
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According to an article published in the Saudi Medical Journal, the prevalence of diabetes was around 31.6% in the Kingdom of Saudi Arabia in the year 2017. Furthermore, increasing prevalence of other chronic diseases such as cardiovascular diseases, cancer, and other non-communicable diseases along with diabetes, which require long term care, contribute majorly in the increasing demand for disposable syringes and needles in these countries and will positively impact the market growth over the forecast period.
In February 2021, the Chairman of Department of Health, His Excellency Mohammed Al Hamed visited the Abu Dhabi Medical Devices company’s headquarters factory to oversee the efforts been taken to contribute to the COVID-19 pandemic since the company has made collaborations with various international organizations like UNICEF and COVAX to supply syringes and needles for the vaccination program worldwide.
Such developments not only strengthens the company’s existing portfolio but also help to increase their presence at the regional as well as global level, and helps companies to sustain the increasing competitive pressure. These developments are expected to favor growth of the GCC syringes and needles market.
Key Takeaways from GCC Syringes and Needles Study
- Hypodermic syringes and needles will remain the top-selling product in the market, accounting 87.6% of demand in 2021.
- By usability, the disposable syringes and needles will account for dominant share of 81.3% in the market in 2021.
- By material, the polymer syringes and needles are expected to register high demand. Sales in this category will grow by 8.9% during the forecast period.
- By end user, the hospital segment will account for 66.9% of the market share in 2021.
- By countries, Kingdom of Saudi Arabia (KSA) is anticipated to hold the largest share of 73.6% of the GCC syringes and needles market in 2021.
“In order to cater to surging demand, market players are eyeing for strategic collaborations. Besides this, they are investing in research and development initiatives to strengthen their product portfolio. This is expected to help in the growth of the market over the coming years,” said a lead FMI analyst.
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Who is winning?
Some of the leading manufacturers of syringes and needles market are focusing on product launch, collaboration and partnership strategies for global expansion objectives, thereby, enhancing their market presence.
- In June 2021, Becton, Dickinson and Company announced that they have received a huge order of 2 billion injection devices which would be used for the vaccination programs around the globe.
- In April 2019, B. Braun Medical Inc., announced the launch of their first FDA approved Heparin Sodium prefilled syringe injection which has attached safety needle for subcutaneous and intravenous use.
The key market players covered by FMI include Becton, Dickinson and Company, 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
Want more insights?
Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The GCC syringes and needles market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights into syringes and needles market. The syringes and needles market is segmented into two parts based on product (oral and hypodermic) based on usability (disposable and reusable) based on material (glass and polymer) based on end user (hospitals, blood collection centers, diabetic care centers, veterinary care centers, and others)and based on country ( KSA, UAE, Qatar, Bahrain, Oman and Kuwait).
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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