Syringes Market Trends 2023: A High Potential for Growth Expected to Register a CAGR of 9.6% by 2027

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. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.

Key Takeaways:

Increasing demand for vaccines and drugs: The global syringes market is expected to grow significantly due to the increasing demand for vaccines and drugs worldwide. The COVID-19 pandemic has further accelerated the demand for syringes for vaccine administration.

Rising prevalence of chronic diseases: The prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases is increasing worldwide. This has led to an increased demand for syringes for drug delivery, including insulin and other medications.

Technological advancements: Technological advancements in the development of syringes have led to the production of more efficient and user-friendly devices. The development of auto-disable syringes has also increased the safety of healthcare workers and patients.

Government initiatives: Governments across the world are focusing on improving healthcare infrastructure and increasing the accessibility of medical devices, including syringes. This has led to increased adoption of syringes, especially in developing countries.

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Market Drivers:

Aging population: The global aging population has increased the demand for healthcare services, including drug delivery. This has led to an increase in demand for syringes, particularly for the delivery of drugs for chronic diseases such as diabetes and cancer.

Increase in healthcare expenditure: Rising healthcare expenditure, especially in emerging economies, has led to increased demand for medical devices, including syringes. This trend is expected to continue, leading to sustained growth in the syringes market.

Market Segmentation:

The syringes market can be segmented based on the following factors:

Product Type: The syringes market can be segmented into conventional syringes, safety syringes, and prefilled syringes. Safety syringes are further segmented into retractable and non-retractable syringes.

Material Type: The syringes market can be segmented based on the material used in manufacturing syringes, including glass and plastic syringes.

End User: The syringes market can be segmented based on end-user, including hospitals, clinics, ambulatory surgical centers, and home care settings.

Application: The syringes market can be segmented based on application, including vaccination, drug delivery, and blood specimen collection.

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Regional Growth Dynamics:

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.

Competitive Landscape:

• Becton, Dickinson and Company (BD)
• Gerresheimer AG
• SCHOTT AG
• Terumo Corporation
• Nipro Corporation
• West Pharmaceutical Services, Inc.
• Vetter Pharma International GmbH
• Catalent, Inc.
• Helvoet Rubber & Plastic Technologies BV
• AptarGroup, Inc.

Recent developments:

• Development of auto-disable syringes: Auto-disable syringes have gained popularity due to their safety features, preventing the reuse of syringes and reducing the risk of infections. Many manufacturers have developed innovative auto-disable syringes for mass immunization programs.
• Development of prefilled syringes: Prefilled syringes are becoming increasingly popular in the healthcare industry due to their convenience and accuracy in dosing. Many manufacturers are developing prefilled syringes for various medications, including biologics.
• Adoption of eco-friendly materials: The disposal of used syringes has become a major environmental concern. As a result, many manufacturers are adopting eco-friendly materials, such as glass and bio-based plastics, to reduce the environmental impact of syringes.

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VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives

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