Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact.MR analysis, the global syringes market is set to register a CAGR of 7.8% in 2021, reaching a valuation of US$ 16.5 Bn by 2021 end.
Disposable Polymer Syringes to Remain Top Choice for Drug Delivery, Accounting for Over 80% of Syringes Sales through 2031
A Fact.MR survey on syringes market offers detailed analysis on growth drivers and trends affecting demand in terms of product type, usability, material and end user. It also highlights various strategies adopted by key market players to gain a competitive edge in the syringes market.
Fact.MR – A Market Research and Competitive Intelligence Provider: As per latest Fact.MR analysis, the global syringes market is set to register a CAGR of 7.8% in 2021, reaching a valuation of US$ 16.5 Bn by 2021 end.
With growing preference for parenteral drug administration, the sales of syringes are poised to rise by 2.6X, with market valuation surpassing US$ 37 Bn by 2031.
The swift growth of syringes market can be attributed to the increasing incidence of chronic diseases, rising demand for invasive medical treatments, increasing usage of self-administration drugs and faster action time of syringe-based drug administration.
Rapidly increasing population creates huge demand for immunization vaccines. According to the World Health Organization (WHO), around 83% infants were vaccinated with 3 doses of DTP containing vaccine in 2020. This resulted in the surge of syringe sales.
Request a report sample to gain compressive insights at
https://www.factmr.com/connectus/sample?flag=S&rep_id=59
The outbreak of COVID-19 has caused the demand for syringes to skyrocket in a short period. Millions of vaccines were administered around the world between 2020 and 2021 to contain the virus and the practice is likely to continue in the near future. Fact.MR predicts this trend to manifest into impressive scope for expansion for the market, facilitating growth at 10% CAGR between 2021 and 2031.
Disposable syringes segment will remain dominant during the forecast period. Due to diseases transmission concerns, disposable syringes are more preferred than their reusable counterparts. Fact.MR forecasts that the segment to account for more than 80% of total sales in the market by 2031.
Europe leads the global syringes market as a result of the presence of a highly developed healthcare sector, rising geriatric population, and high prevalence of chronic diseases.
“Advanced product launches with ecofriendly features will remain key strategy among manufacturers aiming for competitive edge. Overall, the market is expected to be driven by the rising usage of self-administration drugs,” says the Fact.MR analyst.
Key Takeaways from Syringes Market Survey
- The U.S. is projected to be the most lucrative market for syringes across North America. The U.S. market generated more than US$ 2.5 Bn revenue during 2020.
- With rapidly increasing population and increasing patient pool, Asia is expected to emerge as the most lucrative market. The region is set to generate incremental opportunity of more than US$ 5.7 Bn by 2022 end.
- Based on end user, hospitals will continue to lead the market, accounting for more than 2/3rd of total syringes sales.
- Disposable syringes segment is expected to hold command over the global market, accounting for 80% revenue generated during the forecast period.
Key Drivers
- Increasing prevalence of chronic diseases is primarily driving the syringes market
- Rapidly rising population creates huge demand for syringes.
- Preference for drug administration through syringes as a result of faster action time is positively impact the market.
- COVID-19 pandemic generated huge demand for syringes and the trend is likely to continue.
- Technological advancement in syringes will create lucrative opportunities for the manufacturers in the future.
Key Restraints
- Environmental concerns emerging as a result of syringe waste might negatively impacts the market to some extent.
- Rise is needle stick injuries also restraints the market.
To gain in-depth insights on Syringes Market, request methodology at
https://www.factmr.com/connectus/sample?flag=RM&rep_id=59
Competitive Landscape
Key players operating in the syringes market are focusing on expanding their product portfolio. Theya are adopting various growth strategies such as new product launches, mergers and acquisitions to strengthen their position in the global market.
- In January 2021, Aurobindo Pharma Limited received final approval from the US Food & Drug Administration to manufacture and market Naloxone HCL injection prefilled syringe 2mg/2ml.
- In June 2021, Hindustan syringes and Medical Devices Ltd. (HMD) launched single-use Dispojekt safety needles to prevent injuries.
Some of the prominent players operating in the Syringes market profiled by Fact.MR are:
- Becton, Dickinson and Company
- B. Braun Melsungen AG
- Gerresheimer AG
- Hindustan Syringes & Medical Devices Limited
- Terumo Corporation
- Nipro Corporation
- Schott AG
- Medtronic Plc.
- Smith’s Group Plc.
- Codan Medizinische Geräte GmbH & Co Kg.
More Insights on the Global Syringes Sales Outlook
Fact.MR provides an unbiased analysis of syringes market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights into the global demand for syringes with a detailed segmentation on the basis of:
Product Type
- General Syringes
- Specialized Syringes
- Conventional Syringes
- Safety Syringes
- Retractable Syringes
- Other Syringes
Usability
- Disposable Syringes
- Reusable Syringes
Material
- Glass Syringes
- Polymer Syringes
End User
- Syringes for Hospitals
- Syringes for Blood Collection Centers
- Syringes for Diabetic Care Centers
- Syringes for Veterinary Care Centers
- Syringes for Other End Users
Key Questions Covered in the Syringes Sales Outlook Report
- The report offers insight into syringes demand outlook for 2021-2031
- The market study also highlights projected sales growth for syringes market between 2021 and 2031
- Syringes market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Syringes market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR’s Coverage on the Healthcare Domain –
Prefilled Syringes Market- Pre-filled syringes have emerged as one of the fastest-growing options for unit dosage medicine as the pharmaceutical industry investigates innovative and more convenient drug delivery technologies. During the projected period, revenues in the prefilled syringes business are expected to rise. The need for prefilled syringes is likely to increase considerably more during the next decade. Companies are working to develop medication delivery technologies, such as prefilled syringes, that can help achieve pharmacoeconomy by reducing the total number of injections.
Syringes and Cannulas Market- As the incidence of infectious diseases and communicable disorders rises, demand for disposable and reusable syringes is predicted to rise. The number of vaccination drives sponsored by government and non-government groups has increased significantly, resulting in increased demand for syringes and cannulas. In addition, the growing number of medical operations that require cannulas is predicted to boost demand. Market expansion for syringes and cannulas would be aided by an increase in the number of medical device manufacturers in countries such as India and China.
Single-Use Syringe Market- Single-Use Syringe is being driven by an increase in the prevalence of chronic diseases, higher healthcare spending, expanding lifestyle-related ailments, and other crucial considerations. In hospitals, clinics, and pathological laboratories, the expanding number of patients visiting hospitals and clinics, as well as the need to collect blood samples for various tests, are projected to fuel demand for reuse prevention syringes. The United States and Canada have the greatest market because to the rising prevalence of diabetes and other chronic diseases.
About Fact.MR
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.
Contact:
Mahendra Singh
US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E: sales@factmr.com
Source: Fact.MR