The Syringe Market Is Estimated To Witness High Growth Owing To Increasing Demand Of Single-Use Prefilled Syringes
The Syringe Market Is estimated to be valued at Us$ 14,839.3 Mn in 2022 and is expected to exhibit a CAGR Of 8.0% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
A syringe is a medical device that has a needle attached to a tube and plunger within a cylindrical barrel. It is used to inject substances and extract body fluids like blood. Syringes are available in various types such as general, insulin, tuberculin and prefilled syringes. Prefilled syringes hold the drug solutions or vaccines ready for use. They provide accurate dosing and reduce risk of contamination.
Market Dynamics:
The market is primarily driven by increasing demand of prefilled syringes for convenience, accuracy and safety. Prefilled syringes help prevent needle stick injuries and dosage errors compared to traditional vials and glass syringes. They save time and are ideal for self-administration of drugs. Furthermore, growth in injectable drug production and rising prevalence of chronic diseases such as diabetes, cancer and cardiovascular diseases is also fueling the market growth. However, stringent regulations on syringe design, manufacturing processes and recyclability hampers the market growth.
SWOT Analysis
Strength: The syringe market has strong presence of key players that are engaged in advance product development and launch. The rising prevalence of chronic diseases and infectious diseases that require administration of drugs and vaccines through syringes is expected to surge the demand in forecast period. Governments of various countries are increasing healthcare spending for better infrastructure and equipment that will propel the syringe market growth.
Weakness: Lack of awareness related to safety syringes in underdeveloped regions can negatively impact demand. High cost of safety syringes compared to conventional syringes could be a deterrent for some customers.
Opportunity: Growing geriatric population susceptible to chronic diseases creates immense scope. Emerging economies with large untapped populations present huge potential. Technological advancements in syringe design for improved patient safety and convenience open new opportunities.
Threats: Stringent regulations regarding usage of medical devices could increase compliance costs for players. Substitutes like prefilled syringes, needle-free injection systems pose competition to conventional syringes. Fluctuating prices of raw materials exert pressure on profit margins.
Key Takeaways
The global Syringe Market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases such as diabetes, cancer and cardiovascular diseases that require frequent injections and drug administration. With rising healthcare expenditure and focus on quality care, demand for syringes from hospitals and clinics is surging across major countries.
Regional analysis: North America currently dominates the syringe market, accounting for over 35% revenue share in 2021 led by availability of advanced healthcare facilities in the US and Canada. Asia Pacific is emerging as the fastest growing regional market due to rising medical tourism, huge population base and increasing governmental focus on affordable healthcare for all in countries like India and China.
Key players analysis: Key players operating in the syringe market are Catalent Inc., Smiths Medical Inc., Cardinal Health, Schott, Nipro Corporation, Terumo Corporation, Gerresheimer AG, B. Braun Melsungen AG, Becton, Dickinson and Company, Codan Medizinische Geräte GmbH & Co. KG, and Hindustan Syringes & Medical Devices Limited, among others. These companies are focused on new product development and launches, and capacity expansion strategies to strengthen their global footprint.
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