The syringe market is estimated to be valued at US$ 17308.56 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
A syringe is a simple reciprocating pump consisting of a plunger that fits tightly within a cylindrical tube called a barrel. The syringe is considered one of the most common and effective needle-based drug delivery devices used for the administration of medications into the human body or fluids withdrawal through needle assembly. It is used in various applications such as vaccination, drug delivery, wound irrigation, sampling of body fluids and laboratory testing.

Market Dynamics:
Rising prevalence of chronic diseases such as diabetes, cancer and cardiovascular diseases is a key driver augmenting the growth of syringe market. According to WHO, cardiovascular diseases account for nearly 18 million deaths globally every year. The numbers are expected to grow to more than 23.6 million by 2030. Moreover, increasing healthcare awareness and expenditures in emerging countries to facilitate easy availability of medical products is projected to boost the market growth during forecast period. However, high risk of needlestick injuries to healthcare professionals and alternative drug delivery methods may restrain the market growth. Rapid technological innovations to develop advanced features such as retractable safety syringe and ready-to-use prefilled syringes have led to rise in demand for safety syringes which in turn is fueling the market growth.

SWOT Analysis
Strength: The syringe market has strong growth potential due to the increasing prevalence of chronic diseases and rising geriatric population globally. The rising demand for vaccines and increasing immunization programs by various governments are further augmenting market growth. Syringes offer accurate dose administration and control which is an important strength.
Weakness: The availability of alternative modes of drug delivery and rising preference for needle-free administration pose a threat to the syringe market. Improper disposable of used syringes is an issue of concern and affects the environment negatively.
Opportunity: The introduction of safety syringes that prevent needle stick injuries and re-sheathing is expected to provide new opportunities for market growth. Growth opportunities lie in the emerging markets owing to their large population base and increasing healthcare expenditures.
Threats: Stringent regulations pertaining to the usage and disposal of medical waste restrict market growth. The presence of alternative drug delivery modes such as needle-free technology poses a threat to the syringe market.

Key Takeaways

The global Syringe Market Growth is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing prevalence of chronic diseases as well as rising focus on immunization programs globally. The market was valued at US$ 17308.56 Mn in 2023 and is projected to reach US$ 30845.56 Mn by 2030.

Regional analysis: North America dominated the global market in 2023 and is expected to maintain its lead over 2030. This is attributed to the presence of major players and availability of advanced healthcare facilities in the region. Asia Pacific is expected to witness the fastest growth during the forecast period favored by increasing healthcare spending, large patient population and rising awareness about chronic diseases.

Key players related content: 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, Cand Hindustan Syringes & Medical Devices Limited, among others. Key players are focusing on new product launches, collaborations and geographic expansions to garner greater market share.

Read More,

https://cmiinfonest.blogspot.com/2023/12/ai-in-manufacturing-is-fastest-growing.html