Syringes Market is projected to reach $32,394.74 Mn by 2027

Syringes Market Expected to Reach $32.39 Billion by 2027

PORTLAND, OREGON, UNITED STATES, September 20, 2023/EINPresswire.com/ — What is the market for syringes?

The global syringes market size was valued at $15,340 Million in 2019, and is projected to reach $32,394.74 Million by 2027, registering a CAGR of 9.6 % from 2020 to 2027. COVID-19 had a significant impact on the syringe market owing to the rise in the development of vaccines, which led to an increased demand for syringes.

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Rise in incidence of needle stick injuries, increase in awareness about smart syringes, and high-end technological advancements drive the growth of the global syringes market. However, high cost and unaffordability of safety syringes and alternative modes of drug delivery hider the growth to some extent. Nevertheless, rise in need for safety syringes in emerging countries is anticipated to usher a plethora of opportunities for the market players.

Covid-19 scenario-

The market has witnessed disruptions in the manufacturing of syringes during the covid-19 outbreak, which in turn resulted in the shortage of syringe supply globally.

However, the demand for syringes is anticipated to skyrocket post covid. Also, with the regulations eased off the global syringes market is expected to recover soon.

Segmentation:

Type of Syringe:

Disposable Syringes: These are single-use syringes designed for one-time use and are typically made of plastic. They are widely used in healthcare settings for vaccinations, insulin administration, and other medical procedures.
Reusable Syringes: These syringes are designed for multiple uses and are usually made of metal or glass. They are commonly used in laboratory and research settings.

Application:

Medical Syringes: These syringes are primarily used in healthcare settings for various medical purposes, including vaccinations, drug administration, and blood collection.
Dental Syringes: These syringes are specialized for dental procedures, such as anesthesia administration and irrigation.
Veterinary Syringes: Designed for use in veterinary medicine, these syringes are used for administering medications and vaccines to animals.
Industrial Syringes: These syringes find applications in various industrial processes, such as adhesive dispensing, inkjet printing, and oil and grease application.

End-User:

Hospitals and Clinics: Healthcare institutions use syringes for patient care, including injections and vaccinations.
Pharmaceutical and Biotechnology Companies: These companies use syringes in drug manufacturing and research.
Laboratories and Research Institutions: Syringes are used for various laboratory tasks, including sample preparation and chemical analysis.
Diagnostic Centers: Syringes are used for collecting blood samples and conducting diagnostic tests.
Homecare Settings: Patients and caregivers may use syringes for self-administration of medications, such as insulin injections.

Geography:

North America (U.S, Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)

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Frontrunners in the industry-

B. Braun Melsungen AG
Becton
Dickinson and Company
Cardinal Health Inc
Gerresheimer AG
Hindustan Syringes and Medical Devices Ltd.
Medline Industries, Inc
Nipro Corporation (Nipro Medical Corporation)
Retractable Technologies, Inc
Smith’s Group Plc
Terumo Corporation (Terumo Medical Corporation)

Key Findings Of The Study

By type, the specialized syringes segment held the largest market share in 2019, and is expected to remain dominant throughout the forecast period.
On the basis of usage, the disposable segment garnered the largest share in 2019, and is expected to continue this trend throughout the forecast period.
According to material type, the polymer segment exhibits the largest market share, and is estimated to grow at a CAGR of 10.0% from 2020 to 2027. As per end user, the hospitals segment is expected to register a CAGR of 10.1%.
Region wise, Asia-Pacific is expected to attain a CAGR of 10.8% during the forecast period.

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Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to improvement in healthcare infrastructure, rise in number of hospitals equipped with advanced medical facilities, development of the R&D sector, rise in healthcare reforms, and technological advancements in the field of healthcare. Furthermore, focus of leading manufacturers on expanding their geographical presence in emerging Asia-Pacific countries to capture high market share is expected to drive the growth of the syringes market in the region.

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