The global syringe market is estimated to be valued at US$14,839.3 Mn in 2021 and is expected to exhibit a CAGR of 8.0% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview: The syringe market is driven by the increasing demand for disposable syringes. Disposable syringes offer several advantages, such as easy handling, prevention of infection transmission, and accurate drug dosage delivery. These syringes are widely used in hospitals, clinics, and healthcare facilities. The growing prevalence of chronic diseases, coupled with the rising number of needlestick injuries and the need for safe and effective drug administration, is fueling the demand for disposable syringes. Market Key Trends: One key trend in the syringe market is the introduction of safety-engineered syringes. These syringes are designed with safety features to minimize the risk of needlestick injuries and prevent the reuse of syringes. Safety-engineered syringes have features such as retractable needles, needle shields, and needlestick prevention mechanisms. These syringes are gaining traction in the healthcare industry, especially in regions with stringent regulations on needlestick injuries. The increasing awareness about needlestick injuries and the importance of safe injection practices are driving the adoption of safety-engineered syringes. Overall, the syringe market is expected to witness significant growth during the forecast period, fueled by the increasing demand for disposable syringes and the adoption of safety-engineered syringes to prevent needlestick injuries. Segment Analysis: The syringe market can be segmented based on type, application, and material. On the basis of type, the market can be divided into conventional syringes and safety syringes. Conventional syringes currently dominate the market, accounting for the majority of the market share. This can be attributed to their widespread use in various medical procedures and ease of use. However, safety syringes are expected to witness significant growth in the forecast period due to the increasing focus on preventing needlestick injuries and cross-contamination. In terms of application, the syringe market can be segmented into vaccination, drug delivery, and blood transfusion. Vaccination is the dominant segment, driven by the increasing focus on immunization programs and the need for mass vaccination campaigns. The drug delivery segment is also expected to witness substantial growth, fueled by advancements in drug development and the rising prevalence of chronic diseases that require regular administration of medications. Based on material, the syringe market can be categorized into glass and plastic syringes. Plastic syringes currently dominate the market due to their advantages such as lower cost, ease of disposal, and resistance to breakage. However, glass syringes are expected to gain traction in the forecast period due to their ability to withstand extreme temperatures and compatibility with a wider range of drugs. Key Takeaways: The global syringe market Share is expected to witness high growth, exhibiting a CAGR of 8.0% over the forecast period. This growth can be attributed to various factors. Firstly, the increasing prevalence of chronic diseases, such as diabetes and cancer, is driving the demand for syringes for drug administration. Additionally, the growing number of vaccination programs and initiatives by governments and healthcare organizations to achieve immunization coverage also contribute to the market growth. Furthermore, the increasing focus on patient safety and the adoption of safety syringes to prevent accidental needlestick injuries and transmission of infections are expected to fuel market growth. From a regional perspective, North America is the fastest-growing and dominating region in the syringe market. This can be attributed to the presence of well-established healthcare infrastructure, high healthcare expenditure, and the increasing prevalence of chronic diseases in the region. Moreover, the Asia Pacific region is expected to witness significant growth due to the increasing healthcare expenditure, improving healthcare infrastructure, and rising awareness about the importance of vaccination programs. Key players operating in the syringe market include 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 focus on strategic collaborations, product launches, and technological advancements to strengthen their market position and meet the growing demand for syringes. Read More, https://www.insightprobing.com/syringe-market-trends-size-and-share-analysis/
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