South Korea, Seoul, September 02, 2022 (GLOBE NEWSWIRE) — Fact.MR – A market research and competitive intelligence provider: Global Syringe Market was valued at USD 14.2 Billion in 2020, and it is projected to reach USD 37 Billion by 2031, growing at a CAGR of 10% during the forecast period 2021-2031.
Syringe-based drug delivery is expected to be the most preferred treatment alternative, due to the relatively rapid onset of action compared to other oral medications. Because of this perception, syringes continue to dominate the healthcare industry. Additionally, the market is expected to grow by 2.6x.
Increased demand for invasive medical treatments and increased adoption of
Self-administration of drugs, medical device manufacturers are emphasizing the supply of key surgical instruments such as syringes.
In addition to this, medical professionals are also focusing on the advent of all-purpose syringes which can reduce the footprint of plastic syringes on a large scale.
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Additionally, the growing reliance on biologic drugs to deliver faster results has increased the sales of injection drugs, resulting in greater traction in the global syringe market. In addition, due to their high complexity, biologics offer syringes for administration, stimulating many product launches in the global market.
Further, COVID-19 pandemic has resulted in accelerating the growth of syringe market due to its widespread application in the vaccination of people globally. Also, in 2020, according to the Biomedical Advanced Research and Development Authority (BARDA). 650 to 850 million syringes and needles will be needed in the United States. In addition to this, UNICEF had planned to purchase 1 billion syringes by the end of 2021 for COVID-19 vaccination efforts in various countries.
Key points to remember:
- The United States is expected to be the most dominant market in North American regions due to the increasing geriatric population and Covid-19 vaccination campaigns. Additionally, in 2020, approximately US$2.5 billion worth of syringes were sold in the United States. Separately, the US government announced a public-private initiative, with the initiative to facilitate the production of more than 500 million in 2021.
- Asia is expected to offer lucrative growth opportunities and is expected to show the highest growth rate, especially during the Covid-19 pandemic.
- According to the end user, hospitals are expected to become the dominant end user of syringes. Additionally, over 66% of revenue is expected to be generated by hospitals.
- Regions like Asia present lucrative opportunities for syringe manufacturers. It is expected to contribute to the growth of the market, especially amid the Covid-19 pandemic. In addition, as vaccination campaigns have been launched, the demand for syringes is expected to increase exponentially.
- The increased use of biologic drugs to facilitate better outcomes has boosted injection drug sales. This is expected to drive the growth of the syringe market over the forecast period.
- The increase in the global incidence of various chronic and infectious diseases is expected to drive the growth of the injectable drugs market.
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The global syringe market is competitive in nature. High capital investment to enter the market has created barriers for new market players. Moreover, the major market players are focusing their efforts on developing innovative products to establish their position in the global market.
- In January 2021, Aurobindo Pharma Limited received final approval from the United States Food & Drug Administration (USFDA) to market the naloxone HCl 2 mg/2 mL prefilled syringe for injection.
Top Companies Featured by Fact.MR
- Becton, Dickinson and company
- B. Braun Melsungen AG
- Gerresheimer S.A.
- Hindustan Limited Syringes and Medical Devices
- Terumo Company
- Nipro Corporation
- Schott SA
- Medtronic Plc.
- Smith’s Group Plc.
- Codan Medizinische Geräte GmbH & Co Kg.
More valuable information about syringe market
Syringe market segmentation
- type of product
- General syringes
- Specialty syringes
- Conventional syringes
- Safety syringes
- Retractable syringes
- Other syringes
- Disposable syringes
- Reusable syringes
- Glass syringes
- Polymer syringes
- Final user
- Syringes for Hospitals
- Syringes for blood collection centers
- Syringes for diabetic care centers
- Syringes for veterinary care centers
- Syringes for other end users
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