According to the report published by Allied Market Research, the global Syringes Market was pegged at $15.34 billion in 2019, and is anticipated to reach $32.39 billion by 2027, manifesting a CAGR of 9.6% from 2020 to 2027.
What is syringes?
Syringe is a cylindrical medical device, which has a thin hollow needle at the end attached to a tube and a plunger.
Key Takeaways:
- Growing Healthcare Industry: The syringes market has been influenced by the growth of the healthcare industry, including hospitals, clinics, and home healthcare settings. Increasing healthcare awareness, rising chronic diseases, and advancements in medical technology have driven the demand for syringes.
- Increasing Injectables Usage: The rising prevalence of chronic diseases, such as diabetes, autoimmune disorders, and cancer, has led to an increased usage of injectable medications. Syringes play a crucial role in the accurate administration of these drugs.
- Prevalence of Vaccination Programs: Immunization and vaccination programs worldwide contribute significantly to the demand for syringes. Mass vaccination initiatives and routine immunization schedules have a direct impact on syringe consumption.
- Advancements in Drug Delivery: The development of biologics and complex drug formulations has driven the need for specialized syringes capable of precise and controlled drug delivery. This has led to innovations in syringe design and materials.
- Safety and Compliance: With a growing emphasis on patient and healthcare worker safety, the demand for safety-engineered syringes has increased. These syringes are designed to prevent needlestick injuries and ensure safe disposal.
- Single-Use and Disposable Syringes: Single-use and disposable syringes have become the norm in medical settings due to infection control concerns. They eliminate the risk of cross-contamination and ensure sterility.
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Market Segmentation:
Type:
- Conventional Syringes: Traditional syringes used for administering medications and vaccines.
- Safety Syringes: Engineered to minimize the risk of needlestick injuries and cross-contamination.
- Disposable Syringes: Designed for single use to ensure sterility and prevent the spread of infections.
- Prefilled Syringes: Preloaded with a specific dosage of medication, providing convenience and accuracy.
- Insulin Syringes: Designed specifically for insulin administration by patients with diabetes.
Application:
- Vaccination: Syringes are crucial for delivering vaccines as part of immunization programs.
- Therapeutics: Administering various types of medications, including antibiotics, pain relief drugs, and biologics.
- Diagnostics: Used for collecting blood samples, conducting diagnostic tests, and laboratory procedures.
End-User:
- Hospitals and Clinics: Major consumers of syringes for various medical procedures and patient care.
- Home Healthcare: Patients may use syringes to self-administer medications, particularly in cases of chronic diseases.
- Diagnostic Laboratories: Syringes are used for collecting blood samples for diagnostic testing.
- Research and Development: Laboratories and research facilities use syringes for precise liquid handling in experiments.
Geography:
- North America: This region typically has high healthcare spending and advanced medical infrastructure, driving syringe demand.
- Europe: Similar to North America, Europe has a significant demand for syringes due to its well-developed healthcare systems.
- Asia-Pacific: Growing healthcare awareness, population, and improving healthcare infrastructure contribute to syringe market growth in this region.
- Latin America: Increasing access to healthcare services and vaccination programs impact syringe consumption.
- Middle East and Africa: Developing healthcare systems and initiatives to combat diseases drive syringe demand.
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Competitive Landscape:
The key market players in the industry include Nipro Corporation (Nipro Medical Corporation), Retractable Technologies, Inc, Smith’s Group Plc, Terumo Corporation (Terumo Medical Corporation), B. Braun Melsungen AG, Becton, Dickinson and Company, Cardinal Health Inc, Gerresheimer AG, Hindustan Syringes and Medical Devices Ltd., and Medline Industries, Inc.
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