The size of the Asia-Pacific syringes market is expected to be worth USD 4.82 billion by 2028 from USD 2.92 billion in 2023, growing at a CAGR of 10.5% from 2023 to 2028.
Increase in the incidences of chronic diseases such as cancer, diabetes, and another disease. In this region, 60 percent of people who have diabetes demand more syringes to manage the treatment flow, which is estimated to accelerate the growth rate of the APAC syringes market primarily. China and India have the maximum prevalence of chronic disease due to the increasingly growing population in these countries. According to the world health organization, aging is increasing rapidly in the APAC region. It is estimated that the proportion of the elderly population is expected to grow from over 13.7 percent to 20.3 percent.
Also, the growing patient population with medication availability increases the demand for syringes, boosting the market growth during the forecast period. Furthermore, the increase in the adoption of injectable drugs, which is due to the rise in the use of biologics for treating various diseases and rising in the prevalence of patient compliance with its growing awareness about its safety and importance, is giving a positive impact on the market. Moreover, increase in the new advancements and innovations for new products such as prefilled syringes, disposable syringes, and many more with various benefits over others.
However, an increase in the high costs of specialized syringes, which cost over 1 to 3 dollars per syringe, and the pricing changes according to the brands and type of the syringe, is expected to hamper the market's growth rate slightly. Also, the rising cases of needle-stick injuries that may lead to infection of the diseases are the factors hindering the growth of the syringes market in the APAC region. In addition, increasing competition between the market players that are giving rise to the availability of various kinds of drug delivery methods present in the market is limiting the market growth.
This research report on the Asia-Pacific syringes market has been segmented and sub-segmented into the following categories:
Geographically, Asia-Pacific is expected to grow at the highest CAGR during the forecast period because of the growing healthcare facilities, and technological advancements in developing countries like India and China.
The major countries such as China, Japan, and Australia are expected to show significant growth during the forecast period with the increase in government and non-government initiatives and funding for research purposes will drive the market as well as an increase in the adopting rates for the injectables drugs with the rise in the competition between the market players.
The Indian Syringes market is anticipated to showcase a promising CAGR during the forecast period. As in India, due to the increase in chronic diseases with the rise in the geriatric population as in India more than 75 million people who are above 65 aged majorly suffer from chronic diseases such as diabetes. According to the report, it is estimated that 72.86 million adults in India suffer from this disease. The prevalence rate of this disease is maximum in urban areas than the rural areas; the prevalence ranges from 10.9 percent to 14.2 percent in urban areas.
KEY MARKET PLAYERS:
A few of the noteworthy companies operating in the APAC syringes market profiled in the report are Becton, Dickinson and Company, Terumo Corporation, Medtronic plc, Smiths Medical, B. Braun Medical Inc., NIPRO Corporation, Hindustan Syringes & Medical Devices Limited, Gerresheimer AG, SCHOTT AG, and CODAN Medizinische Geräte GmbH & Co KG.
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