The size of the European syringes market is expected to grow at a CAGR of 8% from 2023 to 2028. As a result, this market is forecasted to grow to USD 4.93 billion in 2028 from USD 3.35 billion in 2023.
The increased demand for syringes and technological developments in the manufacturing of syringes are majorly propelling the growth of the European syringes market.
Growing investments from the EU governments to enhance the healthcare ecosystem; the growing incidence of chronic and pandemic diseases such as diabetes, infectious diseases, and cardiovascular diseases across Europe is demanding more production of syringes, which is boosting the market growth. In addition, the increasing patient population needs more and more syringes for treatment procedures, further promoting product demand. Furthermore, private and government investments in research and development facilities are anticipated to create growth opportunities.
Furthermore, the market is also driven by the increased use of prefilled syringes and injectable medications and growing demand for Botox therapeutics purposes. Due to the increased use of advanced technology and numerous products that benefit end consumers, the European syringes market is expected to grow. In addition, YOY's growth in surgical procedures, vaccination, and immunization drive against viruses such as COVID-19, typhoid, and others are expected to offer substantial growth possibilities to the market in this region.
On the other hand, the European syringes market is estimated to be hampered by the availability of alternative drug delivery techniques, such as the insulin pen used to inject insulin in diabetic patients. In addition, the market faces substantial obstacles, including a shortage of qualified workers in the manufacturing area and an increase in the number of needlestick injuries.
This research report on the European syringes market has been segmented and sub-segmented into the following categories:
Geographically, the European syringes market held a substantial share in the global market in 2020 and is majorly driven by improved technology in medical testing facilities and government programs that provide funding. In addition, most syringes and needles in Europe are sold individually and combined as needed. However, some particular markets, such as Italy, where strong sales of pre-attached syringes and needles make the stand-alone market modest in comparison.
The UK syringes market was the largest regional market in Europe and is expected to remain so throughout the forecast period.
The syringes market in Germany is anticipated to grow considerably during the forecast peperiodGermany is known for developing and mass-producing innovative new syringes. As a result, Germany is the world's largest syringe exporter, accounting for 8.69 percent of syringes sent to industrialized countries. In the German syringe market, B. Braun, Melungen AG, Schott AG, and Gerresheimer AG have most of the market share.
Regarding healthcare infrastructure and the pharmaceutical industry, Russia is the fastest-growing country. For insulin syringes, Russia has the most significant market share. Diabetic patients are becoming more common in the country, fueling market expansion. Insulin syringes and shipments are imported into Russia. However, Russia's low costs and strict restrictions on local syringe exchange hampered the market growth. By focusing on drug injectors, pharmacy-based syringe distribution and exchange will assist in enhancing the cost-effectiveness of HIV prevention.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the European syringes market profiled in this report are Terumo Corporation, B. Braun Medical Inc., Medtronic plc, Becton, Dickinson and Company, Smiths Medical, NIPRO Corporation, Gerresheimer AG, Hindustan Syringes & Medical Devices Limited, SCHOTT AG, and CODAN Medizinische Geräte GmbH & Co KG.
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